Cars, it seems that everywhere you look; you see cars and more cars. It is of course understood that there are millions of automotive vehicles in operation today. In fact, the number of these vehicles being used today is about to reach the one billion mark in three years time.
That is the prediction by R.L. Polk and Co. The announcement was made at the Automotive New World Congress. According to the firm, the one billion mark will be reached by 2011. Much boost will come from the expanding Asian auto market.
Today, the Chinese and the Indian auto market are booming. With the unveiling of the world’s most inexpensive car in India by Tata Motors, we can expect that millions of those vehicles will be sold within three years. That is not even including other Asian countries which are showing signs of increased sale. And although the Japanese auto market is showing signs of decline, it is still a very large auto market.
Stephen Polk, president, chairman and CEO of the firm said: “Growth in the Asian market will be volatile in the next three years, but is still likely to lead growth worldwide. Obviously, Asia has been a burgeoning market for some time and global manufacturers are in a heated race to take advantage of opportunities in the region.”
Polk though said that automakers should not neglect the European and American auto markets. “Despite the rapid growth in Asia, it is still imperative for automakers to focus on North America and Europe,” said Polk. “Even with sluggish signs in the economy, these are still growing markets, with a passion for the automobile. Winning here is essential for any automaker’s global success,” he concluded.
