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Half Of The World’s Cars Will Be Made In China By 2021
We are all aware that China is growing at an amazing pace economically. This is reflected in the country's automobile industry, which is performing wonderfully, simultaneously saving at least half a dozen car makers from shutting shop.
China is already the largest car market for most companies, which has prompted them to set up several new production facilities to cater to ever increasing demand.
This in turn has made China account for a huge chunk of all the cars produced globally. At present, roughly 87 million units are produced worldwide, of which 22 million units come from China alone.
According to IHS Automotive, this share will increase to a staggering 50 percent by the year 2021.
Since 2009, global automobile production has increased by 25 million and by 2021 the total figure is expected to reach 108 million units. While that growth figure is comparatively slower, China's share in it will be approximately 54 million units, taking up half of all the world's automobile production.
IHS Automotive also says that the North American auto industry will also show growth as it will continue to attract foreign investment, while the European industry will grow as it will continue to recover.
Japanese and South Korean local car production, on the other hand, will go down as local manufacturers will increasingly shift production overseas due to their home countries' strong currencies.
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