Government intervention
has put the global auto
industry in a position
to power itself out of
the recession, and to
grow by around 50%
between 2010 and 2014,
according to the latest
PricewaterhouseCoopers
(PWC) survey of the sector.
“Because of the
industry's powerful
economic multiplier effect,
the auto manufacturing
sector is considered
by many as simply too
important to be allowed
to fail – especially during
periods of recession. In
Europe, for example,
it is estimated that two
million are employed
directly in the industry,
with 12 million more
employed indirectly,” says
PricewaterhouseCoopers
auto expert Calum
MacRae.
What will fuel
confidence in the local
industry is that the Middle
East and Africa market
is predicted to grow by
around 49% over the next
five years (from 1.6-million
to 2.37-million units) –
or just below the world
average, which is skewed
by the 137% increase
predicted for Eastern
Europe and 73% for North
America.
China – which was the
only market to grow in
2009 – is expected
to continue driving a
48% growth in the Asia-
Pacific market.
Positive predictions drive optimism in auto industry
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