Despite slumping sales here in the U.S., the auto industry is booming in overseas markets. Growth in North America is expected to slow to 8%, but in developing regions such as Asia, auto sales are expected to increase by 43%.
Because of the overseas growth trend, German research firm R. L. Polk predicts there will be 1 billion cars on the road by 2010. Moreover, R. L. Polk says that number could increase by 20% by 2015.
While established markets are expected to remain flat or decrease in the coming years, the sales growth in Eastern Europe, Asia and South America is only expected to continue. And with vehicles like Tata’s $2,500 Nano set to bow in emerging markets, the sales increase could be even sharper than expected.
