NEW YORK, March 15, 2016 /PRNewswire/ -- This research service discusses the 2016 outlook for the global automotive industry in detail. It illustrates the growth or slowdown of regional markets in 2015 and analyzes the expected market performance in 2016. It delves into original equipment manufacturer (OEM) strategies to excel in the target markets and segments, and introduces technology trends in 2016. This study will benefit the entire automotive value chain including OEMs, car rental and fleet companies, financial service providers, carsharing operators, technology solution providers, and a host of other industry participants looking to understand current automotive trends and their implications.
Key Highlights of 2015
Global automotive market hit million unit sales with United States, one of the key markets clocking in million unit sales.
The Elephant runs and the Dragon stumbles. China began flattening out with growth of around %, its slowest pace since 2012.
India was the lone star among emerging economies, with strong growth of about %. Digital retailing of parts, service, and vehicles accelerated. BMW, Renault, and Volvo joined the online sales bandwagon.
The Volkswagen Group's "Dieselgate" emissions scandal shook the automotive industry, leading to a greater focus on compliance with OEMs establishing new/independent compliance divisions.
California drew up the first legislation that defines commercialization of autonomous vehicles. Three or other states are expected to follow over the next few years.
Bold Predictions for 2016
1 The global automotive market is expected to grow at a stable % to reach million units sales. It will be driven by growth in the United States and Western Europe, which will offset the slowdown in China and the decline in Japan.
2 Global auto sales growth is expected to peak as the average car age reaches years in the United States and years in Europe.
3 The SUV segment is expected to accelerate, growing in double digits.
4 The Volkswagen Group will flatline, if not shrink, as it works to re-establish its brand postscandal, with possible offloading of a division.
5 The trifecta design philosophy will take center stage with about models in the market by the end of the year.
6 Mobility will be in the limelight as volume original equipment manufacturers (OEMs) increasingly invest in mobility services, moving toward a car-as-a-service (CaaS) model.
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