The global vehicle market continues to grow in 2017

The global vehicle market continues to grow in 2017

The global light vehicle market is on course to set a new record in 2017 and hit new highs in the month of September.

The global light vehicle market was running at an annualised rate of 100m a year in September according to LMC Automotive.

LMC said global light vehicle sales in September grew by 4.1% year-on-year, with the selling rate up to almost 100m units a year - which compares to around 95m a year in previous months. The global market was driven up by strong sales in the US and China.

LMC said that wholesale data for vehicle sales in China accelerated in September, with the annualised selling rate exceeding 30m units a year for the first time since 2016.

"The global market is well on course for an 8th consecutive year of growth," said LMC analyst Jonathon Poskitt. "Asia is looking strong, with China over 30m units a year. And the Japanese market is heading for its first annual expansion since 2014.

"Europe is looking quite good, despite the market cooling we're seeing in the UK, with the eurozone's economy looking up. And Russia is growing again - albeit from a low base. We're also seeing the Brazilian market gathering momentum.

"The US is also running at a high level, even as underlying demand growth slows.

"The net result is that the global market is heading for a new record this year."

 Other highlights from LMC's monthly analysis:

  • Canadian light vehicle sales in September were up 7.9% (annualised rate of sales of 2.09m units/year)
  • Mexico's market was down to 116,000 units - adversely impacted by earthquake
  • Western Europe's light vehicle market was down 2.4% in September
  • Japan's light vehicle annualised selling rate grew to 5.16m units a year in September
  • After hitting a two-year SAAR high of 2.48m units in August, Brazil's market posted a SAAR of 2.3m units in September, compared to an average selling rate of 2.1m units a year recorded during the first half of this year
  • Argentina's vehicle market continues to exhibit volatility. The selling rate fell to 761,000 units in September. However, LMC notes that rising real wages helped to support sales in the month (up 5.4% year-on-year. However, it cautions that political uncertainty (elections due) and a weak peso remain major concerns for the economy and car sales
  • South Korea's 20% September surge reflects the timing of national holidays and LMC notes that the Korean economy 'remains sluggish'

Global light vehicle sales by major regional markets (September data)

Sept 17Sept 16%chYTD 17YTD 16%chSAAR Sept 17SAAR YTD 17Full Year 16%Ch
W Europe15420711580658-2.412433814120898852.81608248716114907157714582.2
E Europe35188231477311.8297913327416068.74167687427789638919469.9

Source: LMC Automotive

The percentage change in the final column com pares the average selling rate in the year-to-date 
with the last full year.
Late reporting countries and estimates are included in "Other".
Eastern Europe includes Turkey.
China includes estimate of light vehicle imports.