SOURCE: Scotiabank

Scotiabank

December 30, 2013 08:00 ET

Record Global Car Sales Projected for 2014: Scotiabank

TORONTO, ON--(Marketwired - December 30, 2013) -  The cyclical recovery in global auto sales remains intact with purchases advancing in every region, except Europe, over the past year, according to the latest Scotiabank Global Auto Report.

"Purchases in Canada are expected to edge up to a record 1.76 million units in 2014, with volumes boosted by an improving labour market and the best vehicle affordability in more than three decades," said Carlos Gomes, Scotiabank's Senior Economist and Auto Industry Specialist. "Volumes in Western Europe began to stabilize in the second half of 2013 and are forecast to increase next year for the first time since 2009, helping to lift global car sales to record highs."

Highlights in the report include:

  • China will continue to be the main driver of global volumes. The most populous nation has accounted for nearly half of the increase in global car sales over the past decade, and more than 60% of the improvement this year.
  • In the United States, passenger vehicle purchases are expected to climb to 16 million units in 2014 -- the highest level since 2007, as households and businesses continue to replace their aging vehicles.
  • The United Kingdom and Spain have been the strongest European auto markets over the past year and are expected to lead the way in 2014.

Read the full Scotiabank Global Auto Report at http://www.scotiabank.com/ca/en/0,,3112,00.html.

Scotiabank provides clients with in-depth research into the factors shaping the outlook for Canada and the global economy, including macroeconomic developments, currency and capital market trends, commodity and industry performance, as well as monetary, fiscal and public policy issues.

Scotiabank is a leading financial services provider in over 55 countries and Canada's most international bank. Through our team of more than 83,000 employees, Scotiabank and its affiliates offer a broad range of products and services, including personal and commercial banking, wealth management, corporate and investment banking to over 21 million customers. With assets of $744 billion (as at October 31, 2013), Scotiabank trades on the Toronto (TSX: BNS)  and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using Marketwired. For more information please visit www.scotiabank.com.

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