TORONTO, ON - January 09, 2015 /CNW/ - Global auto sales remain a bright light in a sluggish growth environment and are set to advance an additional 4% in 2015, according to the Scotiabank Global Auto Report released today. China will continue to be the auto industry's growth leader in 2015; however, North America is also likely to set all-time highs.

"Purchases will be buoyed by strengthening labour markets, ongoing low short and long-term interest rates and monetary expansion, as the Bank of Japan and the European Central Bank (ECB) take over from the Federal Reserve and the Bank of England as the main liquidity providers," said Carlos Gomes, Senior Economist and Auto Industry Specialist at Scotiabank. "Financial market conditions remain supportive of further gains in sales and will likely improve once the volatility associated with the recent plunge in global oil prices begins to subside."

Other highlights from the report include:

• Auto demand in China is expected to grow 7% in 2015 to nearly 19.5 million units. Despite growing concerns about an economic slowdown in the most populous nation, demand for new automobiles continues to be driven by rising vehicle ownership in tier 2 and 3 cities, especially for Crossover Utility Vehicles (CUVs), which are advancing by 40% per annum.
• Over the coming year, combined vehicle sales and production in Canada, Mexico and the United States are expected to surpass the 2000 peak, when sales totalled 19.8 million units and assemblies topped 17.6 million. Both Canada and Mexico set sales records in 2014, and are poised to exceed those totals in 2015, as exports from both countries benefit from robust U.S. demand.

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

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