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Global auto sales expected to grow 3.9% in 2015: report

By Korea Herald

Published : Dec. 25, 2014 - 22:00

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Global auto sales are expected to grow at a faster pace in 2015 than this year, with relatively strong demand in the U.S., China and India likely to lead the overall growth, a report said Thursday.

The Korea Automotive Research Institute, a research unit of Hyundai Motor Co., forecast that global car sales will reach 87.1 million units next year, up 3.9 percent from this year. The projection is higher than this year’s 3.5 percent gain.

The U.S. will see a 2 percent growth in vehicle sales, with a total of 16.83 million cars to be sold, according to the report. Falling oil prices will lead to a change in consumption patterns as people worry less about the cost of filling up their cars, it said.

“As oil prices are falling, consumers in the U.S. might prefer sport utility vehicles to small and midsize cars,” Park Hong-jae, head of the research institute, said at a seminar where the report was announced.

Car sales in China are also expected to remain strong next year. The report estimated that a total of 20.78 million vehicles will be sold in the world’s most populous market next year, up 8.6 percent from this year. (Yonhap)