AutoBeta(AutoBeta.net)07/15 Report--

With the influence of market economy, the global automobile market is also declining rapidly. According to relevant media reports, sales data for the world's major auto markets were obtained. According to the data report, car sales in China, the United States, Europe (major countries), India and Japan totaled about 16 million vehicles in the second quarter, down 13% from a year earlier, setting a record decline in single-quarter sales.

Among them, new car sales in China, the world's largest car market, and India, the fourth largest car market, fell by double digits from April to June compared with the same period last year.

Sales in the Chinese car market were 5.94 million in the second quarter of 2019, down 13.5 per cent from a year earlier, while car sales in India fell 16.6 per cent in the second quarter compared with the same period a year earlier. New car sales in the United States fell by 1.5% from April to June; combined sales in major European countries fell into negative growth for nine consecutive months to May; and new car sales in Japan continued to grow from April to June.

In the global market, the auto markets in the United States and Europe (major countries) are in a downward trend. Although sales in the Japanese car market are still growing, industry insiders are not optimistic about the Japanese auto market because of the upcoming increase in the consumption tax rate in October 2019.

As for the sharp decline in sales in China and India, some analysts also said that the downturn in China's car market is due to the global economic slowdown and reduced consumer willingness to buy cars caused by trade frictions. In the Indian market, car lending in India has tightened since September last year due to debt defaults by a large number of financial institutions, and sales in the Indian car market have continued to decline since November.

Due to the poor performance of car markets in major countries and regions of the world, IHS Markit, a British research company, has cut its global market sales forecast to 91 million vehicles in 2019, down 2 per cent from 2018. If the research firm turns out to be true, the global car market will decline year-on-year for the first time since the economic crisis of 2008-2009. Given the huge influence of the auto industry, the global economy is likely to continue to decline under the influence of the car market downturn.

For now, however, it seems that the auto markets in China and the United States will begin to recover in the second half of the year. The wait-and-see mood for cars with new emission standards disappeared after the Chinese government introduced new emission standards ahead of schedule in about half of the country on July 1. New car sales are gradually recovering in the United States due to lower interest rates on car loans.

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