China’s Rise To Create Truly Global Auto Market

From Reuters:

In the century since Henry Ford rolled out his first Model T — the world’s first mass-produced, affordable car — in 1908, America has been the world’s No. 1 .

Nothing lasts forever.

Some day in the not-too-distant future the rise of China’s middle class and its growing hunger for cars will push aside the U.S. auto market and grab that top spot.

That in and of itself makes sense given China’s 1.3 billion-plus population — a fifth of the world’s total — and robust economy, which is not growing by double-digits anymore but is still enviably healthy.

“The Chinese auto market is going to explode exponentially over the next five to 10 years,” said Mirko Mikelic, an analyst at Fifth Third Bank. “They have an untapped consumer base that is constantly growing, so I don’t think it would surprise most people that China is expected to surpass the United States in the next 10 years.”

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