Global Car Sales & Rankings by Region & Country for 2007
In 2007, global car sales experienced significant growth and set a new record. Global passenger car sales reached an all-time high of around 50.6 million units in 2007, marking a substantial increase from the previous year. Asia emerged as the largest market for car sales in 2007, surpassing North America and Europe. The rising economies of China and India played a crucial role in this shift, driving overall growth in the Asian market.
China experienced rapid expansion in its automotive industry, with car sales surging by approximately 22% in 2007. The country’s growing middle class and increased consumer spending contributed to robust demand for vehicles. In contrast to the booming Chinese market, the United States witnessed a decline in car sales in 2007. The global financial crisis that began in the latter part of the year had a significant impact on the U.S. automotive industry. Factors such as the subprime mortgage crisis, rising fuel prices, and tightening credit conditions resulted in a decrease in consumer confidence and a downturn in car sales.
