The global automotive market includes various kinds of styles and business models. It ranges from original equipment manufacturers (OEMs) and component manufacturers, to dealerships and commercial vehicle manufacturers. It is believed that many areas, from the booming manufacturing and domestic markets in BRIC (Brazil, Russia, India and China) and other developing economies to the research and development of ‘greener’ vehicles and fuels, have the great potential for growth.
 
The automotive industry, with a global turnover of around US$2.6 trillion, is one of the largest industries globally. The most reason why the industry experiences both financial and production shocks is that the financial crisis and massive automotive recalls over the past two years in North America, Europe and Japan. In 2009, Japanese and US automakers were worst affected, as passenger car registration in those two countries declined 7.2 percent and 21.6 percent, respectively. However, in China automotive sales are soaring to an all time high. Other developing and emerging markets such as India and Russia are also showing bright prospects, and are now increasingly becoming the major revenue earners for automakers worldwide. In 2009, passenger car sales increased 53.2 percent in China and 25.7 percent in India. This has helped the automotive industry offset some of the losses it had suffered in the West. Further, automobile production and consumption focus are gradually shifting from the West to the East.

Over the past three decades, the Chinese automotive market has changed dramatically. Moreover, China accounts for more than 50 percent of the market volume among Brazil, Russia, India and China (BRIC countries), with demand for cars growing even during the downturn. As s result, almost every major automaker in China has localized production. Further, the Chinese automotive market is expected to sustain growth in the short term, buoyed by overall economic
strength and favorable government policies. The greatest potential for automotive OEMs lies in the fact that China’s customer base of potential new-car buyers will expand to almost twice
its present size by 2020. In fact, the Chinese government is considering a policy to encourage domestic auto industry consolidation and improve the quality and perception of Chinese-brand passenger vehicles although China has more than 130 registered domestic car manufacturers.

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