The statistics of automobile industry keep changing every year. Sometimes it shows high growth and sometimes it closes on heavy losses. In the last two years the trends noticed in automotive industry are as follows.
Year 2007 was very profitable for automotive car industry. In this year, total 79.9 millions new automobiles were sold all over the world. 22.9 millions were sold in Europe, 19.4 million sold in USA and Canada, 4.4 million sold in Latin America, 2.4 million sold in the Middle East and 1.4 million were sold in Africa. China, Russia, Brazil and India showed major rapid growth in automotive industry.
In year 2008, rapidly rising oil prices, combination of pricing pressures from raw material costs and changes in consumer buying habits increased the pressure on automotive industry. This pressure resulted in permanent closing of fifty-one light vehicle plants in the coming years. But some countries like China showed growth in car market sales. China became the largest automobile producer in 2009.