Delegates of the ILO’s triparitate meeting on the auto manufacturing sector, which was held four years ago, have said that, the U.S auto industry will become the biggest casuality of the economic recession.
But as per the latest reports, it is one of the biggest sector, which is recovering on a faster rate. As per the Anderson forecast, the sales of U.S light duty vehicles which plunged 18 percent in 2008, and another 22 percent in 2009, have rebounded last year. But, they are expected to increase by 13 percent to 13 million units in 2011 and another 13 percent to 14.7 million units next year.
In another survey, Edmunds.com has done sales forecast of 12.9 million vehicles in 2011. According to this forecast, U.S. car and light truck sales will hit 15.8 million units in 2013.This sales figure will enable the industry to get closer to the sales of 16 million units per year, which was the number in the early and mid 2000’s. This massive recovery shows the potential of the automobile industry in U.S.
Industry wide total of automobiles sold was about 999,000 units in February, 2011, which is up by 28% than the February 2010 sales, and up by 20% than the January 2011 sales. Sales have increased to a seasonally adjusted annual rate of sales (SAARS) of above 13.3 million units in February 2011.
All the above data, stands as an example of potential recovery of auto industry in U.S.