Worldwide car sales could jump to more than 100 million by 2018, giving American automakers a chance to tap into a growing global market while demand in the United States increases more gradually.
Industry experts say the U.S. is in prime position as demand for cars grows quickly overseas, USA TODAY reported.
"At no other time in recent history has the North American automotive market been as well positioned as it is today," said Mike Jackson, director of North American vehicle forecasting for IHS Automotive.
The U.S. auto industry has survived the economic recession to expect a total of 15.5 million in sales this year, compared with a low of 10.4 million in 2009.
A flood of new products will correspond to a slow in growth for domestic auto sales, but overall U.S. sales should gradually increase, Jackson said at an IHS event this week.
Carmakers are expected to launch 57 new vehicles in 2014, which will heat up the competition for market share and put more pressure on North American auto parts suppliers.
"What we are going to get to in the next 18 to 24 months is a much more competitive dynamic," Jackson said.
As sales slow in the U.S, demand for cars worldwide should increase by 22 percent in the next four years, jumping from around 82 million in 2013 to more than 100 million by 2018.
While domestic sales won't be rising that much, exports should substantially boost the U.S. auto industry. Manufacturers who have North American plants will be able to expand production, so exports could jump by around 2 million cars each year, totaling as much as 18 million by 2020, according to Jackson.
The market is improving in almost every region worldwide including Europe, whose auto industry has been struggling.
"We are going to finally see economic growth in Europe," said Charles Chesbrough, economist for IHS Automotive. "In every major economy in the world we are expecting economic growth."
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