According to IHS Automotive, a Colorado-based analysis company, global automotive sales for 2015 is projected to reach 88.6 million units, an increase of 2.4-percent compared to 2014.
Based on the study, the projected automotive market growth would be driven by China, the United States, Europe and South America.
IHS expects light vehicle sales in China to grow by 7-percent in 2015 to 25.2 million units. Moreover, the study says SUVs will remain the fastest-growing segment in China this year, increasing from 26-percent in 2014 to 28-percent in 2015.
The IHS also stated that India's market is expected to improve after a two-year layoff due to lower interest rates and energy prices.
On the other hand, the study states that the United States will have 16.9 million vehicles sold, an increase from 16.5 million in 2014. In addtion, the regional light vehicle sales volume in North America is projected to reach more than 20 million units in 2015, up 2.5-percent from last year.
“With a strong exit to 2014, and gasoline prices currently plunging, consumers may feel even more positive throughout 2015,” IHS said in a statement.
In Mexico, IHS says that it will continue to increase light vehicle sales throughout the second half of the year with sales growing to 3-percent yielding 1.17 million units.
The study goes on by stating that the crisis in Russia could benefit the low fuel prices for Europe's "car buyers." Overall, the IHS forecast for light vehicle sales in Western Europe will increase by 3-percent in 2015.
IHS expects the South America to have a decline in sales due to the political unrest in Argentina and Venezuela as well as the economic climate weighing down Brazil, Chile and Peru. With this, IHS forecasts 500,000 vehicles sold in Argentina, 3.25 million in Brazil and 300,000 in Chile.