The 2016 global auto industry was the biggest in the history of the world, according to research from the McKinsey Global Institute.
The US auto industry grew at an annual rate of 2.5% in 2016, the same as the next highest-growing industry, the UK, which grew at 4.2%.
Australia’s industry was on a similar trajectory, increasing by 2.1%.
In contrast, China’s industry grew by a staggering 6.3% in the year, beating the US at 3.9%.
The UK’s industry, on the other hand, shrank by 5.5%, while China’s was down 3.1% and Australia’s was up 3.5%.
In a year when the global economy was on the brink of a collapse, the global auto market was in an exceptional position to rebound.
“The global auto sector is experiencing a remarkable turnaround after years of stagnation and a dramatic slowdown in growth,” said Jolyon Maugham, director of McKinsey’s global automotive practice.
“It is a reflection of a robust global auto recovery that has been spurred by the global financial crisis, but is also a testament to a healthy market.”
In a new study, McKinsey and Bain & Co. found that while the US market was still recovering from the financial crisis of 2008, global growth has been strong.
The McKinsey report found that the global car market was up 15.4% in 2015, while the global truck market was down 5.4%.
The global truck sector, however, was up 14.4%, while the car market grew by an average of 6.7%.
Maugham said the findings of the McKinley study were “not only encouraging but also encouraging”.
The McKinseys research also showed that while China was still suffering from the economic slowdown, it had begun to build up a strong global presence in the automotive sector, with more than 200 global auto manufacturers. “
The United States, which was the fastest-growing global market in the study, is also the world’s largest driver of global economic growth.”
The McKinseys research also showed that while China was still suffering from the economic slowdown, it had begun to build up a strong global presence in the automotive sector, with more than 200 global auto manufacturers.
Despite China’s success, McKinseys noted that it was not enough to rebuild the US automotive industry, which “still faces substantial challenges in terms of competitiveness and the long-term sustainability of the industry”.
“The US still has many challenges in the car industry,” Maughams said.
“The US needs to do more to increase exports and invest in the new, high-tech manufacturing that is happening in China, the US and the rest of the global automotive industry.”
The study’s authors also said the “preliminary analysis of the market suggests that the US could see a rebound in 2017”, given the strength of the US auto market and the recovery in the global economies.