Leading car manufacturers have reported record sales for the past three years, and despite the prospect of another economic slow-down in parts of the world – most notably in Europe due to the ongoing Euro crisis – there are no signs of the overall automotive market declining.
Between 2007 and 2009, automotive industry production in North America and Europe experienced the steepest peak-to-trough declines in history. In North America, vehicle production fell by over 40% – from a high of 15 million units in 2007 to a low of 8.6 million units in 2009. In Europe, industry production also declined by over 20%, from 20.2 million in 2007 to 15.6 million in 2009.
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