According to data recently released by LMC Automotive, global light vehicle sales in May totaled approximately 7.447 million units, a year-on-year increase of 4.8%. Both China and the US saw year-on-year growth exceeding 11%, leading the surge for two consecutive months.
Growth accelerated. In May 2014, global light vehicle sales totaled 7,446,803 units, a 4.8% increase compared to 7,105,067 units in May of the previous year. This increase is significantly higher than the 3.3% growth in April.
From January to May, a total of 36,464,615 light vehicles were sold globally, compared to 34,917,899 units during the same period last year, representing a 4.4% year-on-year increase.
Since the beginning of the year, the year-on-year growth rate of global monthly light vehicle sales has remained between 3% and 5%.
Based on the May sales rate, LMC projects total sales for 2014 to be 87,598,739 units. Based on the overall performance from January to May, the projected annual sales are 86,768,148 units. The annualized sales rate (SAAR) in May 2013 was 84,419,335 units, indicating a year-on-year growth of 2.8% this year.
China and the US lead the growth. LMC reports that China's light vehicle sales in May reached 1,935,887 units, an 11.2% year-on-year increase compared to 1,741,029 units in May of the previous year. From January to May, cumulative light vehicle sales in China reached 9,881,158 units, a 10.3% increase compared to 8,956,429 units during the same period last year.
Based on the May sales rate, LMC projects total sales for China in 2014 to be 23,890,177 units. Based on the overall performance from January to May, the projected annual sales are 23,286,247 units. The annualized sales rate (SAAR) in May 2013 was 21,875,132 units, indicating a year-on-year growth of 6.5% this year.
The US auto market has begun to recover after a slump caused by severe weather. May sales increased by 11.3% year-on-year from 1,442,061 units to 1,605,373 units.
This also reversed the downward trend in cumulative US auto sales this year. Cumulative sales for the first four months totaled 3,687,533 units, a slight decrease; however, by May, cumulative sales increased by 3.0% year-on-year from 15,572,933 units to 16,035,318 units.
