Asian automobile brands will swamp North America and Europe, the world's main markets for automobiles, a global survey by professional services firm KPMG has said.
The KPMG Global Automotive Industry Survey said global marketshare over the next five years is expected to shift sharply in favour of Asian brands at the cost of North American brands. European brands are expected to benefit slightly. The survey is based on responses to 90 queries by 100 key executives in the autmobile industry in North America and Europe.
A whopping 79 per cent of the respondents said they expect automobile brands from Asia to improve their presence in world markets over the next five years. While 47 per cent felt that Europen brands will also add to their share of the market, as many as 52 per cent of the respondents said the share of North American bands would decrease.
The perception that Asian automobile companies will gain at the expense of American companies has strengthened in the last one year. In the previous such survey, done an year ago by KPMG, 74 per cent of the respondents had said Asian brands would raise their marketshare in the next five eyars, while 51 per cent had said North American brands would lose maket share.
Interestingly, the survey said North Americans are more pesimistic about their chances than Europans. While 61 per cent of North Amerian respondets said their market share would decrease, only 24 per cent of European respondets said North Americans would see a decline in maketshare.
North Americans also showed a greater fear of Asian brands than Europeans in the survey.
