The majority of this increase is expected to come from emerging markets such as China and India, although mature markets could contribute nearly a third of the growth. The ninth annual Global Automotive Financial Review found the European Union is expected to lead growth among mature markets, adding approximately 2.7m light vehicles to its assembly base by 2014. Despite structural difficulties, North America is expected to grow by nearly a million units over the period. Japan, however, will remain relatively stable, experiencing a decline of 2 per cent, the report said. The study also forecast mature regions would be among the best performers in reducing excess capacity. “The outlook for the global automotive market appears to be very positive with continued production expansion,” said Philippe Vincent, partner at PricewaterhouseCoopers, which published the report. “But this is increasing the challenges for the industry with competition becoming stronger than ever as new rivals, particularly from Asia, appear on the landscape as fast as the market is growing.”