Vehicle manufacturer data provider R. L. Polk has predicted that the majority of this growth will come from the rapidly expanding Asian market.

The study said the sector would see a 5.7 per cent average annual growth in the next three years.

By 2011, R.L. Polk believes Asia will account for more than 23 per cent of global vehicles. “Growth in the Asian market will be volatile in the next three years but is still likely to lead growth worldwide,” said Stephen Polk, chairman, president and CEO. “Obviously, Asia has been a burgeoning market for some time and global manufacturers are in a heated race to take advantage of opportunities in the region.” Despite this increase, however, Europe and the Americas will still account for the majority of vehicles, at 34 and 36 per cent respectively. “Despite the rapid growth in Asia, it is still imperative for automakers to focus on North America and Europe,” Polk said. “Even with sluggish signs in the economy, these are still growing markets, with a passion for the automobile. Winning here is essential for any automaker's global success.”