The forecast predicts South America will be one of the top three growth markets globally for light vehicle sales and presenting opportunities for improvements in fuel efficiency and reduced CO2 emissions. The main countries contributing to this growth boom will occur in Brazil, Argentina and Colombia.
IHS Automotive also predicted nearly 2.3 million additional vehicles will be sold in South America in the next 11 years.
Brazil’s automobile output rose 13.7 percent and sales rose 8.7 percent in September from August, according to Reuters.
Brazil is currently the leading automotive market in South America, and makes up a fifth of the country’s manufacturing output.
The Argentinean market is growing at a rapid rate with cheap labor force available in the country.