A September 2014 survey by leading trade credit insurer Euler Hermes offers a positive outlook for the automotive sector, with global output returning to its medium-term growth rate of 4 per cent.

China will continue to lead the global market, having produced almost 20 million units this year and capturing 38.5 per cent of market share.

Despite continued sluggishness in major European markets such as France and Italy where output is set to remain at less than half its pre-crisis peak, Germany is forecast to grow by 6 per cent, while Spain is set for double-digit expansion.

Japanese auto sales are expected to decline over the year due to the upcoming VAT increase, although domestic models still dominate the market.

The US market has returned to pre-crisis sales levels and production has increased as the country's "reindustrialisation" continues.

Political unrest and economic turmoil contributed to falling sales in emerging markets, particularly Russia.

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