Vietnam's auto market is the second fastest growing in the world

Vietnam's automobile market grew by 27.1% in 2016, ranking second in the world after Singapore with a growth rate of 48%. However, Vietnam is not the market with the largest consumption of cars in the world.

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The global auto market showed signs of recovery in 2016, reaching 84.24 million vehicles sold. This is the latest announcement from JATO Dynamic, a unit specializing in researching data on auto markets around the world.

The global auto market grew 5.6% year-on-year in 2015. Although some places such as Japan, Russia and Brazil saw sales decline, strong demand in China and Europe helped the overall market grow.

Vietnam market is the second fastest growing in the world

In 2016, the entire Singapore market consumed 98,752 vehicles, an increase of 48% compared to 66,644 vehicles in 2015. Ranked second in terms of growth rate is Vietnam, with 27.1%. In 2016, Vietnamese people consumed 228,478 vehicles, while the figure in 2015 was 179,717 vehicles, according to statistics from JATO Dynamic.

Singapore has the highest growth rate in the world.

Despite the growth, China is the world's largest car consumer, with 25.52 million vehicles, up 14.2% from 2015. Restrictive car purchase policies in the world's most populous country reduced purchasing power at the beginning of the year, but strong demand in the second half of the year helped boost the market.

The second largest car consuming market in the world is the US, with a total of more than 17.53 million cars sold, an increase of 0.4% compared to 2015. Meanwhile, the Japanese market ranked third, reaching more than 4.8 million cars, lower than the figure of more than 4.9 million cars in 2015.

China was the largest car consumer market in 2016.

In Southeast Asia, Vietnam grew after Singapore, but the largest market for cars was Indonesia, with nearly 1 million cars sold. Next was Thailand, with 740,000 cars sold.

Brazil was the market with the biggest decline in 2016. The country sold a total of more than 1.9 million vehicles, down 19.8% compared to 2015.

Toyota is the best-selling car brand

The Japanese automaker continues to maintain its global leadership, despite losing ground in major markets such as the US and China. Toyota's sales in 2016 increased by 2.7% thanks to booming sales in markets such as Indonesia and Mexico. Toyota sold more than 7.2 million vehicles in 2016.

Toyota is still the best-selling car company in 2016.

Meanwhile, despite a year of emissions scandals, Volkswagen Group still grew by 2.8%, ranking second in global sales. China is a key market contributing to VW's sales, as it was not affected by the emissions scandal.

Ford ranked third in the market in terms of sales, with a growth rate of 2.3%. Meanwhile, a growth rate of 7.6% helped Honda have the fourth best sales globally.

The Ford F-Series pickup truck is the best-selling model

The high demand for full-size pickup trucks in the US has brought impressive business results for Ford's F-Series pickup trucks. The growth rate of 7.7% helped Ford F-Series sales in 2016 reach 986 vehicles. Ranked second in the entire market, Toyota Corolla achieved sales of 952,576 vehicles.

The Ford F-Series was the best-selling vehicle in the entire market in 2016.

Despite negative growth of 8.2%, the Volkswagen Golf still ranks third globally in terms of sales.

Meanwhile, if the car is in the best-selling car segment. SUV models are at the top of the growth, with an increase of 20%. The Nissan X-Trail is the best-selling car in the SUV segment.

Ranked second in sales is the C-class sedan segment, with 15.48 million vehicles sold, an increase of 5.9%.

According to Zing