Southfield/New York — Ride-hailing companies such as Uber Technologies will see demand boom between now and 2040, hobbling global automotive sales growth, according to a new study from IHS Markit. As a growing number of consumers turn to ride-hailing in shared cars that rack up more miles than personal ones, new light-vehicle sales growth will slow to a crawl. The mobility-as-a-service industry will itself buy more than 10-million cars in 2040 in the four markets examined in the study — China, Europe, India and the US — compared to about 300,000 in 2017, but it won’t be enough to prevent new car sales growth from slowing "substantially", IHS Markit said. "A great ‘automotive paradox’ — where more travel via car than ever, but fewer cars will be needed by individuals — will be a defining quality of the new automotive future," said Daniel Yergin, IHS Markit vice-chairman. "The shift is just beginning." As would-be-drivers hail more shared rides, the cars they call will be changing as ...
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