TOKYO (Thomson Financial) - Japanese automobile sales in other Asian markets are forecast to reach 5 million vehicles in 2008, surpassing the domestic market for the first time, the Nikkei newspaper reported Sunday.
Combined domestic sales by eight Japanese automakers shrank 6 percent to 4.94 million vehicles in 2007, and they are expecting sales at home to remain almost unchanged from the 2007 level, the Nikkei said.
In sharp contrast, sales of Japanese cars in Asia, including China and the Pacific, jumped 14 percent to 4.8 million vehicles last year, the newspaper said.
For 2008, their total Asian sales, excluding Japan, are likely to expand by more than 700,000 vehicles to about 5.5 million, overtaking the Japanese auto market in terms of vehicles sales and trailing only the North American market, where 6.8 million vehicles were sold in 2007.
The home market appears likely to remain in a long slump due in part to the shrinking population, while the North American market, the backbone of Japanese auto sales, is losing steam amid growing signs of an economic downturn.
Domestic automakers are increasingly relying on Asia for their growth amid dimming prospects for the Japanese and North American markets, the Nikkei said.
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