There were an estimated 1.37 billion vehicles on the road worldwide in 2017, a 4.1% increase from 2016’s 1.32 billion. Much of the growth came from developing regions where a rising middle class has expanded the market. While the accelerated growth of China’s new-vehicle sales tempered in 2017, rising demand for used vehicles there helped keep the vehicles in operation (VIO) growth above 11% at 215.6 million. Though still at a high 6.5 persons-per-vehicle ratio across the ...

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