China to Drive Global Auto Sales Through 2015

China's share of the global auto market is likely to reach 27% this year and 28% in 2015, according to Moody's Investors Service.

The ratings service expects passenger vehicle sales will grow 8% in China this year, compared with 4% in the U.S. and nearly 5% in western Europe.

China's auto market will maintain similar expansion over the next 12-18 months, Moody's says. But it predicts sales growth will slow to less than 2% in Europe and the U.S. next year.

As a result, Moody's forecasts, the global passenger vehicle market will expand 3% in 2015 compared with 3.2% this year.