For the auto business, "The pain is just beginning," according to Nomura analyst Masataka Kunugimoto and his team. "We now expect global auto demand to be down 3%," year on year, in 2019, he told clients recently. He is not alone. At bank after bank, analysts are coming round to the idea that the world may have passed "peak car," and that in the future humans will need fewer personal vehicles.
