Exactly and agree. I would add there is a natural bias for...

Exactly and agree.

I would add there is a natural bias for western countries to only look at their home markets where demand for cars is much slower than emerging markets (see below article a little old bunt relevant).

The vast majority of incremental car growth is going to come from places like India which is a market a fraction of the size of China's. What happens when car demand in India, Pakistan, Indonesia, Brazil, Nigeria, Turkey and the Philippines emulates China over he next 20 years? Even if these emerging markets are able to successfully implement electrification of 50% of new car sales (which I doubt), there will be growing demand for petrol vehicles for decades.

https://www.reportlinker.com/automotive/trends/demand/emerging-markets.html

China: The World’s Biggest Auto Market

Experts agree that China is one of the most interesting and difficult markets in the world for the automotive business with large corporations involved in the market such as .

According to The Wall Street Journal, 19.7 million passenger cars were sold in 2014, and this number is expected to grow up to 21.3 million this year. To show the relative importance of the Chinese market for car manufacturers in the West, IHS consultants estimated that, in 2013, profits from China accounted for 59% of Volkswagen AG’s net profit, 45% of BMW AG net profit and 37% of General Motors Co net profit. Even other non traditional car makers such as the Swedish company Volvo AB (with their XC90 SUV Excellence) have decided to invest in China partly due to the fact that the chinese market represents a great potential for future connected cars.

India: Home of Future Leaders

The automotive business in India did not suffer as much as others during the global financial crisis. According to Ernst & Young, the country did not try to implement incentives to boost sales. Instead, sales rebounded naturally, and the economy was able to refocus on growth management.

Even though the number of passenger cars sold in 2013 did not exceed 1.8 million, this low volume is explained by the dominance of two-wheelers in the Indian automotive business (13.5 million units sold between January and October 2014).

The country is also home of some leading companies in their specific areas of the industry such as REVA (electric vehicles) and TATA (ultra-low-cost vehicles).