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Russian Car Market: 6% AAGR Driven by International OEMs
Jun 01, 2006
In the automotive industry, the Russian market has made major sales over the last few years. Situated in an advantageous location, it has had a successful output growth. Moreover, with a comparative advantage for highly qualified personnel, cheap labor and attractive overall conditions, the country has been able to draw a good number of auto makers and suppliers to its ambit.
Russia expects a growth in its annual sales by 1 Mn vehicle units as it approaches the new decade. With this rapid growth in automotive market the country would rank next to China. Other countries stand to lose from this growth to some extent.
Russian domestic manufacturers face a stiff competition. While only 2-3 percent of the population can afford luxury cars, most car sales are of mid-to-low range prices. The imported cars, which carry high duty tags, are segregated from the market. The competition that the Russian manufacturers of mid-to-low range priced cars face is against the low priced foreign imports. In spite of all these the Russian demand for automobile exceeds its supply.
Russian automotive market can continue to grow under two considerations. One, the companies must have employable strategies and a focused management and two Russia must stabilize its economic and legal framework. Much potential lies with Russia to become a major exporter of vehicles and components to the rest of the world. Studies have shown that its OEMs and suppliers too hold a bright future.
RNCOS in its recent market research report namely “Russian Automotive Industry Forecast (2006-2011)” handles the following aspects of the market:
- Growth in income levels;
- Declining automotive costs;
- Increasing availability of auto financing schemes; and
- Growing demand for comfort and safety of the cars.
The report also discusses about the world automotive industry, which can benefit the investors and industry players. There is a compact analysis of plans and strategies adopted by the key players while industry’s opportunities and challenges are covered.
The market research report covers a Forecast and Analysis section, which provides the market sizing in detail along with a three-year forecast of the Russian automobile market divided into two parts – technology and feature.
For more information visit: http://www.rncos.com/Report/IM036.htm
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