Eastern Europe and Central Asia present growth opportunities for light vehicles
The firm’s new study analyses this market in Kazakhstan, Uzbekistan, Ukraine, Azerbaijan, Belarus, Kyrgyzstan, Turkmenistan and Tajikistan, and finds that by 2021 the annual light vehicle sales volume in these eight countries is expected to reach nearly one million.
‘The upward trend will be driven primarily by low vehicle density, old vehicle parc and booming economic activity supported by surging middle-class population,’ said Anna Ozdelen, consulting analyst, automotive & transportation at Frost & Sullivan. ‘Kazakhstan, Uzbekistan and Ukraine are expected be top regional markets for automotive sales and production.’
According to Frost & Sullivan, the top five markets (Kazakhstan, Uzbekistan, Ukraine, Azerbaijan and Belarus) will continue to account for 98% of light vehicles sales. Kazakhstan will become a priority market for automotive investment being the gateway to the marketplace of Eurasian Economic Union, boasting surging demand in the domestic market as well.
‘GM, Renault-Nissan, Hyundai, Volkswagen and Toyota represent the top five leading OEMs accounting for 75% of the total market in 2014,’ added Mohamed Mubarak, automotive principal and regional head. However, Chinese players are expected to increase their penetration in both production and sales.
To cover this subject, Frost & Sullivan is holding a complimentary online briefing on Tuesday 16 December at 4.00pm GMT. For more details, email [email protected].
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