EUROPE: Russian car market thrives whilst others stagnate.
The Russian car market has been enjoying a high level of growth whilst those of North America and Western Europe have been stagnating. It is now the 8th largest globally and the 5th largest in Europe.
Key drivers of this growth are the increasing wealth consumer wealth, a burgeoning credit market following liberalisation and the increasing competitiveness and availability of foreign brands; growth has been highest in the domestically produced foreign sector.
As car density in Russia is 180 cars per 1,000 people (compared with figures of 512 and 552 for the UK and Germany respectively) there is capacity for continued growth.
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