Russian Car Market to be World’s Fifth Largest by 2020

Russian Car Market to be World’s Fifth Largest by 2020

Currently the seventh-largest car market, Russia is poised to become the fifth-largest market by 2020 according to a recent report.

Russia’s automotive market totals about 2.9 million annually right now, and is expected to grow at an annual rate of six percent through the end of the decade, surpassing 4.4 million by 2020. The report comes from Boston Consulting Group, which also warned that Russia’s potential could be undone by market volatility because it’s an oil-dependent country.

American automakers such as General Motors and Ford have recently built plants in Russia for locally produced vehicles, which will undoubtedly help boost sales figures through the upcoming years.

As of last year, China was the world’s largest automotive market with 17.4 million in sales, while the U.S. was second with 14.5 million. The gap from there widens, with Japan in third with 5.2 million, Brazil in fourth with 3.6 million, and Germany in fifth with 3.3 million in sales.

[Source: Detroit News]