Figures released by the AEB in Moscow show that Russia’s light vehicle market increased by 39% in 2011 to 2.65m units.
The market picked up on the back of an economy boosted by high energy prices and pent-up demand following the collapse of 2009 which saw sales dive to 1.5m.
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The AEB forecast continued, though slower, growth for Russia’s vehicle market in 2012.
David Thomas, Chairman of the AEB Automobile Manufacturers Committee commented: “The 23% year on year growth in the December market brings us to a final full year figure of 2.6m Passenger Cars and Light Commercial Vehicles up 39% on 2010. This is in line with last month’s forecast and the previously identified trend of stabilising yet consistent growth.
“This also supports our view of continued though slower growth in 2012 with a current consensus forecast of 2.8m.”
Thomas also warned that there are risks for 2012, but expressed confidence that the conditions are right for further market growth. “Clearly 2012 can be impacted by the global financial environment but the ingredients for growth this year remain; low level of car ownership, age of vehicles in use and significant potential as well as investment activities in the regions. In order for this to be realised we will need to see stability in the availability of finance for vehicle purchase and a stable investment climate for producers and retailers. With all these elements in place the passenger car and light commercial vehicle market in Russia can grow close to its pre-crisis levels.”
Thomas also said that a Russian light vehicle market of 4m units could be achieved by the middle of the decade.
According to the AEB Lada (AvtoVAZ) led the Russian light vehicle market in 2011 with sales of 578,400 units, 11% ahead of 2010.
The Chevrolet brand was in second place with sales of 173,500 units, some 49% ahead of 2010.
