Russia Commercial Vehicles Market to Surpass $ 6 billion by 2021
Increasing
construction and infrastructure activities coupled with growing logistics industry
and growth in the bus segment to drive commercial vehicles market in Russia during
2016-2021.
According to TechSci Research report, “Russia
Commercial Vehicle Market By Vehicle Type, Competition Forecast
and Opportunities, 2011 – 2021”,
commercial vehicles market in Russia is forecast to cross $ 6 billion by 2021. Over
the last few years, the economic uncertainty caused by the contracting world
oil prices hampered the Russian automotive industry. Moreover, the sanctions
imposed on the country by the Western nations over the Ukraine crisis, which
began in late 2013, also negatively impacted the automotive industry in Russia
over the last couple of years. Consequently, the Federal Government hasn’t been
able to attract FDI in the country due to lack of investor confidence,
resulting from complex geopolitical situation. The government, therefore, has
made a major legislative reform in the policies by providing a breakthrough to
the Public Private Partnership (PPP) mode of investments in the infrastructure
sector. Also, the country would be hosting 2018 FIFA World Cup, on account of
which, various stadiums and other projects are being constructed in the country,
and this is anticipated to boost demand for commercial vehicles in the country
during the forecast period.
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In 2015, commercial vehicle volume sales
were dominated by the trucks followed by the buses. Moreover, growing
construction activities resulting from the upcoming 2018 FIFA World Cup are
expected to aid the truck segment to continue its dominance during the forecast
period as well. However, on the back of government subsidies for the purchase
of buses running on alternate fuel technologies, the bus market is expected to exhibit
faster growth over the next five years.
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“On account of the western
sanctions imposed, in which European Bank for Reconstruction and Development
(EBRD) restricts lending money to Russia, several upcoming and ongoing
infrastructure projects have been negatively impacted, thereby affecting
Russia’s capability to finance infrastructure projects. However, the newly
devised PPP mode of financing the infrastructure projects would help expedite
the construction and logistics industry, thereby, boosting the commercial
vehicle market in the country during the next five years.”, said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Russia
Commercial Vehicle Market By Vehicle Type, Competition Forecast and
Opportunities, 2011 – 2021” has
evaluated the future growth potential of Russia commercial vehicles market and
provides statistics and information on market structure, consumer behavior and
trends. The report is intended to provide cutting-edge market intelligence and
help decision makers take sound investment evaluation. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities available in Russia commercial vehicles market.
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