BRIC to account for 30% of all auto sales
Together, Brazil, Russia, India and China -- sometimes collectively referred to as the BRIC countries -- will account for 30% of world automobile sales in just four years, according to The Boston Consulting Group.
"While the (global) economic crisis plunged many of the world's auto markets into free fall, markets in the BRIC countries generally performed strongly in 2009 and now offer prospects for exceptional growth," according to Boston Consulting officials.
Auto sales in BRIC countries will grow by more than 6% per year, they predict. "In 2009, Brazil's market grew 11%, India's 13% and China's a staggering 42%." The Russian auto market was down nearly 50%, but will stabilize "and grow some 15% through the year 2014."
China will remain the largest of the four auto markets, while India is expected to grow rapidly.