Mac Avendano / Ricardo Strategic Consulting | September 06, 2013 09:39
Philippines included among countries with global automotive potential
A study by Ricardo Strategic Consulting has named countries that belong to the ‘Rising-15’ that are considered to have the potential as the world’s future auto hubs. As demands from giants like Europe, Japan, Korea, and North America slow down , the competition now shifts to Brazil, Russia, India, and China. However, the shift might not stay with them in a few more years. The study considers the potential growth opportunities for the automotive industry in what it called the ‘Rising-15’ nations by the next decade.
The ‘Rising-15’ includes the following countries: Argentina, Egypt, Indonesia, Iran, Malaysia, Mexico, Morocco, Nigeria, Peru, Philippines, South Africa, Thailand,Turkey, Ukraine, and Vietnam. These countries are considered by the study to generate profitable growth by 2020. The combined population of the ‘Rising-15’ totals to 1.2 billion making it the third largest vehicle market in the world. Its annual automotive sales in 2012 exceeded 8.5 million making it at par with the combined total of Europe’s largest auto markets namely Germany, UK, France, and Italy. Among the ‘Rising-15’ countries, average annual growth has exceeded 9% for the past 10 years, where in most cases, vehicle markets grow faster than the whole economy. The study adds that Europe, North America, Japan, and Korea will struggle to reclaim their pre-2008 vehicle sales levels. Along with the expansion of the automotive industry among the developing countries, new players from China and India might emerge with aims for global expansion.
With the developments happening in the Philippine automotive industry and economy in general, there might be a possibility that we could enjoy more and better varieties of vehicles by 2020.