“Plateau Effect” of BRICS’ Auto Industry Slows Down Global Auto Development

According to a recently released report, the sales of automobiles in BRICS after 10 years of growth has showed the first decline, which greatly influences the important income of the global automobile industry.

In a report published by Boston Consulting Group in 2010, it says that in the next 10 years, the global automobile industry will be closely connected to the markets of BRICS. Meanwhile, almost all car manufacturing giants around the world focus on these emerging markets, set up plants there, and establish marketing and trade systems. By 2012, OICA published a report stating that the total sales of cars in Brazil, India, and Russia had reached 2.5 million units. To rank their sales, Brazil is the 5th largest automobile market, followed by India(6th) and Russia(7th).

However, with the rise of Chinese automobile market, continuous decline of automobile sales in Europe, slowdown of economic growth in Brazil, India, and Russia, weak customer confidence, and the depreciating currencies, all automobile markets in BRICS except for China are slowing down.