World: The Top 10 ‘Emerging engines of growth’
Mongolia is one of the world’s Top 10 Emerging engines of growth.
Picture by bag_lady, all rights reserved.
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Over the past week we have explored some of the world’s Top 10 Emerging engines of growth as nominated by Business Monitor International. The remaining countries in the Top 10 were covered much more succinctly by BMI so I will give you a summary directly on here. And now, the entire Top 10:
5. Mongolia: My last article on Mongolia focused on the impressive success of Hyundai in this country, anticipating that the Hyundai Accent and Sonata should be the best-sellers there. BMI indicated that revenues from the mining sector have grown quickly over the last few years, and will continue to do so, from US$1.8 bn in 2012 to just under US$5 bn in 2016, pulling the car market upwards in the process. Sales are becoming more sophisticated, with brands like Porsche establishing themselves in the country. There is also a high potential for local lithium battery manufacturing for electric cars and commercial vehicle manufacturing.
Kenya is one of the world’s Top 10 Emerging engines of growth.
Picture by Antoni Georgiev, all rights reserved.
6. Kenya: As described in my last article about Kenya, local assembly of commercial vehicles – mainly pick-ups is starting to gain momentum in the country and now includes Chinese Foton SUP. BMI predicts sales of Commercial Vehicles in Kenya will grow from 8,000 units in 2011 to 18,000 in 2017, paralleling the growth of the construction sector. Kenya has taken such an advantage over its neighbouring countries as far as vehicle manufacturing is concerned that it could soon behave as a significant regional hub.
See the remaining 4 World’s Emerging engines of growth below.
My last Nigerian article showed Toyota’s domination with a market share north of 35% over the first 6 months of 2012. BMI confirmed Toyota leads in the country, but prestigious brands like Porsche and Aston Martin are starting to make their mark as the market gets more sophisticated. Import duty on CKD kits for assembly is 2.5% compared to 30% for CBUs which has triggered the implantation of new manufacturers like Chinese ChangAn along with long-term actor Peugeot.
2011 and 2011 were already record years for new car sales in Peru and 2012 is on track to beat another record. The market is up 30% over the first 9 months of 2012 to 139,000 units, driven by strong private consumption growth, healthy per capita economic growth and the greater availability of credit.
Uruguay is one of the countries in the world where the Chinese have managed the greater overseas success so far, with Chery the #3 brand there in 2011. It is also a market with strong growth potential: after record years in 2010 and 2011, 2012 is up a further 7% year-on-year over the first 9 months to 29,518 units. BMI predicts private consumption will remain strong, fuelled by declining inflation and strong real wage growth.
In 2011, the Hyundai Accent led a market that reached record levels at 46,644 sales. 2012 is also shaping up to be a record year, with sales up 7% year-on-year over the first 7 months to 27,154 units.
See more info at Business Monitor International (source of this article).