The Russian automotive parts market has broad prospects

The Russian State Bureau of Industrial Information recently predicted that the sales volume of the primary market for auto parts in Russia would be approximately $9 billion in 2008, and its scale would reach $15 billion in 2010. Therefore, the market for auto parts in Russia has broad prospects.

According to the industrial assembly regulations of the Russian government, foreign automakers should gradually reduce the import of auto parts two years after starting to assemble cars in Russia, and the localization rate of auto parts should reach 50% after seven years.

The Russian State Industrial Information Bureau pointed out that more and more foreign automobile assembly plants are being built in Russia, and the demand for domestically produced automobile parts will also increase. Some foreign automobile parts manufacturers have started to enter Russia. They may either establish joint-venture factories with Russian enterprises or set up wholly-owned factories. Some world-renowned large companies such as Bosal, Inergy, BASF, etc. have also expressed their intention to build factories in Russia.