Brazilian automobile sector to flourish on hybrid vehicle sales
Brazil is one of the fastest growing automobile manufacturing markets in the world and sixth largest in terms of automobile production, said the research firm.
On the back of strong domestic demand and government initiatives, the countryâ€™s hybrid vehicle sale has been witnessing positive growth rates for the past few years.
The report identifies that flex-fuel vehicles remain the most accepted vehicle segment among Brazilians due to their multi-choice of refueling system.
With supportive government regulations on biofuel usage, sales of flex fuel vehicles have registered blistering growth rates during the past few years. This segment accounted for nearly 81 percent of the total automobile sales in 2010, and the share is anticipated to rise further in near future.
Meanwhile, Brazilian automobile industry faced decline in exports due to the appreciation of Brazilian currency in 2008, but it boosted the automobile imports. The research indicates that the industry has been feeling marginal effects of the worldwide economic crisis, however the future remains bright in long term.
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