Greece Autos Report Q3 2014 - New Market Study Published
In 2014, BMI forecasts an 8.7% increase in vehicle sales on the back of an expected 8% uptick in the passenger car segment and 19.9% jump in commercial vehicle (CV) sales.
Passenger car sales in Greece increased 13.2% year-on-year in the first four months of 2014, to 22,051 units. BMI attributes this growth over the year-to-date to low base effects and pent-up demand in the market following years of sustained declines. We believe that slightly higher base effects in H213 and the persistent weakness in the Greek consumer story will serve to temper the growth rate somewhat over the full year. Accordingly, we maintain our existing forecast of 8% growth.
Unemployment remains high, consumer sentiment is weak, and retail sales continue to fall. We expect these dynamics to continue over the year as the economic malaise, combined with austerity measures and political uncertainty, continues. These dynamics weighed on passenger car sales for much of 2013, but the segment rebounded somewhat in the final months of the year on the back of pent-up demand in the market and low base effects. BMI expects these dynamics to continue to buoy the market over the course of 2014 despite the generally bearish macro picture.
Full Report Details at
CV sales in Greece declined 4% in 2013, a far more moderate drop-off than the steep declines witnessed in this segment in recent years. BMI believes that this modest respite comes on the back of low base effects from a weak 2012 and pent-up demand from several years of sustained declines. We expect these dynamics to buoy the segment somewhat in 2014 despite our bearish view on the broader macro picture, and this has informed our forecast for 19.9% growth in total CV sales over the year.
The Greece Autos Report features the latest data and forecasts covering production, sales, imports and exports.
Business Monitor International (BMI)'s Greece Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on the automotives market in Greece.
* Benchmark BMI's independent automotives industry forecasts on Greece to test other views - a key input for successful budgetary and planning in the Greek automotives market.
* Target business opportunities and risks in the Greek automotives sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Greece.
* Assess the activities and market position of your competitors, partners and clients via our Competitive Landscape Analysis.
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