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Greece Autos Report Q3 2008Published by: Business Monitor International Published: Aug. 11, 2008 - 31 Pages Table of Contents
AbstractSimilar to most Western European auto industries, the Greek industry is gradually coming under the influence of the economic uncertainty triggered by the US financial crisis. As BMI illustrated in its latest Greece Automotives Report, the industry started with robust growth in January, enjoying higher real wages and strong credit growth in the private sector. However, as the economic uncertainty began to sink in from February, industry sales plunged considerably both for passenger cars and commercial vehicles.According to data from the Greek Association of Motor Vehicle Importers-Representatives (AMVIR), passenger car registrations stood marginally lower in H108, totalling 159,000 units against 159,527 units in H107. On the other hand, commercial vehicle registrations this year remain almost on par with last year’s sales of 11,887 units, selling 11,810 units during the first six months of 2008. BMI currently forecasts sales to increase to 322,283 units this year, in expectation of lower interest rates. The figures so far suggest that the industry may end up with gloomy sales in 2008, until tax cuts and real wage growth ensures that the slowdown is mild. BMI expects the automotive market to remain stagnant over the forecast period up to 2012, with GDP growth forecasted to ease to around 3% during the same period - due to a variety of factors including a tighter monetary policy. All of the top-five car makers operating in Greece registered a downturn in sales for the first half of the year. However, Toyota maintained its lead in the passenger car segment, selling 15,444 vehicles in the market. The Japanese carmaker occupied a market share of 9.7%, helped by impressive sales of its Aygo, Yaris and RAV4 models. Opel, which followed Toyota in second place, occupied a share of 8.1% in the market, selling 12,867 units this year. The top third of the category was completed by Volkswagen with the strength of its Golf and Passat models which helped sales to reach a total of 12,306 units and the company to occupy almost 7.7% of the market share. Japanese car maker Nissan dominated the light commercial vehicle segment, with a market share of almost 17.5% (2,073 units). Other key players in the segment included Toyota and Ford, selling 1,925 units and 1,890 units respectively. Get Full Details About This Report >> |
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