Fast Market Research recommends "Hungary Autos Report Q1 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 01/15/2013 -- Hungary's auto industry presents a decidedly mixed picture as we enter 2013. On the one hand, new car sales have remained very strong over the majority of 2012, with new passenger car (PC) sales up by 16.3% over the first nine months of the year, to reach 39,319 units. Commercial vehicle sales also showed steady growth, according to information from the Hungarian Vehicle Importers Association (MGE).
However, it is a different story for production, which BMI now expects to contract slightly over 2012. BMI maintains a relatively bearish outlook on vehicle production in Hungary, forecasting a 1.3% decline in 2012. Although we then forecast moderate increases in production levels over the remainder of our newly-extended forecast period to 2017, we believe total production levels will not return to their 2008 highpoint during this time.
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BMI believes that weakening domestic and external industrial confidence, deteriorating credit channels, poor external demand, and tight domestic policy will all act to hold back firms' capacity and appetite for large-scale investment projects over the coming quarters. Leading indicator data continue to support this view, with industrial production growth still in negative territory, and latest industrial survey readings falling to their lowest levels since late 2009.
However, for new vehicle sales, the picture is somewhat more reassuring. In addition to the 16.3% growth seen in new PC sales, light commercial vehicle (LCV) sales were up by 7.4% over 9M12 to reach 8,071 units, with heavy commercial vehicle (HCV) sales up by 5.2% to reach 3,220. The only laggard was the bus sub-segment, where sales dropped by 94%, to 36 units. BMI currently forecasts a 13.4% increase in overall new vehicle sales in 2012, to reach 69,138.
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