Recently published research from Business Monitor International, "Hungary Autos Report Q3 2014", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 07/16/2014 -- Hungarian passenger car sales in 4M14 increased 22.3% y-o-y, to 21,002 units. We have previously highlighted that consumers in Hungary are enjoying a relative 'sweet spot' with real wages rising, interest rates low and unemployment declining, which has led to a surge in passenger car sales. However, BMI does not expect this consumer recovery to continue over the remainder of 2014 due to rising inflation, tightening credit conditions and a slowdown in employment growth (see 'Consumer Recovery Not Convincing', May 6). Accordingly, we expect to see a retrenchment in appetite for big-ticket purchases, such as new passenger cars, later in the year.
Moreover, like much of Central and Eastern Europe, Hungary's auto sector is very much output-led, with a focus on mass production of low profit small and medium-sized cars.
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Many large global carmakers such as Knorr-Bremse, Bosch, GE, Continental and Audi have production and R&D facilities in Hungary, with the industry as a whole employing directly or indirectly over 100,000 people, according to the Hungarian Investment and Trade Agency (HITA). Around 90% of vehicles made in Hungary are for export, claims HITA, as well as over 80% of engines and components. Most exports (86%) go to within the EU - mainly Germany - and to countries outside the EU such as Russia.
HITA says Hungary is the market leader in terms of engine manufacturing in the region.
The Budapest Times reported in February 2014 that Prime Minister Viktor Orb?n is encouraging increased output from the country's automobile industry. In response carmakers in the country, among them Audi, Daimler, Opel and Suzuki Motor, have all stepped up production or added capacity at their local plants.
Most recently, in March 2014, Aluminium company Alcoa said it will invest US$13mn to expand its wheel manufacturing plant in Szekesfehervar. The Hungarian government is expected to contribute US$4.4mn to the project via its Regional Operative Programme.
The Hungary Autos Report features the latest data and forecasts covering production, sales, imports and exports.
Business Monitor International (BMI)'s Hungary 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 Hungary.
- Benchmark BMI's independent automotives industry forecasts on Hungary to test other views - a key input for successful budgetary and planning in the Hungarian automotives market.
- Target business opportunities and risks in the Hungarian automotives sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Hungary.
- Assess the activities and market position of your competitors, partners and clients via our Competitive Landscape Analysis.
BMI Industry View
Summary of BMI's key industry forecasts and views, covering production, sales and the introduction of new technology or products.
Global, Regional and Country Industry Overviews
In-depth analysis of the major global and regional developments in the market, which can be linked with the country industry overview, providing cross-country investment, product and financing trends that will affect each market, supported by BMI?s global and regional industry forecasts.
Business Environment Rankings
BMI's proprietary Autos Business Environment Rankings are a unique country-comparative Risk-Reward Rankings index that separately analyses the risks and rewards of operating in each market. It is aimed at investors (including manufacturers, suppliers and dealers) who seek to either identify and compare market opportunities, or evaluate country-specific operational challenges.
The rankings methodology makes sophisticated use of over 40 industries, economic and demographic data points.
BMI Industry Forecasts
Historic data series and forecasts to end-2018 for all key industry indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:
Total production value (US$bn); total production of units; production by vehicle-type (including cars, commercial vehicles, trucks and buses); total sales value (US$bn); sales by vehicle-type, including passenger cars and commercial vehicles (vans and microbuses, pickups, trucks and buses, 4 wheel drive); total exports by value (US$bn) and by units; total imports by value (US$bn) and by units; contribution to GDP; employment in industry.
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