Fast Market Research recommends "Italy Autos Report Q1 2013" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 02/27/2013 -- In the first 10 months of 2012, passenger car sales in Italy declined 19.6% year-on-year (y-o-y), to 1,203,022 units. Over the course of the year, BMI forecasts a decline of 20% in this segment. We forecast private consumption to contract in 2012 as Italian households are hit by ongoing austerity measures, including higher taxes and cuts in social spending. Further, unemployment will also continue to weigh on consumption. Indeed, liberalisation measures passed by the Monti government have failed to radically overhaul inflexible labour laws that will discourage employers from rapidly expanding their payroll as the economy picks up. This bearish consumer outlook has partly informed our passenger car sales outlook.
Many companies have seen large declines in their sales figures in the weak Italian market. The market continues to be dominated by Fiat Group, comprised of Fiat, Alfa Romeo, Chrysler, and Jeep, which, over the first nine months of 2012, has a total market share of 29.7%. The Group's total sales declined 20% yo- y in this period.
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In the first eight months of 2012, passenger car production in Italy declined 18.2% y-o-y, to 284,893 units. BMI forecasts this segment to decline 16% in 2012. Public investment has declined markedly in Italy due to austerity measures, and private investment is also being hit as the sovereign's high borrowing costs filter into tightening credit conditions across the economy. Further, we believe that Italy's labour market remains relatively uncompetitive and rigid, and vehicle production, and industrial output more generally, will continue to decline. This has partly informed our bearish production forecast.
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