Boston, MA -- (SBWIRE) -- 03/27/2014 -- Vehicle sales in Italy declined 7.6% in 2013, to some 1.4mn units on the back of a weak macro environment. This came from a 7.0% drop in passenger car sales and 13.3% fall in the commercial vehicle (CV) segment. In 2014, we expect these dynamics to continue to impact the autos sector, and accordingly forecast a 4.8% drop in vehicle sales over the year.
BMI forecasts a 5.1% contraction in the passenger car segment in 2014, as we believe consumers will remain reticent about big ticket purchases, and a recovery in the autos sector is likely to lag behind broader improvements in private consumption. However, pent-up demand in the market from sustained declines may buoy sales somewhat over the year. Furthermore, low base effects from weak sales in 2013 may help boost growth.
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In 2014, BMI forecasts a decline of 2% in the LCV segment and 1% in heavy truck sales. This has been informed by our still-bearish view on the country's manufacturing and construction sectors, although some relief is likely to come on the back of pent-up demand from several years of sustained declines in the market and low base effects from a moribund 2013.
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