Boston, MA -- (SBWIRE) -- 06/19/2014 -- Vehicle sales in Italy declined 7.6% in 2013 to 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 to see a resurgence across the market due to low base effects and pent-up demand and accordingly forecast 3.3% growth in vehicle sales over the year.
BMI forecasts 3% growth in passenger car sales in 2014 as improvements in consumer sentiment filter through to the autos sector. Moreover, pent-up demand in the market from sustained declines has buoyed sales over the year-to-date, and low base effects from weak sales in 2013 have provided a further boost.
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BMI maintains our bearish view on the country's manufacturing and construction sectors, although some relief to the CV segment 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. BMI forecasts a 7% increase in the LCV segment and a 3% increase in heavy truck sales. We believe that the ongoing weakness manufacturing sector will weigh on sales in the latter part of the year.
BMI believes that Italy's labour market still remains relatively uncompetitive and rigid, and production will continue to be uncompetitive. In 2013 (the latest figures at the time of writing), passenger car production decreased 2.1%, to 388,465 units. This was chiefly due to Fiat's low output levels on the back of weak sales figures in its primary European markets. CV production dropped 1.9% over the year. In 2014, we expect to see a 2% increase in passenger car output in Italy, and a 5.7% increase in CV output. This is on the back of a modest resurgence in European sales, low base effects from a relatively poor 2013, and pent-up demand from several years of sustained declines.
The Italy Autos Report features the latest data and forecasts covering production, sales, imports and exports.
Business Monitor International (BMI)'s Italy 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 Italy.
- Benchmark BMI's independent automotives industry forecasts on Italy to test other views - a key input for successful budgetary and planning in the Italian automotives market.
- Target business opportunities and risks in the Italian automotives sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Italy.
- Assess the activities and market position of your competitors, partners and clients via our Competitive Landscape Analysis.
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