New Transportation market report from Business Monitor International: "Romania Autos Report Q2 2013"
Boston, MA -- (SBWIRE) -- 05/13/2013 -- In 2012, passenger car sales in Romania declined 23.7%, to 71,179 units. In 2013, BMI forecasts sales in this segment to decline 5%. BMI maintains a particularly bearish outlook for GDP growth in Romania, and private consumption more specifically.
Unemployment increased over the course of 2012, and access to consumer credit remains weak. We expect these trends to continue into 2013. This outlook has informed our passenger car sales forecasts for 2013. Over the remainder of 2017 forecast period, we expect to see a steady increase in sales volumes, but believe the market will remain considerably below its 2007-peak within this time frame.
In Romania, the used-car segment is far more substantial than the new car market. In 2012, sales in the used-car segment increased 85.2%, to 174,950 units. As private consumption puts downward pressure on sales in the new car segment, we believe that Romanians are increasingly turning to the used-car market as a more affordable alternative. Anecdotal evidence also suggests that the average age of the cars on the road is increasing, as drivers look to keep their cars longer before replacing them. We expect these trends to continue into 2013, and for the used car segment to grow.
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