New Transportation research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 02/20/2013 -- We estimate automotive sales growth picked up in 2012, with sales growing by 2.14% to 36,391. This stands in positive contrast to 2011, which had disappointing growth of only 0.36%. Nevertheless, these slow growth figures should not cause too much concern. Hong Kong's automotive market is mature and saturated even by global standards. The local government actively tries to limit car ownership in what is one of the world's most densely populated areas. The overwhelmingly dominant part of Hong Kong's auto market will continue to be passenger vehicles. In 2012 passenger car sales are estimated to have totalled 33,400, which is just under 89% of all total vehicle sales in the city province. The potential for rapid growth is limited and at BMI we expect sales to reach only 43,219 by the end of our forecasting period in 2017. This indicates that growth is set to average around 3% over the coming years.
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Sales of luxury vehicles, particularly those at the very top of the market, fell in Hong Kong over the course of 2012. Bloomberg reports that the country's market of ultra-luxury vehicles - such as Lamborghinis, Ferraris and Bentleys - began to suffer as the mainland's economy experienced a slowdown in growth. Furthermore, unlike other luxury goods, luxury car sales are not distorted by visiting Chinese consumers. This drop off reflects uncertainty among the wealthiest Hong Kong residents and follows an unusually successful first half of the year, as sales in H112 grew to 273 units - up from 186 in H111. Analysts believe that the decreasing sales in the latter part of the year can be traced back to falling merger and acquisitions activity in Asia.
The price of parking space in Hong Kong rocketed in 2012, according to latest figures. The average price of a parking spot in a residential complex reached US$82,600 in Q312. A record has been set with one spot in the Repulse Bay neighbourhood of Hong Kong sold for US$387,000. Bloomberg reports that there are fears, however, that this is merely the latest investment bubble in Hong Kong. Recent laws instituted to limit increases in the cost of residential property have driven investors into other markets, including parking space in one of the world's most crowded cities. Non-Hong Kong buyers - who are primarily from the mainland - were subjected to a special tax, which has had the desired effect of bringing down rising rapidly prices.
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