2014-04-02 11:55:01 - Cameroon Autos Report Q1 2014 - a new market research report on companiesandmarkets.com
Cameroon´s new vehicle market is a fraction of the size of some its larger regional neighbours, but its growth rate has been similarly marginal. Car ownership is still low by regional standards and is only just expected to pass 20 cars per 1,000 people during our five-year forecast period to 2017, which suggests there is not the same level of middle class development as in some of the bigger sub-Saharan African markets.
Several economic episodes have reduced demand for new cars in favour of cheaper second-hand alternatives. These include the economic crisis of the 1980s, the franc´s devaluation and the reduction in civil servant salaries in the 1990s.
In 2012, vehicle sales in Cameroon increased by 6.7%, to 3,094 units. We believe
that this increase came on the back of modest economic growth. Indeed, BMI became somewhat more bullish on the country´s growth prospects during 2012. These growth prospects and political stability have attracted Chinese investment into the country, with a view to unveiling Cameroon´s first car making factory.
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