Hong Kong Autos Report Q1 2014 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-02 21:21:01
According to the Hong Kong Department of Transport (HKDT), passenger car sales for the first 10 months of 2013 year rose 7.0% y-o-y, to 31,065 units. Due to the strong performance for the year thus far, we have upgraded our full-year sales growth forecast to 5.0% y-o-y, to 37,469 units, from 3.0% previously.
Total commercial vehicle (CV) sales for the first 10 months of 2013 came in at 4,888 units, up 40.1% y-o-y.
Sales figures for 10M13 have prompted us to upgrade our 2013 CV sales growth forecast to 30.2%, to 5,804 units, from 28.1% previously.
This will then bring our total vehicle sales growth forecast for 2013, to 7.8%, to 43,273 units.
The overwhelmingly dominant part of Hong Kong´s auto market will continue to be passenger vehicles. In 2012 passenger car sales totalled 35,685 units, which is just under 89% of all total vehicle sales in the city province. While CV sales contracted by 1.4% in 2012 to 4,456 units, we expect them to grow by 30.2% in 2013 to 5,804 units due to the new round of subsidies offered by the government to incentivise owners of old diesel CVs to replace them, in a bid to battle Hong Kong´s worsening air pollution. We forecast the CV segment to average growth of only 0.3% over the 2014-2017 period, to hit 5,867 units by 2017. This is because it is logical to expect the segment to contract in 2014 due to 2013 subsidies front-loading some of the demand in the market.
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