MarketReportsOnline.com adds Q3 2012 reports for Autos
industry of multiple Asian countries to its store. Following are the report
briefs:
India Autos
Report Q3 2012
BMI held the view that that one of the key factors
in the Indian new vehicle market’s growth in the
previous financial year would serve as a threat in FY2011/12, ending March 2012, as rising interest rates
would threaten the credit-fuelled boom in sales. This played out as total vehicle sales registered growth of 7.5%. A combination of several rate hikes throughout the year, which increased the cost of auto loans, coupled with soaring fuel prices after subsidies on gasoline were removed, contributed to muted growth, particularly in the passenger vehicle segment. Sales for the latter months of the financial year showed some resilience and suggest the market is returning to health, while sales in April 2012, the first month of the New Year, showed all four-wheeled vehicle segments achieve positive growth. We believe that as changes in buying habits, such as switching to diesel, take hold and the cost of credit is reduced in line with our assumptions, sales momentum will build, albeit at a steady rate relative to earlier years, but will be sustainable for the remainder of the forecast period.
previous financial year would serve as a threat in FY2011/12, ending March 2012, as rising interest rates
would threaten the credit-fuelled boom in sales. This played out as total vehicle sales registered growth of 7.5%. A combination of several rate hikes throughout the year, which increased the cost of auto loans, coupled with soaring fuel prices after subsidies on gasoline were removed, contributed to muted growth, particularly in the passenger vehicle segment. Sales for the latter months of the financial year showed some resilience and suggest the market is returning to health, while sales in April 2012, the first month of the New Year, showed all four-wheeled vehicle segments achieve positive growth. We believe that as changes in buying habits, such as switching to diesel, take hold and the cost of credit is reduced in line with our assumptions, sales momentum will build, albeit at a steady rate relative to earlier years, but will be sustainable for the remainder of the forecast period.
Malaysia
Autos Report Q3 2012
In the first quarter of 2012, Malaysian new vehicle
sales were down by 12.5% year on year (y-o-y), at
138,544 units, according to figures from the Malaysian Automotive Association (MAA). This was made
up of 122,837 passenger cars and 15,707 commercial vehicles. New passenger car sales have been faring
worse than those of commercial vehicles over the first quarter, with March figures showing a 16.6%
annual fall in new car sales, while commercial vehicle sales only slipped by 4.5% over the month.
The main reason behind the fall in new car sales is a tougher credit environment for Malaysian
consumers, with new regulations having been introduced by Bank Negara Malaysia in January 2012 to
crack down on personal debt levels within the country. In particular, this now sees car loans approved
based on net income, as opposed to gross income previously, reports to The Star website. These new
regulations have hit the smaller car segment particularly hard, according to the Proton Edar Dealers
Association Malaysia, which has said that only 30% of loan applications were approved in January 2012.
Proton’s main rival Perodua has also seen vehicle sales fall, by 11% y-o-y during March alone, with the
company’s Managing Director Datuk Aminar Rashid Salleh stating to local media that sales of the Viva
MPV model have seen the worst falls, down by 19% over Q112, to just 13,000 units.
138,544 units, according to figures from the Malaysian Automotive Association (MAA). This was made
up of 122,837 passenger cars and 15,707 commercial vehicles. New passenger car sales have been faring
worse than those of commercial vehicles over the first quarter, with March figures showing a 16.6%
annual fall in new car sales, while commercial vehicle sales only slipped by 4.5% over the month.
The main reason behind the fall in new car sales is a tougher credit environment for Malaysian
consumers, with new regulations having been introduced by Bank Negara Malaysia in January 2012 to
crack down on personal debt levels within the country. In particular, this now sees car loans approved
based on net income, as opposed to gross income previously, reports to The Star website. These new
regulations have hit the smaller car segment particularly hard, according to the Proton Edar Dealers
Association Malaysia, which has said that only 30% of loan applications were approved in January 2012.
Proton’s main rival Perodua has also seen vehicle sales fall, by 11% y-o-y during March alone, with the
company’s Managing Director Datuk Aminar Rashid Salleh stating to local media that sales of the Viva
MPV model have seen the worst falls, down by 19% over Q112, to just 13,000 units.
China Autos
Report Q3 2012
Total new vehicle sales in China fell 3.4%
year-on-year (y-o-y) in Q112, but marginal growth of 1% in March has kept sales
volumes on course to meet BMI''s forecast of 19.8mn units in 2012. This
represents growth of 7% y-o-y, which is below the 8-10% forecast by the China
Association of Automobile Manufacturers, but is still a solid improvement on
the 2.6% growth of 2011, taking into account weaker economic growth and localized
restrictions on car purchases. Despite
measures to curb congestion and emissions, such as caps on car purchases in
some major cities, we believe there are still growth areas in the market. One
of these is the premium car segment, which is supported by the results of
individual carmakers. Daimler reported Q1 growth of 24% for its Mercedes- Benz
brand in China, while rival Audi’s sales were up 40% y-o-y. We see the trend
for building China specific models and investing in local production to increase
competitiveness as key growth drivers in the segment.
Pakistan Autos
Report Q3 2012
The Pakistan autos sector continues to present a
mixed picture as we approach the end of the country’s
fiscal year in June 2012. While the outlook for passenger cars and pick-ups remains robust, with strong
growth seen in both production and sales year to date, the country’s sluggish commercial vehicle sector
and plunging farm tractor sector are acting as brakes on the progression of the wider vehicle industry.
According to figures from the Pakistan Automotive Manufacturers Association (PAMA), for the nine
months ending March 31 2012, a total of 154,573 four-wheeled vehicles (passenger cars, trucks, buses,
LCVs, jeeps, pick-ups and tractors) were produced in Pakistan, marking a 9% decline on the 169,743
four-wheeled vehicles produced in 9MFY11. Over the same period, a total of 156,877 four-wheeled
vehicles were sold in Pakistan, down 5% on the 164,820 four-wheeled vehicles sold in 9MFY11.
fiscal year in June 2012. While the outlook for passenger cars and pick-ups remains robust, with strong
growth seen in both production and sales year to date, the country’s sluggish commercial vehicle sector
and plunging farm tractor sector are acting as brakes on the progression of the wider vehicle industry.
According to figures from the Pakistan Automotive Manufacturers Association (PAMA), for the nine
months ending March 31 2012, a total of 154,573 four-wheeled vehicles (passenger cars, trucks, buses,
LCVs, jeeps, pick-ups and tractors) were produced in Pakistan, marking a 9% decline on the 169,743
four-wheeled vehicles produced in 9MFY11. Over the same period, a total of 156,877 four-wheeled
vehicles were sold in Pakistan, down 5% on the 164,820 four-wheeled vehicles sold in 9MFY11.
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Reports by Business Monitor International @ www.marketreportsonline.com/publisher/business-monitor-international-market-research.html
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