Autos Market Reports for Canada, Nigeria & Kuwait 2017 Forecasts

DALLAS - Aug. 9, 2013 - PRLog -- Dallas, TX, August 08, 2013 -- This report still believes that Canada’s vehicle sales growth will be more modest in 2013 than 2012. Results for the year to-date support this view, with sales up 2.4% year-on-year (y-o-y) for 5M13. Passenger car sales for the five months were down 1.5% y-o-y, while truck sales achieved growth of 5.7% y-o-y. On the back of this divergent performance, which is becoming more pronounced as the year moves on, we are revising our forecasts slightly to a 0.5% increase in passenger car sales, compared with the previous 2% increase, and raising our light truck forecast to 3%. With the year getting off to a poor start for the medium and heavy truck segments, we have also revised down our sales growth forecast for 2013 to a decline of 5%. Sales of Class 4-8 trucks fell 11.2% y-o-y for the first four months of 2013, mostly on the back of declines posted by the segment’s major manufacturers. With volumes in each segment being relatively small with just a few key players, the performances of each brand have a bigger impact on each segment and the overall big truck market.

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This report sees considerable strengthening in vehicle production, vehicle imports and car ownership in Nigeria’s auto industry over the next few years. One of Africa’s most powerful economies is expected to continue performing well in H2 2013, with growth potentially breaking 7% amid controlled inflation and a stable currency. A strong economy is also likely to be a boon for auto loans in the country as Nigeria’s banks expand amid stability, providing a growing middle class with greater access to credit. A number of carmakers therefore have their eye on Nigeria’s auto market. In July 2013 Japan’s secondbiggest car manufacturer, Nissan, listed Nigeria as one of the key markets it was targeting for the expansion of its small passenger vehicle product lines. The company has set a target to double vehicle sales in Sub- Saharan Africa to 220,000 units by 2016. The Micra, Almera and Sentra cars are expected be added to the product range, which includes sport-utility vehicles, commercial vans and ‘bakkies’. Nigeria is one of several markets being targeted, which it is hoped will help to offset a continued slow-down in sales in South Africa. Meanwhile, in June 2013 Indian motorcycle producer Mahindra2Wheelers was reported to be looking to import to a number of Sub-Saharan African markets from 2013.

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Kuwait continues to represent one of the more attractive autos markets of the Gulf region, as it has positive growth potential in both the volume and high-end segments. Over Q113, Kuwait became BMW’s second best performing Middle East market, after the UAE, in terms of the number of cars sold over the quarter. This strong start to the year means that BMI maintains its forecasts for 9.1% growth in vehicle sales over 2013, a growth rate which we feel can continue until the end of our forecast period on 2017, when we are targeting new vehicle sales of 293,273 units.

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