Boston, MA -- (ReleaseWire) -- 01/07/2014 -- BMI forecasts a 3.4% increase in total vehicle sales in 2013. This comes from an expected 3% increase in the passenger car segment and 6.4% rise in commercial vehicle (CV) sales. BMI believes that the passenger car market surge over the year to date comes on the back of low base effects from 2012, the recent announcement of the extension of the vehicle scrappage scheme buoying sentiment, and pent-up demand from sustained declines.
We believe that this market surge may be the result of consumers bringing forward their purchase decisions on the back of buoyed market sentiment, and we may see lower sales volumes in the coming months as a result. We expect to see 3% sales growth in 2013.
Despite this bullish forecast, BMI maintains a bearish outlook on the country's consumer story. We believe that high unemployment, weak bank lending, and low wage growth will ensure that disposable incomes remain low for the foreseeable future, weighing on consumer spending. This served to temper vehicle demand earlier in the year, but recent dynamics have buoyed demand.
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BMI forecasts a 5% increase in vehicle production in Spain in 2013. This comes on the back of an expected 6% increase in passenger car output and a 1.1% uptick in the CV segment.
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