DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/7980e1/estonia_autos_repo) has announced the addition of the "Estonia Autos Report 2011" report to their offering.
Estonia Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Estonia's automotive industry.
The entire automotive industry in Estonia suffered significantly during the economic downturn. Despite showing some signs of improvement in Q409, the increase in sales and growth did not continue to increase into 2010. In 2009, the auto market in the Baltic States was one of the worst hit in Europe as total vehicle sales fell 66% when compared with sales during 2008.
This resulted in major players within the industry reporting significant losses including Volkswagen importer SE Auto Group Baltic, which lost approximately US$1.98mn. BMI predicts that a full recovery in demand for automobiles is still not likely in the near future. The European Automobile Manufacturers' Association (ACEA) stated that the Baltic States have not been performing as expected, especially when compared with the rest of Europe. General European vehicle sales increased by almost 5% y-o-y in Q110 which Estonia only sold 3,514 vehicles during the same period, nearly 35% lower when compared y-o-y.
One of the reasons the Estonian auto market is unable to improve is because many households are cutting back on their spending. Before the downturn, the increase in the auto market in the Baltics was largely due cheap consumer credit which ultimately made purchasing cars possible. However, with households and businesses under even greater pressure to reduce debts in 2010 and replenish their savings thereafter, it is unlikely that growth in vehicle demand will return to anywhere near pre-crisis levels. In fact, BMI fear the situation will be aggravated by a 20% unemployment rate and little growth commercial productivity. Car dealers can only hope that they will be able to attract customers with low-priced models.
Key Topics Covered:
- Executive Summary
- SWOT Analysis
- Industry Forecast Scenario
- Macroeconomic Forecast
- Competitive Landscape
- Company Monitor
- Company Profiles
- Country Snapshot: Estonia Demographic Data
- Forecast Modelling
- How We Generate Our Industry Forecasts
Companies Mentioned:
- Toyota
- Inchcape (Mazda)
- AS Norma
For more information visit http://www.researchandmarkets.com/research/7980e1/estonia_autos_repo