Brazil Autos Report Q2 2014

Brazil Autos Report Q2 2014

Published: February 2014
Publisher: Business Monitor International (BMI)
Product ref: 194777
Pages: 69
Format: PDF
Delivery: Immediate download

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Total vehicle sales declined 1.1% in 2013, chiefly on the back of weakness in the country's passenger car market. Indeed, sales in this segment spiked in Q312 on the back of the introduction of government tax incentives, creating high base effects for 2013 and dragging down the year-to-date growth rate. Furthermore, the broader slowdown in consumer spending in Brazil impacted the passenger car segment, and we did not see a pick-up in the growth rate in Q4, despite lower base effects. The majority of production in Brazil is for the domestic market.

In 2013, output in the passenger car segment increased 5.9%, to 2,742,309 units. Production increased sharply in the first half of the year due to growth in the domestic market and strong increases in export volumes. Both these dynamics moderated in H2, however, and weighed on output volumes, broadly in line with BMI's expectations. We believed, however, that such moderation would be more muted, and previously forecast 7.5% growth in this segment. In 2014, we forecast passenger car production to increase 3.6%, a significant slowdown from the growth rates seen in recent years as the domestic market is likely to continue to drag on output growth. We expect exports to play an increasingly important role in output growth, but volumes are likely to remain relatively small, so they will not be the primary driver of production. Further, the y-o-y growth in the first half of 2014 is likely to be relatively modest due to strong base effects from H113.

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Related research categories

By market: Brazil (in South America), Brazil (in BRICM)


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