[Excerpt]
The Greek passenger car market has grown by 17.2% year on year
(y/y) during April. According to data released by the Hellenic
Association of Motor Vehicle Importers Representatives,
registrations increased to 12,303 units. This month's figures take
growth in the year to date (YTD) to 3.5% y/y at 38,592 units. In
addition, sales of light commercial vehicles (LCVs) with a gross
vehicle weight (GVW) of less than 3.5 tonnes were up by 13.5% y/y
during April to 610 units. The improvement this month has helped to
maintain registration momentum in the YTD and demand during the
first four months is now up by 7% y/y to 2,507units.
Significance: While it has been a mixed bag in
terms of growth for the Greek passenger car market so far, with
registrations having dipped in March, the general trend is one of
increase. Part of the reason for the improvement this month is
rental fleets adding new cars for the forthcoming holiday season.
However, at the same time, the Greek economy is also continuing a
slow recovery that could be bringing customers back to the market,
particularly as so many have been holding on to their vehicles for
far longer than usual. IHS Markit expects that passenger car
registrations during 2019 will grow by 12.1% y/y to 115,900 units,
although this will still be far below the average between 2000 and
2009. Furthermore, we anticipate registrations of LCVs with GVW up
to 6 tonnes to grow by over 17% y/y to almost 8,400 units.
