Hong Kong Autos Industry Update Quarter 3 2011

  • June 2014
  • -
  • Business Monitor International
  • -
  • 57 pages

The Hong Kong economy ended 2010 on a strong note and figures released by the government indicate that this momentum shows no sign of slowing. Statistics for Q1 showed that for the fifth consecutive quarter, the economic growth exceeded the average annual growth rate over the past decade. The economy as a whole increase 7.2% over the quarter and resulted in the government revising its annual growth projections by a percentage point to 5% and 6%. Further good news for the economy was unemployment dropping to a two-year low of 3.4%.
Last year (2010) was an exceptional year for new vehicle revenues with a rise of more than 37% yearon- year (y-o-y), to 35,501 units, driven by a significant rise in the number of passenger cars. The revenues of commercial vehicles almost doubled, to 3,673 units. Total vehicle revenues in 2010 totalled US Dollar 1.34bn a rise of 12.5% over 2009.
However, the government is concerned with the growth of the number of vehicles on the road and the effects of increasing congestion in Hong Kong. In 2010 the government recorded record levels of roadside pollution caused by the world's heaviest traffic density. As a result, in February John Tsang, the Financial Secretary, proposed a rise in First Registration Tax on private cars of 15%. This will be the first increase on car tax in eight years and will put the tax on a 300,000HKD car up to 172,500HKD, a rise of 22,500HKD. It remains to be seen whether how big an effect this move will have to dampen new car revenues . BMI remains cautious for a significant increase in overall vehicle revenues in 2011 projecting growth of 4.79% y-o-y at a total of 39,500 units.
Despite Hong Kong's consistently high ratings as a business environment, combining a benign regulatory regime with low political risk it ranks low on BMI's Risk-Reward Ratings for the autos market in Asia.
The limits defined by Hong Kong's size and the current lack or future prospect of an automotive production capacity leads us to see little prospect of improvement its comparable rank in the foreseeable future.

Table Of Contents

Executive Summary ..................... 5
Industry SWOT Analysis ...... 6
Hong Kong Auto Industry Environment and Risk Analysis ......... 6
Political Environment and Risk Analysis ............. 6
Economic Environment and Risk Analysis ........... 7

Environment Overview SWOT ............... 7
World Overview .... 8
BMI's Core Views For The Automotives Market ....... 8

Environment Overview Ratings . 14
Data : Business Environment Ratings - Auto Market Asia Pacific . 17
Macroeconomic Projection Scenario ... 18
Data : Hong Kong - Economic Activity .................... 20

Market Projection Scenario ........ 21
Data : Hong Kong Auto Segment - Historical Data And Projections (CBUs, unless otherwise stated) ..................... 21
Data : Hong Kong Auto Segment - Economic Contribution ............... 22

Industry Analysis ........ 22
Data : Parts Exports By Category, from 2005 to 2007 ......... 23
Data : Hong Kong New Vehicles Industry
* (Units), from 2004 to 2009 ......... 24
Passenger Cars ... 25
Data : Hong Kong Auto Segment - Historical Data And Projections (CBUs, unless otherwise stated) ..................... 25
Industry News ............. 25
Data : Hong Kong Vehicle Registration By Fuel Type (Units), September 2010 ..... 26
Commercial Vehicles ................. 27
Data : Hong Kong Auto Segment - Historical Data And Projections (CBUs, unless otherwise stated) ..................... 27
Data : Hong Kong Commercial Vehicle Industry - Total Registrations, from 2005 to 2010 . 28
Company Monitor 29
Company Profiles 31
Crown Motors ............. 31
Mercedes-Benz Hong Kong ............... 33
Sime Darby China ....... 34
BMI Methodology 35
How We Generate Our Market Projections ............... 35
Sources 36

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