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Mexican Passenger and Light Commercial Vehicle Market to Earn Little Respite from the Dampened Sales Prospects Finds Frost & Sullivan - There has been a dip in the volume sales of passenger and light commercial vehicles, compared to the sales levels in 2007, due to a weakened economy and a consequent drop in the consumer confidence index
Mexican Passenger and Light Commercial Vehicle Market to Earn Little Respite from the Dampened Sales Prospects Finds Frost & Sullivan

 

PRZOOM - /newswire/ - Mexico, Mexico, 2009/09/23 - There has been a dip in the volume sales of passenger and light commercial vehicles, compared to the sales levels in 2007, due to a weakened economy and a consequent drop in the consumer confidence index.

   
 
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This situation is not likely to ease in the near future due the high interest rates offered by financing institutions, the credit crunch, and the perception that automobiles are long-lasting goods.

New analysis from Frost & Sullivan (automotive.frost.com), How the Economic Crisis is Affecting the Passenger and Light Commercial Vehicle Market in Mexico, finds that the market sold 1,025,520 units in 2008 and estimates this to fall by 175,500 units in 2009 due to the economic decline.

If you are interested in a virtual brochure, which provides a brief synopsis of the research and a table of contents, then send an email to Catalina Rossini, Corporate Communications, at catalina.rossini[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, a brochure will be sent to you by email.

In 2007, Mexico's automobile credit fell by 1 percent, while in 2008, it decreased by 12 percent. It is not only the financial institutions that are reluctant to offer credit, but automotive and banking institutions are also placing restrictions on money lending. In 2009, Frost & Sullivan expects vehicle sales of 800,000 to 850,000 units, which represents a fall of 17 and 22 percent from 2008.

The Mexican Federal Government has offered the automotive industry a bailout package, so they stay afloat in these trying conditions.

"Approximately 60 big companies bonded to the automotive industry are looking to benefit from the Technical Stops Program developed by the Mexican Federal Government, which is designed to help companies by paying a third of the total payroll to avoid dismissals," says Frost & Sullivan Research Analyst David Olvera. "However, even with these measures, Frost & Sullivan expects Mexico's economy to shrink by 3 to 4 percent in 2009."

The Federal Government has also instituted a program to promote the renewal of obsolete public service vehicles by replacing the older vehicles with new or semi-new ones. The government hopes to make its fleets more competitive and productive, as well as promote a better ecology by polluting less and lowering the number of accidents. The program is directed at transport companies that wish to modernize their fleet.

"This federal program offers a fiscal stimulus that can be utilized for the down payment or a reduction on the payments while buying a new unit," notes Olvera.

Mexico City's Government also launched a similar program for taxi drivers and passenger bus drivers. The objective is to modernize the fleets by compensating owners for their vehicles, which must be at least 10 years old.

How the Economic Crisis is Affecting the Passenger and Light Commercial Vehicle Market in Mexico is part of the Automotive & Transportation Growth Partnership Services program, which also includes research in the following markets: automotive market engineering, North American automotive aftermarket, North American advanced automotive technologies. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 35 offices on six continents.

How the Economic Crisis is Affecting the Passenger and Light Commercial Vehicle Market in Mexico / N61D

 
 
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Mexican Passenger and Light Commercial Vehicle Market to Earn Little Respite from the Dampened Sales Prospects Finds Frost & Sullivan

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