New Report Available: Hong Kong Autos Report Q2 2013

Automotive sales growth picked up in 2012, rising 2.2% y-o-y to 40,141. However, this low figure should not be of too much concern. Hong Kong's automotive market is mature and saturated even by global standards and the local government actively tries to limit car ownership in what is one of the world's most densely populated areas. The potential for rapid growth is limited and BMI expects sales to reach only 44,219 by the end of our forecast period in 2017, indicating that growth is set to average around 2% over the coming years.

The overwhelmingly dominant part of Hong Kong's auto market will continue to be passenger vehicles. In 2012 passenger car sales totalled 35,685, which is just under 89% of all total vehicle sales in the city province. While commercial vehicle (CV) sales contracted by 1.4% in 2012 to 4,456 units, we expect CV sales to grow by 6.1% in 2013 to 4,728 units due to a new round of subsidies offered by the government to incentivise owners of old diesel CVs to replace them, in a bid to battle Hong Kong's worsening air pollution. We forecast the CV segment to enjoy annual average growth of 3.2% over the 2013-2017 period, to hit 5,210 units by 2017.

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While luxury vehicle sales suffered slightly in the first half of 2012 due to a slowdown in mainland Chinese growth, they recovered in the later half.

The E-Class from Mercedes-Benz proved to be Hong Kong's most popular vehicle in 2012, selling 2,327 units. These figures amply demonstrate the dominance of high-end cars in Hong Kong's car market, with three of the five best sellers being luxury models. Only Toyota Motor's Hiace, at 1,950 units and the Volkswagen Golf with 1,333 sales also topped the market. Over 2012, parking space prices in Hong Kong rose, despite a slow economy and a new 15% stamp duty on non-resident and corporate buyers, reports South China Morning Post. Parking spots in Tai Wai cost up to HKD1.3mn (US$167,710), while some owners of parking slots are reselling spaces for profits of up to HKD300,000 (US$38,702). Real estate prices increased about 21% in the first 10 months of 2012, according to Patrick Chow, the head of research at Ricacorp Properties.

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