Italian and Spanish markets moving
Although the Italian passenger car market continued to flourish in March, demand in Spain dipped for the first time in 30 months according to IHS Automotive.
Providers of global market, industry and technical expertise, IHS revealed the Italian passenger car market grew by 17.4% year-on-year (y/y) during March, with the Spanish market retracting by 0.7% y/y.
According to data published by Italian trade association UNRAE, registrations during the month increased to 190,426 units. This has further positively contributed to its year to date (YTD) performance, registrations for the first quarter now standing at 519,256 units, a gain of 20.8% y/y.
After a 30-month run of gains, the Spanish market recorded a dip during March. According to the latest data released by Spanish trade association ANFAC, the market slid to 111,512 units. However, gains in the first two months of the year put its quarterly rise at 6.9% y/y to 285,495 units.
IHS suggests the Italian market continued its gain on the back of strong private demand brought about by incentives and a need for replacements. However, the Spanish market has been hampered this month by the seasonal impact of the Semana Santa Easter festival whicch took place in March this year.
IHS Automotive current forecasts for these markets are: Italy set to grow 10% y/y while the Spanish market looks set to grow by 4.5% y/y.