Opportunities in Ireland
The Irish automotive market still has the opportunity for continued growth according to Anna-Marie Baisden, head of auto analysis, BMI Research, who was speaking at IBIS Ireland 2016.
In her session ‘Ireland – market update’, Anna-Marie explained how there is still room for growth on top of the growth already experienced over the past 12 months. She highlighted how 2016 has, to date, witnessed monthly sales approaching a seven-year high with the full year forecast currently set at 23% increase.
Anna-Marie suggested that vehicle replacement cycles, spurred on by preferential finance deals at present, are providing the impetus for the growth potential.
Looking at automotive markets around the world Anna-Marie suggested 2016 is a key turning point for major emerging markets, referencing areas such as the Middle East with its growth being spurred by Iran. Turning her attentions to global key trends, Anna-Marie highlighted the continued increase in demand for SUVs, a big drive for reduction in emissions, growth in connectivity as well as changing ownership models.
Suggesting Europe will continue to develop at a similar rate due to consumers currently being in a ‘sweet spot’ Anna-Marie did highlight the potential challenges Spain and the UK pose to European sales.
‘We see Brexit as a major potential risk to the European automotive sector – the type of deal with Europe we secure will be critical to long-term potential,’ said Anna-Marie.
IBIS Ireland 2016 was headline partnered by AkzoNobel and Audatex, along with partners Fastcare and Enterprise.