Western Europe To Weaken Commercial Vehicle Recovery In The EU

New commercial vehicle sales in the EU outperformed BMI's expectation of 7.6% year-on-year (y-o-y) growth during 2011 by posting a 9.9% y-o-y increase, to nearly 1.94mn units, according to estimates from the European Auto Manufacturers' Association (ACEA). In 2012, however, we expect significant weakness in the commercial vehicle segment as businesses tighten their spending in view of the sovereign debt crisis, recessionary trends in the eurozone and uncertainties surrounding the continued existence of the euro. We accordingly forecast new commercial vehicle sales in the region to grow at a lacklustre rate of 2% y-o-y mostly helped by base effects, but

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