Lithuania - 2008

Despite its small size, Lithuania is one of Europe's fastest growing automotive markets. Automotive sales growth remained robust throughout 2007 with only a seasonal dip in Q3. In 2007, new vehicle registrations in Lithuania grew 46.3% to over 31,800 units, with car sales up 56.3% and commercial vehicle sales up 28.2%. The truck segment saw the strongest growth, with sales up by an estimated 68.6% y-o-y. Mercedes Benz was the leader with a 20.6% market share, followed by Volvo (20.0%) and DAF (13.9%). The growth in commercial vehicle sales in 2007 was surprising, given the gloom hanging over the Lithuanian transport sector. According to local media reports, a lack of orders and growing losses in the road haulage sector is leading many firms to close or cut back their operations. The number of transport companies is expected to fall by 10% between 2007 and 2009. However, BMI expects that this may be the result of consolidation within the sector rather than a net reduction in the national truck fleet. Vehicle registration figures also show a marked slowdown in light commercial vehicles, suggesting that firms carrying low tonnage freight could be hardest hit; in 2007, LCV sales rose by just 3.6%, well below the prevailing trends in the automotive market.

To read the full article, please choose one of the following options: