The domestic motorcycle market continued to grow satisfactorily during 7M11 with sales of 1,258,674 units, rising approximately 15.5 percent YoY. In July, the sales dropped to 178,050 units, shrinking 19.7 percent MoM (against record-breaking sales in June of 221,818 units) due to heavy rains and flooding in many provinces. Nevertheless, in terms of year-over-year comparison, the sales in July reported a rise at 13.8 percent YoY due to low base effect of last year.
Although the market will be affected by negative seasonal factors and rising interest rates, the government's policy to increase incomes for farmers and grass-roots people in order to stimulate spending, and their policy of reducing retail oil prices as well as a low base from last year will boost motorcycle market growth further. However, the growth may soften than the previous months.
KResearch estimates that the motorcycle market overall for 2011 may grow 11-16 percent, decelerating from 20.2-percent growth achieved in 2010. Meanwhile, motorcycle sales in 2011 should increase to 2.04-2.14 million units, against 2011 sales of 1,845,997 units.
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