KARACHI - Pakistani car market witnessed another year of dismal sales with volumes of the segment depicting a massive 48 per cent decline. Only 10,6000 cars wer sold during FY09 against 20,5000 units in FY08. Pakistani car market is composed of Passenger Cars (PC) and LCVs in the form of locally produced CKDs (completely knocked down), imported New CBUs and Used CBUs. On segregated basis, the CBU category of both used and new vehicles declined by 62pc and 65pc, respectively. Moreover, the CKD segment also depicted a falling trend during the period with 47pc lower volumes than that of previous year. The decline in overall market is attributable to scarcity of financing avenues, higher mark-up rates and record car prices amid economic woes. Performance of locally assembled vehicles or CKDs (PC & LCVs) remained sluggish with total sales of 99,000 units - 47pc lower as against 187k vehicles sold during the preceding year. It is pertinent to mention here that CKDs segment had been growing at an average growth rate of 29pc during the period FY04-07. However, due to the changing dynamics of the industry, this growth trend reversed from FY08, when it witnessed 8pc decline. Nonetheless, during FY09, CKD segment regained its lost share from CBUs (new and used) in the total sales pie of the market, which has now increased to 94pc in FY09 versus 91pc in FY08. CKD segment could be sub-divided into PC and LCVs. During the year, locally produced PC sales were recorded at 74,000 - down 50pc against 1,47000 in FY08. With shrinking trading and economic activities, the performance of LCV segment also remained dull with a significant fall of 37pc at 25,000 units versus 40,000 units in FY08. The share of LCVs in the CKD pie during FY09 increased to 25pc over the previous level of 21pc. The market share of used CBUs kept shrinking owing to the restrictions imposed on import of higher age cars. That said, CBUs share in total market has dropped to 6pc as compared to 9pc in the previous year. During FY09, 6.6 thousand CBUs (2 thousand New and 4.5 thousand used CBUs) were imported - a 63 per cent decline as compared to sales in FY08. In the overall market, used cars captured 4pc market share, which was at 6pc, a year earlier. On segregated basis, all the companies recorded double-digit decline in their sales volumes with Dewan and PSMC outpacing the rest. That said, in FY09, Dewans and PSMC sales plunged to 2,000 and 50,000 units against 9,000 and 1,14000 units in FY08, translating into a respective fall of 75pc and 56pc. Whereas, HCAR & INDUS sales recorded relatively lower shrinkage in sales volumes with respective declines of 22pc & 29pc at 11k & 34k units. Comparatively lower decline in sales for both companies also yielded 4pps and 9pps respective improvement in their market shares.