The European LUV market down sharply in the first quarter of 2022
- The European light utility vehicle (LUV) market has been declining since September 2021, but the decline intensified in the first quarter of 2022, with a fall of 16.8% in January, 17.0% in February and 28.2% in March.
- Over the first quarter of 2022 as a whole, the decline in the European LUV market reached 21.9%, which represents a much larger drop than that recorded at the same time by the European passenger car market: -2.4% in January , -5.5% in February, -18.9% in March and -10.7% over the cumulative 3 months.
- This situation is surprising insofar as the LUV market had better tolerated the Covid crisis in 2020 and 2021.
- The European LUV market was down 18.0% in 2020 and up 10.4% in 2021, while the European PC market was down 24.3% in 2020 and down again by 1.6 % in 2021.
- The question is whether the fall in the European LUV market is due to a shortage in the supply of semiconductors and/or components from Ukraine, or whether it is an underlying trend. which would be directly related to demand, and in this case whether the ongoing electrification of models has an impact on sales of light utility vehicles.
- In this context, 416,632 LUVs were sold in Europe in the first quarter of 2022, compared to 532,877 units in the first quarter of 2021, which represents a loss of 116,245 units over the period. The largest falls were recorded by Austria (-52.7%), Sweden (-40.6%), Spain (-35.7%), Belgium (-32.4%), Norway (-28.9%) and Hungary (-26.9%).
Contact us: info@inovev.com