European Passenger cars market has partially cached up its shortfall since fall 2022
- The European market (29 countries: EU+ UK + Norway + Sweden) for passenger cars (PC) recorded a decline in the first seven months of 2022 compared to the first seven months of 2021: -2.4% in January, -5.5% in February, -18.9% in March, -20.2% in April, -12.6% in May, -16.9% in June, -10.5% in July, with the total of the seven months recording a decline of 13.3% compared to the first seven months of 2021. The reason for this decline is said to be supply shortages that have forced carmakers to fill orders later than planned, resulting in delivery delays and longer lead times. These supply disruptions are said to be a result of semiconductor shortages in the market and the impact of the war in Ukraine on car wiring.
- Since August 2022, there has been a slight improvement in the situation: Car registrations increased by +3.4% in August, +7.9% in September and +14% in October. Since the end of the summer, a (partial) catching-up process has been evident, making it possible to limit the decline of the European market (29 countries) for passenger cars to -9.8% in the cumulative nine months of 2022 and -7.9% in the cumulative ten months of 2022.
- At this pace, the European market (29 countries) for passenger cars could end the year with a -4% decline in registrations.
- The most worrying point is light commercial vehicles, whose sales will slump by 2022 (-20.4% in the 10 months) and which currently have not really caught up (-21.9% in the 3 months, -23.9% in the 6 months, -20.9% in the 9 months). This decrease in light commercial vehicle sales could be related to the decline in economic activity in Europe, which has been observed since the beginning of the year and represents a real risk of recession according to the European Commission.
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