European market catch up only partial since 2008
- While the European passenger car market had reached record sales in 2007, with a volume of 16 million units, the 2008 financial crisis and the ensuing economic crisis plunged the market into recession until 2013.
- Since 2014, there has been a catch-up phenomenon, and the European market for passenger cars which had fallen to 12.3 million units has gradually recovered to reach 15.6 million units in 2017 and probably 15.9 million units in 2018 (based on figures reported for the first 10 months), close to the 2007 record.
- However, if one adds up the sales that would have been effective between 2008 and 2017, assuming a constant market around 16 million units per year, 20 million additional vehicles should have been registered, which demonstrates that the catch-up has only been partial. This shortfall shows that many potential customers have postponed, or even forgone their purchases.
- With regard to the European market for light commercial vehicles, it can be observed that the record sales reached in 2007 (2.3 million units) have not yet been reached in 2017 (2.06 million units), and that the shortfall between 2008 and 2017 is in the order of 6 million units that were not registered during this period (had the market remained constant at around 2.3 million units per year). Which means that in this category as well, the catch up has only been partial.
- In total, car manufacturers in Europe lost 26 million sales in Europe between 2008 and 2017.
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