GlobalData European Passenger Car Sales Update (September 2023)
2023/10/10
- Summary
- Commentary
Summary
- The Western Europe PV selling rate slowed to 11.4 million units/year in September from 14.6 million units/year in August, registering 1.1 million vehicles (+11.1% YoY). The region’s growth continues to be driven by improved supply of components and higher delivery rates.
- The UK and Italy both performed particularly strongly in YoY terms, with double-digit growth of 21.0% and 22.8% respectively (September being a key month in the year for the UK market because of the numberplate change). Germany and Spain, however, performed weakly with growth of -0.1% YoY and 2.3% YoY respectively, against low bases.
- All the top five Western European markets continued to experience double digit YTD growth over the weak performances seen in 2022. However, generally across the region, economies still face challenging conditions with high inflation and high financing costs. We continue to forecast solid growth for the full year, with 2023 set to be the best year since 2019.
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