GlobalData European Passenger Car Sales Update (October 2023)
2023/11/09
- Summary
- Commentary
Summary
- The Western Europe PV selling rate rose to 12 million units/year in October; in YoY terms the market was up 13.4%. The region has sold 9.6 million units year-to-date, which is 17.1% higher than YTD October 2022.
- Germany continued to perform weakly, with a selling rate of 2.7 million units/year; YoY the market was up 4.9% though thanks to easing supply and despite economic headwinds. France and Italy, however, both are recovering well with above 20% YoY growth rates, along with Spain that grew 18.1% YoY on the back of improved vehicle production.
- The five major West European countries are generally recovering well as the easing of supply bottlenecks help raise deliveries. However, worsening macroeconomic conditions are negatively impacting underlying demand. The region is forecast to sell 11.4 million units in 2023, the best result this decade, with more (albeit slower) growth forecast into 2024 as supply distortions dissipate — a key risk to next year’s forecast will be any further deterioration in the economic outlook.
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