GlobalData European Passenger Car Sales Update (January 2024)
2024/02/08
- Summary
- Commentary
Summary
- The Western Europe PV selling rate fell slightly to 12 mn units/year in January, with 901k vehicle registrations. In YoY terms, January grew 10.7% YoY, helped by a strong growth in Germany along with the other major West European countries. However, relative to pre-pandemic January 2019, the PV market is down almost 19%.
- The German PV market performed well in January with 214k vehicle registrations, 19.1% higher YoY. The strong YoY comparison is due to January 2023 being a low base given that the German government lowered certain vehicle incentives from the start of last year. The other major West European countries also performed well YoY thanks to a more supportive supply environment.
- With supply having been a key limiting factor over recent years, 2024 will see the focus return to the health of underlying demand. In this regard, consumers face headwinds such as high interest rates, inflation, and elevated vehicle pricing. However, the latter should ease as a function of greater vehicle supply and further volume recovery is baked into the 2024 outlook. Risks remains, noting the recent Red Sea attacks hitting freight costs, which only increases pressure on the manufacturing cost base.
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