GlobalData European Passenger Car Sales Update (February 2024)
2024/03/08
- Summary
- Commentary
Summary
- The Western Europe PV selling rate rose to 12.8 mn units/year in February, with 870k vehicle registrations. Compared to 2023, February grew by 8%, helped by strong year-on-year (YoY) growth in France and Italy, along with solid improvements in other major Western European countries. However, compared to pre-pandemic February 2019, the PV market is down almost 17%. The market is forecast to pass 12 mn units in 2024, the highest total since the onset of the pandemic.
- The German PV market performed well in February with 217k vehicle registrations, 5% higher YoY. Year-to-date, Germany has made good progress though early 2023 was a weak base for comparison given the government’s lowering of incentives on xEVs from the start of last year. The other major West European countries also performed well YoY thanks to a more supportive supply environment.
- We continue to forecast growth this year, even though the macroeconomic outlook appears mixed across the region. For now, at least, households continue to face high interest rates and elevated vehicle pricing. However, with supply issues fading, we see pricing as likely to ease over the course of the year. Geopolitical risks could yet challenge this outlook, either directly through some form of supply disruption, or more broadly through keeping inflation elevated and slowing interest rate cuts.
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