GlobalData European Passenger Car Sales Update (March 2024)
2024/04/09
- Summary
- Commentary
Summary
- The Western Europe PV selling rate slipped back in March, to 11.3 mn units/year, with 1.3 mn vehicle registrations – in YoY terms, this is 2.5% below March 2023. Despite this negative result, YTD sales grew by 4.7%, helped by strong growth for the first three months in France, Italy, and the UK, along with mostly positive results in other countries. Thanks to a more supportive supply environment, the Western Europe PV market is forecast to surpass 12 mn units in 2024, which would be the strongest annual result since the COVID-19 pandemic.
- The UK PV market improved well in March, with 318k vehicles registrations – 10.4% higher YoY, with the fleet side of the market performing strongly. Meanwhile, the German PV market registered 264k units, a 6.2% decrease compared to 2023, but YTD sales improved by 4.2%. The other major West European countries saw declining sales in March with Easter falling earlier this year than last, although their YTD sales also increased.
- The outlook for 2024 remains broadly in line with the previous update to this report. Although the macroeconomic outlook appears subdued across the region, fading supply issues and assumed vehicle price easing this year should support the market, even though previous monetary tightening will at as an ongoing drag, and geopolitical risks have the potential to undermine the baseline forecast.
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