GlobalData European Passenger Car Sales Update (April 2024)
2024/05/10
- Summary
- Commentary
Summary
- The Western Europe PV selling rate for April stood at just over 11 mn units/year, similar to the March result and weaker than the close of 2023 or first two months of this year. With 960k vehicle registrations recorded, this represents an 11.5% improvement year-on-year (YoY). Year-to-date (YTD) sales grew by 6.4%.
- The YoY volume gains last month were primarily driven by strong growth in Spain and Germany, with generally solid performances in the other major markets too.
- While the outlook for 2024 remains broadly in line with the previous update to this report, we have slightly trimmed the forecast due to two consecutive months of disappointing results. That said, while the macroeconomic outlook appears subdued across the region, fading supply issues and assumed vehicle price easing this year should support the market. Added to which, we should see the beginning of monetary loosening as inflation pressures ease. That said, geopolitical risks still have the potential to undermine the forecast.
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