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GlobalData European Passenger Car Sales Update (May 2024)
2024/06/11
Table of contents
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Summary
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Commentary
Summary
- The Western Europe PV selling rate reached just over 11 mn units/year in May, broadly in line with April, but weaker than the close of 2023 or the year-to-date (YTD) average. With 980k cars registered, this represents a 3.0% decline year-on-year (YoY). However, YTD sales grew by 4.4%.
- Sales continued to struggle in Western Europe and declined YoY in many countries within the region. A subdued macroeconomic outlook and underwhelming market performance so far this year have led us to trim the near-term forecast slightly. While supply issues have faded, the market has not experienced a strong outturn throughout the start of the year. That said, vehicle pricing has been slow to ease. Furthermore, the European Central Bank’s (ECB) decision to cut rates for the first time in five years is the first step on the road to monetary policy easing and further rate cuts will support economic future activity. Still, geopolitical risks have the potential to undermine the forecast.
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