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The Western Europe passenger vehicle (PV) selling rate slipped backwards in March, to 11.3 million units/year, with 1.3 million vehicle registrations, according to the respected GlobalData* consultancy. This is 2.5% below March of 2023. However, year-to-date (YTD) sales increased by 4.7%.
“There was 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 million units in 2024, which would be the strongest annual result since the COVID-19 pandemic,” according to GlobalData’s European Light Vehicle Sales Forecasting Team.
The UK PV market improved well in March, with 318,000 vehicle registrations – 10.4% higher YoY, with strong fleet sales. performing strongly. The German PV market registered 264,000 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.
GlobalData Observations and Opinions
- The PV selling rate for Western Europe fell month-on-month to 11.3 million units annually in March, while raw registrations were also lower (-2.5% YoY).
- However, there are several factors to consider on these uninspiring headline results. In terms of raw YoY results, with Easter falling in March this year, there were fewer selling days available last month versus a year ago.
- From a selling rate point of view, there is also a distortion because of the strength of the UK market at this time of year. Along with September, March is a seasonally strong month for the UK market because of the registration plate number change that helps identify the vehicle age. Supply issues over recent years have meant that March and September have seen selling rates perform poorly in those key months and do somewhat better at other times. The latest Upselling rate, for March 2024, is the best March result since the pandemic first struck, but it does not appear to have fully normalized yet, even with the improved supply conditions.
- In volume, Western Europe remains weak (-15%) in comparison to pre-pandemic March 2019, and the economic outlook remains challenging.
- In Germany, the selling rate stood at 2.7 million units/year, a slightly disappointing result given the market’s recent performance.
- Spain saw a selling rate of 978,000/year – the best result this year.
- The French PV market achieved a selling rate of 1.8 million units/year in March, although raw volumes fell YoY due to seasonal factors.
- Italy’s PV market registered 162,000 units in March, 3.7% below March 2023 – this is the first monthly YoY decrease since July 2022.
- With eventual monetary policy easing, production in a stronger position to supply the market and vehicle prices edging lower, we still view the growth outlook as positive, despite this slightly disappointing quarter-end result.
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GlobalData says that “4000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.” J.D. Power is also part of GlobalData. Inquiries at: [email protected]
March Western European Passenger Vehicle Sales Up. But…
Click for more GlobalData.
The Western Europe passenger vehicle (PV) selling rate slipped backwards in March, to 11.3 million units/year, with 1.3 million vehicle registrations, according to the respected GlobalData* consultancy. This is 2.5% below March of 2023. However, year-to-date (YTD) sales increased by 4.7%.
“There was 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 million units in 2024, which would be the strongest annual result since the COVID-19 pandemic,” according to GlobalData’s European Light Vehicle Sales Forecasting Team.
The UK PV market improved well in March, with 318,000 vehicle registrations – 10.4% higher YoY, with strong fleet sales. performing strongly. The German PV market registered 264,000 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.
GlobalData Observations and Opinions
AutoInformed on
*GlobalData
GlobalData says that “4000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.” J.D. Power is also part of GlobalData. Inquiries at: [email protected]