The Western European passenger car (PV) selling rate rose month-on-month to 12.8 million units on an annual basis according to an analysis just released by the respected consultancy GlobalData.* (see Ken Zino of AutoInformed.com on European Passenger Car Sales Soft in January 2024)
“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. That is well ahead of January and indeed ahead of the full-year outlook,” GlobalData said. “However, compared to pre-pandemic February 2019, the PV market is down almost 17%. The market is forecast to pass 12 million units in 2024, the highest total since the onset of the pandemic.”
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Data and Commentary By the GlobalData European Light Vehicle Sales Forecasting Team*
- The latest selling rate for Western Europe rose month-on-month to 12.8 million units/year. That is well ahead of January and indeed ahead of the full-year outlook. Although this indicates the potential for more optimism, seasonality is playing a part here.
- In the UK market, February is generally a weak month before the new registration plate number in March, so even though the market appears to have done well, in absolute volumes terms, its contribution to overall regional sales has been modest.
- Regional Western Europe volumes for February 2024 still look weak (-17%) compared to February 2019.
- Germany’s PV market grew 5% YoY in February. The selling rate stood at 3.1 million units/year, which is the third 3 million+ selling rate in a row. However, the Germany economic outlook for the year appears tough and we are sceptical that the double-digit percentage growth of the market will continue for the full year.
- Spain has seen selling rates slow a little at the start of this year, even though the market is comfortably up in YoY terms (+10% for February).
- The French PV market achieved 142,000 vehicle registrations in February 2024, 13% higher than February 2023. The selling rate picked up slightly compared to January, reaching 1.8 million units/year. The market is forecast to finish 2024 at 1.9 million – higher than 2023, but still below the 2019 total.
- Italy’s PV market registered 147,000 units in February 2024, 13% higher than February 2023. The selling rate reached 1.6 million units/year. Again here, the easing of supply constraints should see underlying demand dictate sales in 2024.
*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: customersuccess.automotive@globaldata.com
February Western European Passenger Car Sales Up 8%
The Western European passenger car (PV) selling rate rose month-on-month to 12.8 million units on an annual basis according to an analysis just released by the respected consultancy GlobalData.* (see Ken Zino of AutoInformed.com on European Passenger Car Sales Soft in January 2024)
“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. That is well ahead of January and indeed ahead of the full-year outlook,” GlobalData said. “However, compared to pre-pandemic February 2019, the PV market is down almost 17%. The market is forecast to pass 12 million units in 2024, the highest total since the onset of the pandemic.”
Click for more GlobalData.
Data and Commentary By the GlobalData European Light Vehicle Sales Forecasting Team*
*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: customersuccess.automotive@globaldata.com