GlobalData observations

The UK and Italy both performed strongly in YoY terms, with double-digit growth of 21.0% and 22.8% respectively (September being a key month in the year for the UK market because of the required numberplate change).

Germany and Spain, however, performed weakly with growth of -0.1%YoY and 2.3% YoY respectively, against low bases.

France continued its recovery, at156,000, 10.7% higher YoY, with a selling rate of 1.9 million units/year. YTD the market has accumulated 1.3 million vehicle registrations, ~16% higher than YTD September 2022.

The Italian PV market registered 136,000 in September, up 22.8% YoY and with a selling rate of 1.7 million units/year. Despite the strong growth this month – the YTD figure of 1.2 million units up 21% from YTD September 2022 – the market is still performing well below pre-pandemic 2019 levels.

Spain’s PV market selling rate remained flat from August to September at 1,000,000 units/year, with total monthly sales of 69,000 units (+2.3% YoY). The monthly registration figure was again helped by easing supply issues. However, political uncertainty and high inflation are among risks. YTD the market has sold 711,000 units, which is 18.5% higher than the volume of sales recorded YTD September 2022.

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