“Our forecast for 2022 has been cut since last month and now sees a year-on-year contraction for the West European market. Global supply issues show no significant signs of easing, while underlying demand prospects are eroding too. Consumer confidence in the eurozone has nosedived in the last two months, now at a level not seen since the initial emergence of the pandemic in 2020, and households will experience a serious squeeze to real income this year. Supply issues do remain the key determinant for registrations for now, however,” said LMC.