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LMC Automotive European Passenger Car Sales Update (June 2022)
2022/07/08
- Sales Forecast
- Europe
- GlobalData
-
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Table of contents
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Summary
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Commentary
Summary
- The West European selling rate remained at 9.8 mn units/year in June, bringing the H1 2022 average to just 9.5 mn units/year. New vehicle registrations remain in poor shape due to supply constraints, with selling rates below annual results during the pandemic scarred years of 2020 and 2021.
- The German PV selling rate fell modestly to 2.3mn units/year in June, though raw sales did improve month-on-month (MoM). In the UK, the selling rate fell to 1.5 mn units/year, marking the worst June for over a decade. For France, the selling rate remained flat at 1.5 mn units/year. While in Spain, the selling rate fell slightly to 834k units/year. Finally, the Italian PV selling rate improved on the month before to 1.3mn units/year.
- While the June registrations result for the region was slightly above expectation, we continue to see the PV market contracting for the full year due to the assumption that the industry will not overcome supply constraints anytime soon. From next year, we forecast recovery, though recent statistics and the latest news on ongoing supply issues, lead us to remain cautious on the YoY improvement. Another concern relates to underlying demand, which has weakened in recent months as the economic outlook has deteriorated.
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