Last year, new passenger car registrations were up 5.7% on the previous year, reaching 12.6 million units.

‘This is significant because it was the EU’s first positive annual result since the financial crisis began in 2007, with December marking the 16th consecutive month of growth,’ said ACEA President, Carlos Ghosn at the association’s Annual Reception. ‘However, our optimism about this early sign of recovery must be tempered with caution, given the economic uncertainties still facing many countries.’

The ACEA said it expects growth to continue in 2015, but at a considerably slower pace, with a year-on-year forecast in the region of 2%. In terms of units, this would mean edging closer to the 13 million units mark.

ACEA also re-iterated its three policy recommendations for 2015:

• To drive innovation;
• To foster growth through international trade; and
• To build a supportive regulatory framework.

‘These are the three keys to building upon the fresh growth in our automobile market, and to supporting the political agenda for jobs, growth and investment,’ stated Mr Ghosn.