West European car market to pick up in 2014 and beyond, LMC Automotive says
In its latest European Monthly Sales Report, LMC Automotive shows that Western Europe's car market selling rate in November stood at 11.7 million units/year; not quite as strong as the rates in the previous couple of months, but an improvement from earlier in the year.
However, a more detailed analysis reveals contrasting results among key markets. The UK, easily the strongest growing among the major markets of the region this year, continued to make solid progress. Year‐to‐date, registrations have already eclipsed the 2012 full‐year total, driven by the ongoing expansion in private sales. As we head into 2014, this positive momentum looks set to be carried forward, albeit at a slower pace following such a strong 2013.
Other than the UK, the selling rate in the Netherlands was up strongly, certainly when compared to results earlier in the year.
Elsewhere, the November results proved a little less inspiring. Car registrations in Germany fell slightly last month and the selling rate dipped below 3.0 million units/year once again. LMCA added: ‘However, the German economy is in good shape and some modest growth in 2014 remains our core assumption.’
The French and Italian markets also appeared weaker after a couple of better months.
The selling rate in Spain stood at 740,000 units/year as the market continued to benefit from the PIVE scrappage scheme.
In conclusion, LMCA said: ‘With the overall West European car market down over 20% down on pre‐financial crisis levels and with economic growth in Europe not expected to pick up quickly in the near future, the car market recovery looks set to be patchy. Our core forecast continues to reflect a general pick up in West European sales as we head through 2014 and beyond.’
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