The evolution of car markets: is the consumer king?
It is a basic principle of free market economics that consumers should have choice. By exercising this freedom to choose, consumers provide the incentive for producers to strive for lower prices and better products, and in this manner scarce social resources find an optimum allocation. Certainly there is scant evidence of vehicle manufacturers in Europe making excess profits. Recent strong performers such as VW Group and PSA have rather lost some of their shine. Others, notably Fiat, Ford and GM Europe continue to make losses as the market overall remains very flat. Dr Peter Wells and A Morreau of the Centre for Automotive Industry Research (CAIR) in Cardiff consider the role of market fragmentation.
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