Summary
- The Western Europe PV selling rate stood at 11.5 million units/year in July, up fractionally on both May and June. Registrations for the latest month totalled 916k units, representing an increase of 17.5% over July 2022. However, the market is still down 23% from pre-pandemic 2019 levels.
- The UK performed well, with raw monthly registration of 144k units (+28.3% YoY), this representing the 12th consecutive month of YoY growth. While the other major markets saw performances in line with expectations, Spain saw a sharp MoM decline in the selling rate, with monthly registrations to 81k units (still, +10.7% YoY).
- For another month, all the top five Western European markets, barring Italy, experienced double-digit YoY growth for July 2023. While 2022 is a weak base of comparison, it is reassuring to see a solid recovery in these countries as production improves and backlogged orders are met, raising the overall 2023 forecast to 11.1 million units up from the previous report (+9.4% YoY).
