The Western Europe passenger vehicle (PV – new car market) selling rate was 12.1 mn units/year in November, a continuation of the improvement seen in October. In year-on-year (YoY) terms, sales volumes were down 3.5%. Italy and France were the biggest losers in November as sales were down 10.8% and 12.7% YoY respectively. The UK as well as Germany also saw declines, while growth in Spain remains strong with registrations in November up 6.4% YoY.
Year-to-date (YTD) sales experienced a slight decline of 0.2% compared to the first eleven months of 2023. The recent collapse of both the German and French governments has heightened political uncertainty in the region. Despite support coming from rate cuts and new model introductions in 2025, the combination of political headwinds, high pricing and challenges faced by domestic manufacturers, will continue to challenge market activity in the short term.
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The PV selling rate for Western Europe improved to 12.1 mn units/year in November; however, YoY comparisons remain unfavourable, and overall sales in 2024 are set to fall short of 2023. We believe that growth should uptick in 2025 with the introduction of new models and more monetary easing. Despite this, ongoing geopolitical tensions, as well as the collapse of the German and French government, bring great uncertainty that is expected to drag on sales.
The German PV market remained broadly flat in November at 245k units, a 0.5% decline YoY. The selling rate improved 2.5% MoM to 2.87 mn units/year. YTD sales reached 2.59 mn units and almost certainly will not surpass 2023’s total sales. EV sales fell once again, down 21.8% YoY, highlighting the clear need for incentives and subsidies to stimulate sales. Italy’s PV market fell for a fourth consecutive month in November as new car registrations fell nearly 11% YoY to 124k units. The selling rate rose to 1.6 mn units/year, an increase of 3.8% MoM. There is now an emphasis on shifting the focus of government resources to the supply side and supporting companies as they face an energy transition. EV sales fell by 17.5% YoY in November.
The French PV market declined by 12.7% to 133k units in November. The selling rate rose by 6.8% MoM to 1.68 mn units/year. PV sales have now fallen for seven consecutive months YoY. As political uncertainty reaches its peak, consumer confidence has fallen even further.
The UK PV market fell 1.9% YoY to 154k units in November. The selling rate improved 5.8% MoM to 2.24 mn units/year. YTD sales stand at 1.81 mn units, a near 3% improvement from the same period in 2023. However, demand from private buyers continued to decline, down 3.3% YoY. The Spanish PV market registered 83k in November, a growth of 6.4% YoY. YTD sales now stand at 912k units, a 5% increase compared to the same period last year. Rental companies continue to drive demand, while purchases by individuals remain stagnant. Furthermore, EV sale remained disappointing as sales were down 7.8% YoY.
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By GlobalData
This article was first published on GlobalData’s dedicated research platform, the Automotive Intelligence Center.
