Summary
- The Western Europe PV selling rate rose to 14.6 mn units/year in August, up from 11.5 mn units/year in July, making it the best result of the year so far. Registrations stood at nearly 800k units, representing an increase of 22% YoY. The supply situation continues to improve but the market is still performing well below 2019 levels.
- France performed extremely well, with the highest selling rate since 2019 of 2.3 mn units/year. While this is inflated by the easing of supply constraints, the market is performing considerably better than in 2022, with year-to-date (YTD) growth standing at almost 17%. The UK also performed well relative to last year.
- For another month, all the top five Western European markets, barring Spain, experienced double digit YoY growth for August 2023. The macroeconomic environment remains challenging as countries face high interest rates and subdued economic growth. However, with backlogs, and 2022 being a low base, growth remains our core assumption, with 2023 expected to reach 11.2 mn units.
