Western Europe’s car market grew at a modest looking 1.7% in July, although the result was dragged down by the decline of the UK’s car market (-9.3%).
July’s seasonally adjusted annualised running rate (SAAR) fell to 13.5m units a year from 14.4m units a year in June. In the first seven months of the year the market was up 3.5%.
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July’s sales grew in all of the major markets except for the UK.
The French car market grew by a healthy 10.9% last month, although the selling rate was just 1.9m units a year. Germany’s car market expanded by 1.5% for a SAAR of 3.4m units a year.
Italy’s car market eased back to an annual growth rate of 5.9% in July and is up 8.6% in the first seven months. Italy’s SAAR was put at 1.8m units a year.
The UK’s July car market was down 9.3% on last year’s pace, but the SAAR was still at a historically high level of 2.4m units a year (down from 2.5m units a year in June). The UK car market is subject to a slowing economy and households coming under pressure from an uptick to consumer price inflation.
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By GlobalData“Western Europe’s car market is still forecast to come in at around 14.3m units in 2017,” said LMC analyst Jonathon Poskitt. “That would be a fourth consecutive annual gain. The region’s economy still presents an improving picture and unemployment in the eurozone is now at its lowest since 2009.”
