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.
“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.”
