West European new car sales grew by 4.6% year-on-year in October according to data released by LMC Automotive.
However, the annualised selling rate – SAAR – dropped back to 14m units a year from 14.2m units a year in September.
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Among the big markets of the region, France and Spain shared the most impressive percentage growth rates in YoY terms, at 13.7%.
Italy also delivered another solid month of gains, at 7.1%, but the selling rate eased to 1.9m units a year.
The German car market expanded by 3.9% YoY in October, despite the month having one fewer selling day than in 2016. Meanwhile, the UK experienced another poor month, as registrations fell by 12.2%, to leave the market down 4.6% for the year to date (YTD). Looking ahead, LMC noted that UK market prospects are ‘not much better, as on-going political uncertainty, combined with an extremely high base effect as sales soared in Q1 2017, mean the next few months will be very challenging for UK sales’.
LMC projects the West European car market growing to just under 14.3m units this year, with forecast market growth of just under 1% in 2018 (14.4m units).
“Looking to 2018, the European car market will be constrained by struggling UK sales and high base effects,” says LMC analyst Jonathon Poskitt. “Nevertheless, the region is still on course to experience, in 2017, its best year since the global financial crisis of ten years ago. And next year is forecast to see a further market gain, albeit a small one. All things considered, that ought to be cause for some cheer.”
Notes: Greece and Luxembourg: estimates for latest month
Greece data source has changed to Sales from Registrations.
The percent change in the final column compares the average selling rate in the year-to-date with the last full year.
The average of the seasonally adjusted selling rate for an entire year is by definition the total of sales in the year
