EU Passenger Car Registration in the First Eight Months down by 11.9% YoY

In July, passenger car registration in the EU decreased even further by 10.4% YoY, while in August the car market finally increased by 4.4%, totalling 650,305 units as expected. Meanwhile, in January – August 2022 EU new cars registration decreased 11.9% YoY. In Croatia in the mentioned period passenger car registration reported a slightly lower decrease of 9.3% YoY, while only in June an increase of 13.7% YoY was noted.

In July 2022, passenger car registration in the EU even further decreased by 10.4% YoY, while in August the car market finally increased by 4.4%, totalling 650,305 units. The biggest decrease reported in July in the EU by far was in Germany, where the reported decrease amounted to 30.5k units, representing a 12.9% YoY decrease despite an already low base for comparison due to semiconductor shortage. Further, France reported a decrease of 8.2k units, representing a 7.1% YoY decrease. Also, no major regions reported an increase in new passenger car registrations.

In August, the European new car market finally reversed its trend and increased by 4.4% YoY, bringing an end to thirteen months of consecutive decline. However, we note the result still remains far below pre-pandemic levels. In August, four key markets have positively contributed to the region’s growth with solid gains. Italy noted a 9.9% YoY growth, Spain 9.1%, France 3.8% and Germany with 3% increase. In the region, Croatia noted a 13.7% increase, while Slovenia further decreased by 5.4% YoY.

When observing January – August 2022, the situation is more or less stagnant. EU registration of new cars decreased by 11.9% YoY, reaching 6m units registered in total. Demand for new cars is presumably there but not enough cars are produced and put on the market. When observing the whole period, Italy, as the major market, reported the highest decrease of 18.4% YoY with total car registration amounting to 865k units (down from 1.1m). This decrease was further amplified by a decrease in another two major markets, Germany and France. Germany reported a decrease of 9.8% YoY and France reported a decrease of 13.8%, which is a decrease of 177.5k and 155.6k units of cars registered, respectively. Spain, which is also considered a major market, also reported a decrease of 9.4% YoY in the mentioned period.

Looking at the region, when observing the whole period since the beginning of the year, Croatia reported a decrease of 9.3% YoY, amounting to 31.2k units registered. Looking at data only for August, Croatia reported an increase of 13.7% YoY, amounting to 3.2k units registered. Slovenia reported a similar situation – when observing the whole period, Slovenia reported a decrease of 15.4% YoY, amounting to 33k units of the car registered.

Category : Flash News

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