Imports cloud looms over EU tire makers
10 October 2022
19 Jan 2023
ACEA links decline to impact of component shortages in the first half of the year
Brussels – New car registrations in the European Union (EU) fell 4.6% during 2022, though demand picked up during the final months of the year.
In December, passenger car registrations in the EU expanded by 12.8% year-on-year to 896,967, marking a fifth consecutive month of growth, the European Automobile Manufacturers’ Association (ACEA) reported.
Despite the positive trend, only two of the region’s four major markets contributed to the rebound, data issued 18 Jan by the Brussels-based association shows.
The German and Italian car markets had “an extremely strong end to 2022”, posting double-digit increases of 38.1% and 21.0% respectively.
Spain, on the other hand, suffered a decline of 14.1%, while France remained stable, noted ACEA.
Overall in 2022, the EU passenger car market contracted by 4.6%, mainly due to the impact of component shortages in the first half of the year.
Although the market improved from August to December 2022, cumulative volumes stood at 9.3 million units, the region’s lowest level since 1993.
Among the EU’s four largest markets, only Germany posted growth in 2022, up 1.1% compared to last year.
The other three markets all reported declines, led by Italy down 9.7%, with France and Spain coming in 7.8% and 5.4% lower respectively.