The European Union is an important global automobile production and consumer market. In terms of automobile production, the EU’s annual car production is higher than 12 million. In 2021, the production of passenger vehicles in EU countries will reach approximately 9.95 million units. From the perspective of the production ratio of each member state, the top five are Germany, Spain, the Czech Republic, Slovakia and France. Among them, Germany’s output reached nearly 2.89 million vehicles, accounting for nearly 30% in the EU region and ranking first. In terms of automobile consumption, new car sales in EU countries will reach approximately 9.7 million in 2021. Among the member states, Germany ranked first with sales of 2.62 million vehicles and a sales volume of 27%. The top five countries followed by sales are France, Italy, Spain and Poland.
Data source: IHS MARKIT
Looking at January-July 2022 According to the data, the sales of new cars in the European Union as a whole in each month showed different degrees of decline compared with the same period last year. Since January, the EU’s inflation rate has remained high and has been rising all the way. The recession in the big-ticket consumer market brought about by high inflation caused a slight decline in the sales of new cars in the EU in January-February compared with the same period last year. Affected by the Russia-Ukraine war that began at the end of February, the shortage of natural gas and the tension in the supply chain in the industrial sector have made the EU’s economy even worse. As a result, from March to April, which was supposed to be the peak season for auto consumption in the EU in previous years, it faced a record-breaking decline of nearly 20% in new car sales. From May to July, the EU’s industrial supply chain is in a state of slow recovery, and member states are also trying to implement measures to deal with energy and consumption issues. However, in the context of the economic downturn and the weakening purchasing power of residents, the monthly sales of new cars in the European Union still fell by about 10% to 15% year-on-year.
Data source: Public information collation
In the next few months, the war between Russia and Ukraine What will be the duration and severity of the disease? And will the conflict extend further west, even beyond the Ukrainian border? In addition, winter is coming. Will the energy shortage problem in Europe further drag down its economic situation and make the large-scale consumer market more sluggish after the winter? Many factors will exert an influence on the EU auto market, thus increasing the uncertainty of its prosperity.
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