Car Market Shows Continuing Signs of Economic Recovery
European car manufacturers suffered hard during the global financial crises as consumer spending turned away from new cars. However figures suggest that in the last year the industry has begun to recover.
European Union new car registrations demonstrate a strengthening economy with sales of new cars 5.6% higher in July compared to the same month last year, and 2.1% up in August,according to the Association of European Automobile Manufacturers (ACEA).
Only in France has the market failed to pick up with July sales falling by 4.3%.
“Overall, new car sales have seen an increase of 6% in the first eight months of the year,” said ACEA, “continuing the upward trend that began 12 months ago”.
In terms of actual units, this equates to 8,336,159 new car registrations over the period.
VAG, comprising Volkswagen, Audi, Seat and Skoda, have seen the biggest returns, accounting for 25.4% of total sales between January to August.
Despite the poor home market in native France, the PSA Group, comprising Peugeot and Citroen, have achieved an impressive 11.1% market share over the same period, with EU sales rising by 3.9%.
Of further encouragement to manufacturers across the Channel, Renault sales rose 15.3% over the same period, and their market share rose from 8.6% to 9.4%.
In the UK, where car sales have been comparatively strong and the economy has been outperforming its continental neighbours, sales grew by 6.6% in July and 9.4% in August.