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The European Car Market Continues To Fall Amid The Coronavirus Pandemic

The European Car Market Continues To Fall Amid The Coronavirus Pandemic
The European Car Market Continues To Fall Amid The Coronavirus Pandemic

Video: The European Car Market Continues To Fall Amid The Coronavirus Pandemic

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According to the agency LMC Automotive, in February 2020, demand for passenger cars fell again in Western Europe: 962.6 thousand cars were sold, which is 7% less than a year earlier. Experts predict that by the end of 2020 the market will shrink by 6.1% to 13.4 million vehicles.

  • The fall was recorded in most European markets. Positive dynamics was noted in Finland (8.2 thousand cars, plus 2.3%), Portugal (20.3 thousand, plus 7.4%) and the Netherlands (29.9 thousand, plus 0.3%).
  • Among the major markets, Germany suffered the most: minus 10.8% and 239.9 thousand cars.
  • Sales in France decreased to 167.8 thousand cars (minus 2.7%), in Italy - to 162.8 thousand (minus 8.8%), in Spain - to 94.6 thousand (minus 6%), in the UK - up to 79.6 thousand (minus 2.9%).
  • The strongest market fall is in Denmark: minus 19.5%, 15 thousand cars.

The key factors behind the decline in demand in Europe were tightening environmental standards, as well as higher taxes in a number of countries and, as a result, higher car prices. In February, they were joined by the coronavirus pandemic, which is rapidly spreading in European countries. Due to the slowdown in national economies, the population is forced to postpone expensive purchases.

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