Passenger car registrations: -7.4% first two months of 2020; -7.4% in February
Brussels, 18 March 2020 – In February 2020, the EU passenger car market contracted by 7.4% to 957,052 units registered.
In February 2020, the EU passenger car market contracted by 7.4% to 957,052 units registered. This decline was the result of a combination of factors, including changes to vehicle taxation in various EU member states (which brought registrations forward to December 2019), weakening global economic conditions and consumer uncertainty. Germany recorded the most significant drop (-10.8%), followed by Italy (-8.8%), Spain (-6.0%) and France (-2.7%).
From January to February 2020, total registrations of new cars in the European Union1were 7.4% lower than in the same period the year before. So far in 2020, each of the four major EU markets faced falling demand: Germany (-9.0%), France (-7.8%), Italy (-7.3%) and Spain (-6.8%).
1 European Union refers to the new composition with 27 member states (excluding the United Kingdom). For year-on-year comparisons, historical data are recalculated to adjust to the new EU27 perimeter.
- The European Automobile Manufacturers’ Association (ACEA) represents the 15 major Europe-based car, van, truck and bus makers: BMW Group, CNH Industrial, DAF Trucks, Daimler, Ferrari, Ford of Europe, Honda Motor Europe, Hyundai Motor Europe, Jaguar Land Rover, Renault Group, Stellantis, Toyota Motor Europe, Volkswagen Group, Volvo Cars, and Volvo Group.
- Visit www.acea.auto for more information about ACEA, and follow us on www.twitter.com/ACEA_auto or www.linkedin.com/company/ACEA/.
- Contact: Francesca Piazza, Statistics Manager, email@example.com.
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About the EU automobile industry
- 14.6 million Europeans work in the auto industry (directly and indirectly), accounting for 6.7% of all EU jobs.
- 11.5% of EU manufacturing jobs – some 3.7 million – are in the automotive sector.
- Motor vehicles are responsible for €398.4 billion of tax revenue for governments across key European markets.
- The automobile industry generates a trade surplus of €74 billion for the EU.
- The turnover generated by the auto industry represents more than 8% of the EU’s GDP.
- Investing €62 billion in R&D annually, the automotive sector is Europe’s largest private contributor to innovation, accounting for 33% of total EU spending.