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Historic slump in the European new car market
New car sales fell by 76 percent across the EU in April, by 65 percent in Austria, strong north-south divide: southern Europe with the biggest losses
Historic slump in the European new car market
The results of the current EY Automotive analysis: The EU new car market collapsed more sharply in April 2020 than ever before - by 76 percent compared to the same month last year. A historic slump was also recorded in Austria, with a decline of 65 percent. Across Europe, the countries that were most affected by the COVID-19 pandemic and implemented the most massive containment measures recorded the most drastic declines: In Belgium, France, Great Britain, Ireland, Italy and Spain, new registrations each fell by almost 90 percent or more. The government measures varied in severity across Europe - the range in terms of losses on the new car market is correspondingly wide: In the Scandinavian countries, declines of around a third were recorded, in the German-speaking area (Austria, Germany, Switzerland) the losses were around two-thirds, and in southern Europe the market almost completely came to a standstill.
Gerhard Schwartz, Head of Industrial Products at EY Austria, expects the situation to ease slightly in May: "Restrictions are currently being relaxed in most European countries and public life is getting back on track, although at different speeds and to varying degrees depending on the country. This easing will also be reflected in new registrations." For the month of May, Schwartz expects an EU-wide decline of around 50 percent compared to the same month last year.
Economic concerns are slowing car sales
The industry is now facing several challenges, says Schwartz: "The fact that car dealerships have now reopened in many countries has a certain stabilizing effect, but unfortunately it does not mean that customers are flocking to the showrooms again. The massive economic consequences of the COVID-19 pandemic are increasingly becoming apparent. More and more people are worried about their jobs or are already unemployed - buying a new car is not an option. And we will also continue to be strong in new commercial registrations “We are seeing losses because massive declines in sales and the extreme economic uncertainty are forcing many companies to save money. Car rental companies in particular, which are very important buyers of new cars in some parts of Europe, will hardly be ordering new vehicles anymore.”
Electric market share continues to rise
In March, new registrations of electric cars rose in many markets - now this segment is also increasingly suffering from the crisis. In the top five markets in Western Europe - Germany, Great Britain, France, Italy and Spain - sales of purely electrically powered new cars fell by 36 percent in April, and in Austria sales of electric cars fell by 23 percent. New registrations of plug-in hybrids only fell by 17 percent in the top 5 markets, although this can only be attributed to the continued strong development in Germany, where new registrations in this segment increased by 84 percent. Demand for plug-in hybrids also increased in Austria: by 22 percent. New registrations of new petrol and diesel cars developed significantly worse: in the top 5 markets, sales of petrol cars fell by 86 percent and in Austria by 71 percent. Diesel vehicles recorded a decline of 84 percent in the top 5 markets and 64 percent in Austria.