Home Latest News & Insights EU CAR MARKET GROWS

EU CAR MARKET GROWS

March 1, 2023
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The European Union car market grows despite challenges. The passenger car market has shown a positive start to 2023, with a growth of 11.3% to 760,041 units in January, according to recent data from the European Automobile Manufacturers’ Association (ACEA)

However, it is important to note that this growth is largely due to a low comparison base in 2022.

Spain, Italy, and France recorded positive growth, with Spain leading the charge with a growth of 51.4%.

Germany, on the other hand, recorded a decline of 2.6%.

Despite ongoing challenges such as supply chain issues and economic uncertainty, polymer suppliers remain cautiously optimistic. Most expect ongoing improvements for the rest of the year.

Nonetheless, the consensus for now is that a strong rebound is unlikey to take place in 2023 as consumers continue to struggle with high energy bills and inflation.