The European Automobile Manufacturers’ Association (ACEA) has issued its latest forecast, expecting car registrations to fall by -25% this year due to the coronavirus pandemic.
The previous forecast issued in January indicated registrations in the EU were expected to fall -2%, but the sector has been one of the most hit by the sanitary emergency.
“The industry association expects car sales in the European Union to tumble by more than 3 million from 12.8 million units in 2019 to some 9.6 million units this year,” ACEA explains in a note seen by Kallanish.
So far, the industry has contracted more than -40% year-on-year, with a partial recovery expected in the coming months as lockdowns ease. If the forecast is confirmed, nevertheless, the sales volume of cars will be the lowest since 2013, when the industry was still suffering from the 2008-2009 crisis.
Bloomberg issued a similar outlook this week, indicating that car sales should go down -20% y-o-y this year. The firm added that it expected steel demand from automakers in Europe to be down -40-50% y-o-y in H1, only to rebound by 5% y-o-y in H2.
