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Europe’s new car market posted another year-on-year decline in 2022, its lowest level since 1985.
According to JATO Dynamics data for 30 markets (EU-26 + UK, Norway, Switzerland and Iceland), volume totaled 11,309,310 units, down 4.1% when compared to 2021.
Last year, the market registered 674,000 units less than recorded in 2020 – when the Covid-19 pandemic hit the European economy – marking a decline of 5.6%.
Compared to 2019, total volume decreased by 29% with 4.5 million fewer new STNKs.
Felipe Munoz, Global Analyst at JATO Dynamics, said: “The shortage of new vehicles at dealerships, inflation and the energy crisis have all proven to be major challenges for a market that was already in trouble last year.
“The impact of the pandemic, followed by semiconductor shortages throughout 2021 and 2022, was only exacerbated by Russia’s invasion of Ukraine and the subsequent increase in energy prices, which took a toll on consumer confidence and spending.”
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