Europe's 2008 car market fell by largest margin since 1993

ERJ staff report (DS)

Brussels -- European new passenger car registrations fell by 7.8 percent to 14,712,158 units in 2008, recording the sharpest decline since 1993.

New car demand dropped by 8.4 percent in Western-Europe, with the downturn most prominent in the last quarter (-19.3 percent compared to the fourth quarter of 2007). New car registrations in the new EU Member States slipped by 0.7 percent in 2008, similarly affected by a worsening performance towards the end of the year. In December, European registrations declined by 17.8 percent, or the second worst performance in 2008 following the 25.8 percent decrease in November.

In Western Europe, demand contracted by 8.4% in 2008. Only four countries posted growth: Finland (+11.2%), Portugal (+5.7%), Belgium (+2.1%) and Switzerland (+1.0%). While fiscal measures helped sustain growth in Finland and Portugal, the Belgian and Swiss sales levels seem to have better resisted the financial and economic crises prevailing throughout Europe. Iceland (-43.3%) and Ireland (-18.7%) were among the countries recording the most remarkable downturn last year.

In the new EUMember States, 2008 numbers leveled the results of 2007 (-0.7%). In absolute numbers, Poland remained the major market, consolidating its position with a 9.4% increase. The Czech Republic (+8.4%) also recorded a plus, but Romania (-8.7%) and Hungary (-9.2%) contracted.

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Press release from ACEA