The market for new cars in Europe is expected to grow by only 2.5% in 2024, with the number of vehicles sold projected to reach 10.7 million, according to the European Automobile Manufacturers’ Association (ACEA).
This forecast falls short of the sales figures for 2019, when over 15 million cars were sold, ACEA Secretary General Sigrid De Vries noted at a Brussels press conference.
Logistical issues in the industry, compounded by inflation, have plagued 2023, leading buyers to delay purchases. However, registrations are expected to hit 10.3 million units by the end of December, which signifies a 12% annual increase compared to 2022.
With the surge in fully electric models on the market, the share of such vehicles should reach 14.5% by 2023, marking a 55% increase on last year.
Manufacturers recorded significant profits over the past year, largelyas a result of higher prices.
