In September 2022, new passenger car registrations in the European Union rose by 9.6%, marking the second consecutive month of growth this year. However, this increase was largely driven by the low base of comparison from September 2021, when the semiconductor shortage hampered vehicle production. Looking at the four largest EU markets, Germany and Spain recorded double-digit gains (+14.1% and +12.7% respectively), while France (+5.5%) and Italy (+5.4%) showed more modest rates of growth, the European Automobile Manufacturers’ Association (ACEA) says.
Over the first three quarters of 2022, the EU passenger car market contracted by 9.9% to 6,784,090 units, despite the positive results recorded in the last two months. This was reflected in most countries’ performance, with all the region’s major markets facing losses over this nine month period. Italy saw the steepest decline (-16.3%), followed by France (‑11.8%), Germany (-7.4%) and Spain (-7.4%).
According to ACEA, 12.7 million Europeans work in the auto industry (directly and indirectly), accounting for 6.6% of all EU jobs.
11.5% of EU manufacturing jobs – some 3.5 million – are in the automotive sector.
Motor vehicles are responsible for €398.4 billion of tax revenue for governments across key European markets.
The automobile industry generates a trade surplus of €76.3 billion for the EU.
The turnover generated by the auto industry represents more than 8% of the EU’s GDP.
Investing €58.8 billion in R&D annually, the automotive sector is Europe’s largest private contributor to innovation, accounting for 32% of total EU spending.
