According to the Economic and Steel Market Outlook 2017-2018/Q4 2017 Report from the Economic Committee of the European Steel Association (EUROFER), EU automotive output - in value added terms and including parts and components - stabilized in the second quarter of the current year, thereby exceeding earlier expectations. Automotive output growth in the first quarter was revised up to 6.1 percent year on year. The resulting growth over the first half of this year was broadly in line with earlier projections. Output growth is estimated to have resumed in the third quarter, whereas the fourth quarter forecasts signal a further year-on-year increase in activity. Total production activity in 2017 is now forecast to expand by a robust 3.2 percent.
According to EUROFER, EU car exports rose by two percent in value terms and by 7.6 percent on year-on-year basis in volume over the first half of 2017. Exports to the US and Turkey were on a downward trend over this period.
EUROFER stated that the EU vehicle market is expected to slow down further in 2018 from more vigorous growth registered over the past few years as saturation effects dampen both demand growth for passenger cars and commercial vehicles, markets which are primarily driven by replacement demand. EU automotive output - including parts and components - is forecast to rise by 1.8 percent year on year in 2018.