According to the Economic and Steel Market Outlook 2011-2012/Q3 2011 Report from the Economic Committee of the European Confederation of Iron and Steel Industries (EUROFER), in the first five months of the current year European Union (EU) passenger car sales were down 0.8 percent from the same period of 2010. The decline was mostly seen in Italy, Spain and the UK and in the smaller markets affected most by the debt crisis such as Greece and Portugal.
Meanwhile, demand for commercial vehicles in the EU continued to grow significantly in the first four months of 2011. Total commercial vehicles sales grew almost 16 percent year on year.
EUROFER stated that automotive output grew 18 percent in the first quarter of 2011 compared to the same quarter of the previous year; capacity utilization rates have continued to improve steadily in recent months and are now nearing the 90 percent level for the EU as a whole.
The outlook for the remainder of 2011 is quite positive. The outlook for the commercial vehicle market is favorable as well. The gradual continuation of the economic recovery and improvement in the investment climate will have a positive impact on activity in the transport sector and consequently on demand for transport equipment.
According to EUROFER, EU output is forecast to rise by almost 10 percent in 2011 and by a further three percent in 2012.