EUROFER: EU auto output to rebound by 15.9 percent in 2021

Monday, 10 May 2021 12:01:53 (GMT+3)   |   Istanbul
       

According to the Economic and Steel Market Outlook 2021-2022/Q2 2021 Report from the Economic Committee of the European Steel Association (EUROFER), automotive output in the EU fell 19.8 percent in 2020.

Automotive output in the second quarter of 2020 decreased by 51.5 percent due to an almost complete stop in production in some EU countries. In the third quarter, output fell by 11.1 percent, while it increased by 1.9 percent in the fourth quarter. Production activity largely started in the second half last year, albeit with significant disruption in the supply chain. The rebound seen over the third quarter and fourth quarters led to sharp quarter-on-quarter rises in output, which, however, was still around historically low levels.

In addition, in March this year, the monthly number of passenger car registrations increased by 87 percent year on year, the first rise recorded since September last year. General economic uncertainty across the EU during the ongoing pandemic and subdued consumer confidence have continued to impact passenger car demand.

EUROFER expects automotive output in the EU to rebound by 15.9 percent in 2021, in line with the previous forecast, followed by a 4.2 percent rise in 2022. With new models coming on stream, output growth expectations are positive, though absolute output will remain below recent highs for the foreseeable future. In 2021, recovery in global trade and demand from major export markets such as the US, China and Turkey will remain a key factor for EU car exporters.


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