According to the Economic and Steel Market Outlook 2024-2025/Q1 2024 Report from the Economic Committee of the European Steel Association (EUROFER), automotive output in the EU increased for the sixth consecutive quarter by 5.4 percent year on year in the third quarter of 2023, following a rise of 11.5 percent recorded in the previous quarter.
According to EUROFER, demand is projected to remain weak until the macroeconomic conditions and consumer disposable income significantly improve.
EUROFER stated that growth in output is expected to be at 8.8 percent, compared to a seven percent increase guidance in the previous report. Yet, output will remain far below the levels recorded in 2018 and 2019 and the automotive output in the EU is forecast to rise by 0.1 percent this year.
