Europe's auto industry won't see full recovery until 2020, study says
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The European auto market won't return to pre-crisis levels until the end of the decade, according to a study.
The euro crisis and high unemployment will continue to affect consumer confidence for years to come, business consultants AlixPartners forecast in their latest Global Automotive Outlook.
Western Europe will see demand for new passenger cars and light commercial vehicles fall by about 1 million next year to 13.5 million, which is 3.3 million units below the sales level seen before the financial crisis hit in 2007, according to the consultants. "Industry sales are unlikely to reach 16 million units again before 2020," the study says.
AlixPartners joins a growing number of analysts and industry executives who say Europe won't see a recovery in the midterm.
LMC Automotive said the July annualized selling rate for the western European car market of 11 million units highlights the "desperate" situation faced by the car industry.
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You can reach Paul McVeigh at pmcveigh@crain.com.
