After a prolonged slump in the auto industry of Western Europe, the registrations and sales have finally picked up. The pace of auto recovery in the region went up to 5% in July, signaling that 2014 might actually prove to be a successful year with markets on a sustained rebound. The demand for cars in Europe has been on a two-decade low but is gradually picking up pace as 1,002,226 registrations were already recorded in July. The year-on-year gain in the month of June was 3.9% and the overall auto market is predicted to report a full-year expansion of roughly 5%.
Primary regional market such as Germany, the UK and Spain continue to witness a steady growth and industry analysts say that the UK markets have nearly reached their original growth levels before the financial crisis hit. France, too, lagged behind other regions with sales dipping 4.3% in July. However, sales in Spain rose 11%, 5% in Italy and 31% in Portugal.
Last year, Western Europe sold 11.55 million cars, which rose to 11.97 million this year, registering a 3.7% growth rate. Of the 14 brands that grew at a rate faster than the overall market, Jeep, Lexus and Dacia paved the way for other cars. Nearly 10 other brands including BMW, Audi and Mercedes-Benz reported increases in the year-on-year sales in the first six months. the sales of Fiat Chrysler Automobile’s Jeep were up 44% to 16,348 units, making it the fastest-growing brand in the first half of 2014.
The brands at the bottom of the list with a decline in sales included Mini, Smart and Chevrolet.