The auto market in Europe is far from recovering from the sharp decline in sales that occurred after 2007 and the financial crisis that hit in 2008. Industry forecasts suggest that it has yet to bottom out and many projections have the industry selling fewer cars in 2020 than it did in 2007. Meanwhile, in the United States this year, the auto market is expected to reach 99.4% of the record sales reached in 2007, based on unit sales, assuming the dysfunction in the nation’s capital does not derail the economy.

Today’s market size is the number of cars sold in the European Union—plus Iceland, Norway and Switzerland—in 2007 (peak year for sales), 2013 (based on mid-year projections), and 2020 (forecast).

Geographic reference: European Union, Iceland, Norway and Switzerland
Year: 2007, 2013, 2020
Market size: 16.0 million, 12.1 million, and 14.8 million respectively
Source: “Automakers, Analysts Disagree On When Europe’s Sales Will Finally Rebound,” Automotive News Europe, August 8, 2013, available online here. Vanessa Fuhrmans, “Europe’s Car Makers Spin Their Wheels,” The Wall Street Journal, October 1, 2013, page A1.
Original source: IHS Automotive
Posted on October 10, 2013