The car sales sector is facing its ‘hardest year’ in 30 years as supply restrictions affect car sales.
This is the opinion of the Association of Automobile Manufacturers, which has lowered its forecasts for 2022 and 2023.
“The first half of this year has proven more difficult than expected due to the continued severity and impact of semiconductor shortages and global conflicts.
“The sector expects an improvement in the second half of the year as supply problems begin to recede, but the market is unlikely to be able to recover the heavy losses suffered to date.
“The full-year outlook has therefore been revised downwards to 1.6 million new car registrations, down 2.8% from 2021, facing the industry’s most difficult year in 30 years.
About 2 million registrations have been lost since Covid, effectively a year of lost registrations, according to SMMT.
The plug-in’s market share is expected to continue growing, reaching 22.6%, as manufacturers prioritize investment in the production of zero-emission vehicles.
Similarly, the outlook for 2023 has also been revised downwards from our April estimate, but is likely to be better than 2022, with overall registrations reaching 1.89 million (instead of 2.02 million) and plug-in is expected to account for 27.8% of the total. market.
SMMT downgrades full-year auto sales forecast
Source link SMMT downgrades full-year auto sales forecast