TNI || New Delhi || 25th Sept
There is a steep fall in the registration of commercial vehicles in the EU market. The commercial vehicle segment includes trucks, vans, and coaches.
As per European Automobile Manufacturers’ Association-ACEA, the registrations fell sharply by 11.9% in July and 5.4% in August 2021, year on year.
The automotive industry, which is petrochemical intensive, has got affected over the past few months due to supply chain issues and a shortage of semiconductors globally.
Notably, around 20% of the petrochemical output is sold to the automotive industry in Europe.
The fall in the registration of commercial vehicles has, in turn, affected the passenger car vehicles as well, since their sales too are down by 23% in July and 19% in August.
However, according to ACEA, the truck and bus segment performed better than last year, the letdown was the sluggish demand for vans which accounts for 83% of the total commercial vehicle registrations.
When we look at the geographical distribution, the report suggests that the sales continued to be driven by central Europe whereas prominent western European markets contracted in July as well as August.
That said, commercial vehicle registrations between January and August still point towards high growth as countries emerged from the pandemic during that period.
Almost 1.3 million new registrations were done in the EU market in the first eight months of 2021, which was 24% higher as compared to the same period last year.
As per ACEA, Italy, France, Spain, and Germany have recorded double-digit numbers so far in 2021.