Forecast: European automotive production to hit pre-recession highs by 2014
· 2010 expected to see year-on-year rise from 16.1 million units to 17.2 million units.
· Production volumes expected to reach 20.4 million by 2014, back to 2007 levels.
· SMMT launches range of new interactive products to improve access to European automotive production intelligence.
Forecasters are predicting a more positive outlook than first expected for European automotive production during the next four years, with a strong indication that output will return to the pre-recession highs of 2007 by 2014.
According to the latest ‘European Car and LCV Production Outlook Report’, commissioned by the Society of Motor Manufacturers and Traders, the recovery in production volumes has been underpinned by better than expected performances from several vehicle manufacturers and specific models. It is expected that European volumes in 2010 will reach 17.2 million units compared to 16.1 million in 2009. By 2014, production volumes are expected to grow to reach 20.4 million, back to the levels achieved in 2007.
“Although vehicle production volumes across Europe fell by more than 2.8 million units in 2009, there is increasing confidence regarding 2010 and beyond, thanks to the acceleration of new model programmes and the strong performance by many vehicle manufacturers over the first quarter of 2010,” comments Paul Everitt, SMMT chief executive.
An executive summary of the report is available as part of a new online package launched by SMMT to help increase access to crucial automotive production intelligence. The new package, called the ‘European Production Outlook Suite’, is an interactive tool kit which will help interested companies track vehicle production trends across Europe.
As part of the new range of tools, SMMT has launched:
- An Executive Summary highlighting the key points made in the full report.
- A new ‘SMMT member services’ channel on YouTube, home to ten minute analyst briefing videos, delivered by the author of the report summarising the key trends.
- A free interactive European production outlook map, available via the SMMT website, which is continually updated to show detailed information covering all the major production plants across Europe. The map provides production figures by model, units produced, plant names, locations, group names and marques.