The European automotive industry includes Original Equipment Manufacturer (OEM), auto-ancillary companies, vendors, and aftermarket vehicle and their parts dealers. The European automotive market was witnessing a modest growth rate from 2013. As per the International Organization of Motor Vehicle Manufacturers (OICA), around 20.80 million vehicles were sold in 2019 as compared to 20.69 million in 2018. As per the European Automobile Manufacturers Association, there are 309 vehicle assembly plant and production plants in 27 countries in the European Union (EU). Around 13.8 million people work in the auto industry in the region which accounts for 6.1% of overall EU jobs in 2019. In the EU-15, around $467 billion tax was collected through the auto sector. 

Significant growth in the market was expected before the COVID-19 pandemic as an exponential growth was witnessed in the electric vehicle market in the region from a couple of years. The price of an electric vehicle is much higher as compared to a conventional fuel vehicle, which was augmenting the region market. 

By April 2020, Europe is the most affected region due to COVID-19. Around 885,000 cases related to COVID-19 was witnessed in the country by 13th April 2020. Spain, Italy, France, and Germany have registered more than 100,000 cases. Due to this, the lockdown was announced by the government in most of the countries. As a health precaution and low demand, the automotive companies decided to halt the operations at most of its production and assembly plants. 

The European automotive industry report is segmented by sales channel, vehicle type, and propulsion technology. By the sales channel, the segment is further divided into OEM, auto-ancillary, and aftermarket. By vehicle type, the report is further analyzed into passenger vehicle and commercial vehicle whereas, by propulsion technology, it is bifurcated into conventional energy vehicles and new energy vehicles. New energy vehicle that is electric vehicles sale is expected to get affected significantly as the key motivator for these vehicles was the subsidies offered by the government. As the economies of the countries are significantly affected, the government can reduce the subsidies on the EVs for some period in the region. 

The effect of COVID-19 on the automotive industry is witnessed in each country in the region including Germany, Spain, Italy, France, UK, and others. Germany is the largest automotive player in the region will significantly get affected due to the pandemic. Key companies of the automotive industry that are affected in the region include; Daimler AG, Jaguar Land Rover Ltd., Volkswagen AG, Renault Group., Groupe PSA, Tesla Inc. among others. The companies have shut down their operations due to government orders, lower demand, and supply chain disruptions in the region. For instance, on 16th March 2020, PSA announced to shut down its plant in France, Germany, Spain, UK, and Portugal. On 18th March 2020, Volkswagen AG announced to suspend its production in Spain, Portugal, and Slovakia. Moreover, Volkswagen AG also suspended the production of Lamborghini and Ducati in Italy.

Research Methodology

The study on the European automotive industry is incorporated by extensive primary and secondary research conducted by the research team. In secondary research, different approaches have been adopted to derive the market value, market growth rate, and analyze trends in the industry due to the COVID-19 pandemic. In the report, the analysis of the country is provided by analyzing various regional players, laws & policies, consumer behavior, macro-economic factors, and impact of the pandemic. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures. Besides, an expected recovery timeline of the industry will also be provided with the best- and worst-case scenario which will aid the companies to take their future steps in the European automotive industry. 

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the European Automotive Industry.
• A detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the European Automotive Industry.
• Insights about market determinants which are stimulating the European Automotive Industry.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.