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Automotive Industry:Europe: Difference between revisions
Automotive Industry:Europe (view source)
Revision as of 17:57, 14 September 2023
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<ref>https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2023/02/the-european-automotive-industry.pdf</ref> | <ref>https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2023/02/the-european-automotive-industry.pdf</ref> | ||
'''Focused on ICE Market''' | '''''Focused on ICE Market''''' | ||
[[File:Screenshot 2023-09-14 113517.png|center|thumb|596x596px|https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2023/02/the-european-automotive-industry.pdf]] | [[File:Screenshot 2023-09-14 113517.png|center|thumb|596x596px|https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2023/02/the-european-automotive-industry.pdf]] | ||
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Five key factors are driving this perfect storm: | Five key factors are driving this perfect storm: | ||
'''Demand could fail to materialize''' | |||
Macroeconomic trends, rising inflation and economic uncertainty — coupled with global geopolitical disruption — suggest the anticipated rebound in demand may not materialize. | |||
[[File:Screenshot 2023-09-14 114122.png|center|thumb|612x612px|https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2023/02/the-european-automotive-industry.pdf]] | |||
'''Socio-demographic trends foreshadow a shift in demand''' | |||
* Germany, the majority of new cars have traditionally been purchased by customers 45–64 years old. In fact, over the next decade, this key demographic will drop by approximately 2.5 million people, or 10 percent of the current market size. | |||
* The same trend, albeit to a lesser extent, can be seen on a European level (EU27) — even in the most optimistic simulation, the 45-64 age cohort is projected to shrink by at least 2 percent | |||
* Ten years ago, the average car in Germany was around 8.5 years old. Today, the fleet is closer to 10 years old — an increase of 20 percent (Figure 3). The average age of a car in the broader EU is even higher. | |||
* There are growing signs that purchasing power may well decrease further as a larger proportion of real disposable income is allocated to necessities and wages fail to keep up with inflation. | |||
'''The shift to EVs will likelyshrink the traditional supplier market''' | |||
* EVs are generally less part-intensive than ICE cars. Total value of the OEM supplier market is likely to fall as the market shifts to EVs. | |||
* Decline of battery prices could give EVs the cost edge | |||
== References == | == References == | ||