EU: Covid-19 shrinks commercial car market 23.2% in Q1

ISTANBUL

The EU commercial vehicle market this January-March saw a sharp drop of 23.2% on a yearly basis due to the coronavirus pandemic, a trade group said Friday.

"In the first quarter of 2020, the EU commercial vehicle market contracted by 23.2% to 413,327 units as a direct consequence of March’s substantial slowdown," the European Automobile Manufacturers' Association (ACEA) announced.

It added: "In March 2020, demand for new commercial vehicles fell by 47.3% across the EU, as measures to prevent the spread of the coronavirus led to the closure of dealerships."

While all EU markets saw declines in the first quarter, four major markets saw double-digit declines: Spain (-31.7%), France (-26.9%), Italy (-26.6%), and Germany (-14.4%).

Demand for vans, heavy trucks, medium/heavy commercial vehicles, and buses/coaches dropped 23.1%, 26.9%, 24.8% and 10.3%, respectively.

Last year, the number of new commercial vehicle registrations in the 27-member bloc totaled 2.55 million.

After originating in Wuhan, China last December, COVID-19 has spread to at least 185 countries and regions, with Europe and the U.S. the worst-hit regions.

More than 2.71 million cases have been reported worldwide, with the death toll past 191,000, according to data compiled by the US' Johns Hopkins University.