How did component shortages in 2022 impact European new car registrations?

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Component Shortages Significantly Reduced European New Car Registrations in 2022

In 2022, component shortages severely hampered European automakers, resulting in new vehicle registrations falling to their lowest point since 1993. This marked a significant downturn compared to the subsequent recovery seen in 2023. The impact of these shortages was widespread across the continent, affecting overall market volume and the ability of manufacturers to meet demand.
Lowest Registration Levels Since 1993

The year 2022 witnessed a dramatic decline in new vehicle registrations across Europe, reaching a nadir not seen in nearly three decades. This period was characterised by a substantial shortfall in the production of new vehicles, directly attributable to the scarcity of essential components.
Hindrance to Automakers' Operations

Automakers worldwide, including those in Europe, faced unprecedented challenges in securing critical components. This scarcity directly impeded their ability to manufacture vehicles at pre-pandemic or anticipated levels. The inability to procure parts such as semiconductors, a common issue during this period, meant that production lines were often idled or operated at reduced capacity.
Contrast with 2023 Rebound

The difficulties experienced in 2022 stand in stark contrast to the performance of the European car market in 2023. The following year saw a robust rebound, with new car sales increasing by 13.9 percent. This recovery was partly driven by the easing of component supply issues and a surge in demand for electric vehicles, which overtook diesel sales for the first time.

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How did component shortages in 2022 impact European new car registrations?

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