The current crisis affecting sales in the automotive sector will be forgotten with the closing of registrations next year. At least this is what entities such as Faconauto foresee in the second-hand vehicle market and finance companies in the case of new cars. Of course, state aid will play a major role in this recovery, which will affect both sectors.
In the case of brand new vehicles, the financial company BBVA predicts a recovery to 1.1 million registrations. In the event that it is decided to extend state aid with a new edition of the Renove Plan for next year, these data could improve up to 1.2 million units sold.
According to BBVA, the timid reactivation suffered by car sales in May (with the start of the de-escalation) ended up being consolidated in mid-July thanks to the activation of the aforementioned Renove, so it is expected that this second half of the year closes with half a million cars sold (160,000 more than during the first half of 2020).
The electric ones, unstoppable
In its report, BBVA has recognized that electrified vehicles are already unstoppable and that its evolution throughout this year has been inversely proportional to the contraction of the market for combustion models. Registrations of this type of vehicle have increased by 81% throughout 2020, almost tripling their market share.
Government aid for the acquisition of this type of vehicle has also been decisive for the growth of sales, which present good data although they still remain far from the European average that It has a 7% market share (compared to 3.8% in Spain).
The used ones will also grow
The used vehicle market will close this year with a 14% drop in sales, according to Faconauto, which translates into 1.8 million transfers. However, facing the next 2021, the data are encouraging: a rebound of 11% is predicted with which 2 million transactions will be exceeded in this sector. In addition, the fall this year will be much less marked than in other European markets with great prominence, such as Germany, France, the United Kingdom and Italy, where used sales will fall by up to 24%.
The uncertainty that buyers feel It is, according to the point of sale employers’ association, decisive to achieve these figures that have already suffered during the last month of October in the light of the health news after several months of continuous growth.
Likewise, from Faconauto have recognized the boost that the Renove Plan has given to sales in both markets and they consider it decisive (also to calm the insecurities of the drivers) that it is relaunched throughout the coming year.