Luxembourg Car Market in September 2024 fell by 7.1% compared to the previous year, with 3,172 new vehicles sold. YTD figures at 31,411 (-5.8%) confirmed the negative trend.
Market Trend and Outlook
Luxembourg economy is projected to grow by 1.4% in 2024 and by 2.6% in 2025. The main driver of growth will be private consumption, as rising nominal wages and receding inflation support households’ real disposable income. Wage indexation and fiscal measures allowed household consumption to remain robust but investment are anticipated to remain weak during 2024, as tighter financial conditions have weakened financial sector activity and housing investment.
Despite the government implementing policies supporting household consumption, sales in the Luxembourg Car Market fell 5.8% up to September 2024, reaching 31,411 sales. Monthly registrations totalled 3,172 and lost 7.1% on the previous year.
Looking at cumulative data up to September 2024 brand-wise, Audi secured dominant position with 4,309 sales (-3.3%), followed by Volksvagen with 3,077 (-14.9%), Mercedes -up 1 spot- at 2,516 sales (-0.3%) and Peugeot -down 1 spot- with 2,353 sales (-10.5%).
In 5th ranked BMW at 2,043 sales (-2.9%), followed by Fiat at 1,452 (-19.5%) and Opel in 7th with 1,370 (-7.3%).
Hyundai rose 1 spot into 8th with 1,218 sales (+2.5%), followed by Porsche -down 1 spot- in 9th at 1,186 (-2.1%) and finally Mini in 10th position with 989 cumulative sales (-5.9%).
Medium-Term Market Trend
The car market in Luxembourg between 2010 and 2019 hasn’t had any major fluctuations, with year-on-year variations moving between a -7.5% in 2013 and a maximum of +6.6% in 2014. The market reached a peak in 2019 at 54,749 sales.
The following year the pandemic arrived causing the car market in Luxemburg to collapse 17.6% reaching 45,097 sales by the end of 2020, lowest level of sales of the decade.
Post-Covid in 2021 sales grew back slightly reaching 47,156 (+4.6%). While in 2022 sales dropped 10.7% to 42,087.
The car market in 2023 will have to confront some issues within automotive industry that put negative pressure on sales: the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and Governments push towards Evs, an expensive alternative for low income consumers.
Tables with sales figures
In the tables below we report sales for all Brands and top 10 Manufacturers Group.
