Europe's car market will be flat in 2011 (the first half of which will be “particularly tough”) and will begin to grow again only in 2012, according to Hyundai Europe Vice President Allan Rushforth who spoke at the Reuters Global Autos Summit.
The outlook for car sales in Europe is cloudy due to uncertain economic prospects. In addition, most of the scrapping schemes in Europe and the US have ended while emerging markets continue to perform very strongly.
At the Reuters Summit, which was held at the Reuters office in Paris, Rushforth said that the company will likely achieve a 2.7% market share in a market of around 13.49 million. He added that next year, the market will be ”pretty much the same as this year.”
Hyundai aims to exceed its market share beyond 3% by the end of 2011. In 2009, Hyundai had a 2.4% market share in Europe. Rushforth anticipates that within three years, the group will achieve a global market share of over 5%.
He expects that the wider European autos market will gradually recover as the effects of scrappage schemes continue to fade. [via autonews - sub. required]