Global mergers and acquisitions activity within the automotive sector dropped by 55% by deal value for the first half of this year compared with the same period last year, according to a report by PricewaterhouseCoopers.

Despite those gloomy statistics, the number of disclosed deals fell by just 12%, indicating that consolidation still remains important to the companies in the sector, and is proceeding at a healthy pace. M&A advisers are unlikely to be cheered much, however, as fees for smaller deals are not nearly so attractive.