Benelux: Passenger Car Market 2024

Passenger Car Market Size in Benelux

The Benelux passenger car market surged to $X in 2021, increasing by 374% against the previous year. Overall, consumption saw strong growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Passenger Car Production in Benelux

In value terms, passenger car production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a perceptible slump. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Passenger Car Exports

Exports in Benelux

In 2021, after five years of growth, there was significant decline in shipments abroad of passenger cars, when their volume decreased by -6.8% to X units. Over the period under review, exports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 19% against the previous year. As a result, the exports attained the peak of X units, and then fell in the following year.

In value terms, passenger car exports dropped to $X in 2021. Total exports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +72.4% against 2015 indices. The most prominent rate of growth was recorded in 2020 with an increase of 31%. As a result, the exports attained the peak of $X, and then contracted in the following year.

Exports by Country

Belgium was the main exporter of passenger cars in Benelux, with the volume of exports recording X units, which was approx. 80% of total exports in 2021. It was distantly followed by the Netherlands (X units), constituting an 18% share of total exports. Luxembourg (X units) held a little share of total exports.

Belgium experienced a relatively flat trend pattern with regard to volume of exports of passenger cars. At the same time, Luxembourg (+3.3%) displayed positive paces of growth. Moreover, Luxembourg emerged as the fastest-growing exporter exported in Benelux, with a CAGR of +3.3% from 2012-2021. By contrast, the Netherlands (-1.6%) illustrated a downward trend over the same period. Belgium (+2 p.p.) significantly strengthened its position in terms of the total exports, while the Netherlands saw its share reduced by -2.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Belgium ($X) remains the largest passenger car supplier in Benelux, comprising 83% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 15% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Belgium amounted to +1.7%. The remaining exporting countries recorded the following average annual rates of exports growth: the Netherlands (+4.8% per year) and Luxembourg (+6.7% per year).

Export Prices by Country

In 2021, the export price in Benelux amounted to $X per unit, approximately equating the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2020 an increase of 9.6% against the previous year. As a result, the export price attained the peak level of $X per unit, and then shrank modestly in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Luxembourg ($X per unit), while the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+6.5%), while the other leaders experienced more modest paces of growth.

Passenger Car Imports

Imports in Benelux

In 2021, supplies from abroad of passenger cars increased by 12% to X units, rising for the sixth year in a row after two years of decline. The total import volume increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when imports increased by 12%. The volume of import peaked in 2021 and is likely to see gradual growth in the immediate term.

In value terms, passenger car imports dropped to $X in 2021. Total imports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +64.1% against 2015 indices. The pace of growth was the most pronounced in 2020 with an increase of 24%. As a result, imports reached the peak of $X, and then reduced in the following year.

Imports by Country

Belgium was the main importer of passenger cars in Benelux, with the volume of imports finishing at X units, which was near 68% of total imports in 2021. It was distantly followed by the Netherlands (X units), creating a 30% share of total imports. Luxembourg (X units) followed a long way behind the leaders.

Belgium was also the fastest-growing in terms of the passenger cars imports, with a CAGR of +3.7% from 2012 to 2021. At the same time, the Netherlands (+1.9%) displayed positive paces of growth. Luxembourg experienced a relatively flat trend pattern. While the share of Belgium (+3.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the Netherlands (-3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Belgium ($X), the Netherlands ($X) and Luxembourg ($X) constituted the countries with the highest levels of imports in 2021.

The Netherlands, with a CAGR of +4.3%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Benelux amounted to $X per unit, with a decrease of -13.5% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 10% against the previous year. As a result, import price reached the peak level of $X per unit, and then dropped in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Luxembourg ($X per unit), while Belgium ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Luxembourg (+3.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform