EU: Passenger Car Market 2024

Passenger Car Market Size in the EU

In 2021, the EU passenger car market decreased by -17.8% to $X, falling for the second consecutive year after four years of growth. In general, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Passenger Car Production in the EU

In value terms, passenger car production declined remarkably to $X in 2021 estimated in export price. Overall, production saw a abrupt descent. The pace of growth was the most pronounced in 2018 when the production volume increased by 11% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Passenger Car Exports

Exports in the EU

In 2021, the amount of passenger cars exported in the European Union declined modestly to X units, almost unchanged from the previous year's figure. Over the period under review, exports showed a slight reduction. The most prominent rate of growth was recorded in 2014 with an increase of 4.9%. As a result, the exports reached the peak of X units. From 2015 to 2021, the growth of the exports failed to regain momentum.

In value terms, passenger car exports expanded notably to $X in 2021. The total export value increased at an average annual rate of +2.3% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Germany (X units), distantly followed by Spain (X units), Belgium (X units), France (X units), the Czech Republic (X units) and Slovakia (X units) were the main exporters of passenger cars, together constituting 74% of total exports. Italy (X units), Slovenia (X units), Poland (X units), Hungary (X units), Romania (X units), Sweden (X units) and the Netherlands (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Slovenia (with a CAGR of +10.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the largest passenger car supplier in the European Union, comprising 40% of total exports. The second position in the ranking was taken by Spain ($X), with a 9% share of total exports. It was followed by Belgium, with an 8.8% share.

In Germany, passenger car exports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Spain (+3.0% per year) and Belgium (+1.7% per year).

Export Prices by Country

The export price in the European Union stood at $X per unit in 2021, rising by 10% against the previous year. Over the last nine years, it increased at an average annual rate of +4.0%. The pace of growth was the most pronounced in 2017 when the export price increased by 14%. Over the period under review, the export prices reached the peak figure in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Germany ($X per unit), while Poland ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+7.6%), while the other leaders experienced more modest paces of growth.

Passenger Car Imports

Imports in the EU

In 2021, after three years of growth, there was significant decline in supplies from abroad of passenger cars, when their volume decreased by -7.9% to X units. The total import volume increased at an average annual rate of +3.1% over the period 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 2014 with an increase of 24% against the previous year. The volume of import peaked at X units in 2020, and then fell in the following year.

In value terms, passenger car imports expanded remarkably to $X in 2021. The total import value increased at an average annual rate of +4.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2016 when imports increased by 14%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

Germany (X units), France (X units), Belgium (X units), Italy (X units) and Spain (X units) represented roughly 66% of total imports in 2021. It was distantly followed by the Netherlands (X units), comprising a 5.8% share of total imports. Poland (X units), Denmark (X units), Sweden (X units), Austria (X units), Greece (X units), Slovenia (X units) and Portugal (X units) took a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Greece (with a CAGR of +13.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car importing markets in the European Union were Germany ($X), France ($X) and Belgium ($X), together comprising 51% of total imports. Italy, the Netherlands, Spain, Poland, Sweden, Austria, Denmark, Slovenia, Portugal and Greece lagged somewhat behind, together accounting for a further 38%.

Slovenia, with a CAGR of +15.0%, saw the highest rates of growth with regard to 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 the European Union amounted to $X per unit, surging by 17% against the previous year. Over the last nine years, it increased at an average annual rate of +1.4%. The growth pace was the most rapid in 2017 when the import price increased by 27%. As a result, import price reached the peak level of $X per unit. From 2018 to 2021, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Austria ($X per unit), while Greece ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+4.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :