Europe: Passenger Car Market 2024

Passenger Car Market Size in Europe

In 2021, the Europe passenger car market decreased by -10.2% to $X, falling for the second year in a row after four years of growth. In general, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Passenger Car Production in Europe

In value terms, passenger car production fell remarkably to $X in 2021 estimated in export price. Over the period under review, production saw a abrupt shrinkage. The growth pace was the most rapid in 2018 with an increase of 9.1%. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Passenger Car Exports

Exports in Europe

In 2021, approx. X units of passenger cars were exported in Europe; approximately mirroring 2020 figures. Overall, exports recorded a slight curtailment. The growth pace was the most rapid in 2013 with an increase of 5.1%. The volume of export peaked at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, passenger car exports expanded remarkably to $X in 2021. The total export value increased at an average annual rate of +2.0% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat 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), Slovakia (X units) and the UK (X units) represented the key exporters of passenger cars, together committing 74% of total exports. Italy (X units), Slovenia (X units), Poland (X units), Hungary (X units), Romania (X units) and Sweden (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 ($X) remains the largest passenger car supplier in Europe, comprising 37% of total exports. The second position in the ranking was taken by Spain ($X), with an 8.3% share of total exports. It was followed by Belgium, with an 8.1% share.

In Germany, passenger car exports remained relatively stable over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Spain (+3.0% per year) and Belgium (+1.7% per year).

Export Prices by Country

In 2021, the export price in Europe amounted to $X per unit, increasing by 10% against the previous year. Over the last nine-year period, it increased at an average annual rate of +4.0%. The growth pace was the most rapid 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 likely to continue 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 Europe

After three years of growth, overseas purchases of passenger cars decreased by -5.3% to X units in 2021. The total import volume increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2018 with an increase of 21%. Over the period under review, imports hit record highs at X units in 2020, and then shrank in the following year.

In value terms, passenger car imports expanded markedly to $X in 2021. The total import value increased at an average annual rate of +3.2% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 9.7% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

The countries with the highest levels of passenger car imports in 2021 were Germany (X units), France (X units), Belgium (X units), Italy (X units), Spain (X units) and the UK (X units), together accounting for 62% of total import. It was distantly followed by the Netherlands (X units), mixing up a 4.7% share of total imports. Ukraine (X units), Poland (X units), Denmark (X units), Sweden (X units), Russia (X units) and Austria (X units) held a minor share of total imports.

From 2012 to 2021, the biggest increases were recorded for Ukraine (with a CAGR of +13.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), France ($X) and the UK ($X) appeared to be the countries with the highest levels of imports in 2021, together accounting for 42% of total imports. These countries were followed by Belgium, Italy, the Netherlands, Spain, Poland, Sweden, Austria, Russia, Denmark and Ukraine, which together accounted for a further 40%.

Among the main importing countries, Denmark, with a CAGR of +8.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Europe stood at $X per unit in 2021, rising by 14% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2017 when the import price increased by 30%. As a result, import price reached the peak level of $X per unit. From 2018 to 2021, the import prices remained at a somewhat lower figure.

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