Finland: Passenger Car Market 2024

Passenger Car Market Size in Finland

The Finnish passenger car market declined remarkably to $X in 2021, which is down by -62.8% against the previous year. Over the period under review, consumption faced a abrupt shrinkage. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Passenger Car Production in Finland

In value terms, passenger car production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, saw resilient growth. The pace of growth appeared the most rapid in 2017 with an increase of 145%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Passenger Car Exports

Exports from Finland

In 2021, passenger car exports from Finland stood at X units, with an increase of 14% on the previous year's figure. Overall, exports posted a resilient increase. The growth pace was the most rapid in 2020 when exports increased by 391%. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, passenger car exports surged to $X in 2021. In general, exports posted a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of 152% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X units) was the main destination for passenger car exports from Finland, accounting for a 208% share of total exports. Moreover, passenger car exports to Germany exceeded the volume sent to the second major destination, Sweden (X units), more than tenfold. Russia (X units) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Germany amounted to +79.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+24.0% per year) and Russia (+12.5% per year).

In value terms, Germany ($X) remains the key foreign market for passenger cars exports from Finland, comprising 88% of total exports. The second position in the ranking was held by Russia ($X), with a 3.2% share of total exports. It was followed by Sweden, with a 1.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany amounted to +59.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+0.8% per year) and Sweden (+0.1% per year).

Export Prices by Country

The average passenger car export price stood at $X per unit in 2021, surging by 6.3% against the previous year. In general, the export price recorded a buoyant expansion. The most prominent rate of growth was recorded in 2019 an increase of 522% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2020 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Canada ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+8.8%), while the prices for the other major destinations experienced a decline.

Passenger Car Imports

Imports into Finland

In 2021, supplies from abroad of passenger cars increased by 3% to X units, rising for the second consecutive year after two years of decline. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 98% against the previous year. Over the period under review, imports attained the maximum at X units in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, passenger car imports soared to $X in 2021. The total import value increased at an average annual rate of +5.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Germany (X units), Sweden (X units) and the Czech Republic (X units) were the main suppliers of passenger car imports to Finland.

From 2012 to 2021, the biggest increases were recorded for Sweden (with a CAGR of +38.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car suppliers to Finland were Germany ($X), Sweden ($X) and Belgium ($X), with a combined 70% share of total imports.

Sweden, with a CAGR of +24.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, growing by 17% against the previous year. In general, the import price enjoyed a temperate expansion. The most prominent rate of growth was recorded in 2019 an increase of 120% against the previous year. As a result, import price reached the peak level of $X per unit. From 2020 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-3.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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