Israel: Passenger Car Market 2024

Passenger Car Market Size in Israel

The Israeli passenger car market surged to $X in 2021, increasing by 22% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -1.0% against 2019 indices. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Passenger Car Exports

Exports from Israel

In 2021, the amount of passenger cars exported from Israel shrank markedly to X units, reducing by -37.9% against 2020 figures. In general, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 326% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, passenger car exports fell rapidly to $X in 2021. Over the period under review, exports showed a deep contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 354%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Egypt (X units), Jordan (X units) and Belgium (X units) were the main destinations of passenger car exports from Israel.

From 2012 to 2021, the biggest increases were recorded for Egypt (with a CAGR of +76.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Jordan ($X) emerged as the key foreign market for passenger cars exports from Israel, comprising 36% of total exports. The second position in the ranking was held by Belgium ($X), with a 12% share of total exports. It was followed by Ukraine, with a 7.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Jordan stood at +7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+35.6% per year) and Ukraine (+82.5% per year).

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, with an increase of 8.4% against the previous year. Overall, the export price, however, saw a abrupt contraction. The pace of growth was the most pronounced in 2018 when the average export price increased by 63% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Jordan ($X per unit), while the average price for exports to Egypt ($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 Haiti (+114.2%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Israel

In 2021, approx. X units of passenger cars were imported into Israel; picking up by 9.1% on 2020. In general, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 when imports increased by 54%. As a result, imports reached the peak of X units. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, passenger car imports soared to $X in 2021. Over the period under review, total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 59%. Imports peaked in 2021 and are likely to see gradual growth in the near future.

Imports by Country

South Korea (X units), Japan (X units) and the Czech Republic (X units) were the main suppliers of passenger car imports to Israel, with a combined 42% share of total imports. Turkey, the United States, Spain, Germany, China, Slovakia, France, the UK, Hungary and Mexico lagged somewhat behind, together accounting for a further 48%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +35.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car suppliers to Israel were South Korea ($X), Japan ($X) and the Czech Republic ($X), together comprising 41% of total imports. These countries were followed by the United States, Turkey, Germany, China, Spain, Slovakia, the UK, France, Hungary and Mexico, which together accounted for a further 49%.

Among the main suppliers, China, with a CAGR of +61.1%, saw the highest rates of growth with regard to 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

In 2021, the average passenger car import price amounted to $X per unit, picking up by 12% against the previous year. In general, import price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, passenger car import price increased by +73.2% against 2015 indices. The most prominent rate of growth was recorded in 2017 an increase of 17% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Spain ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+18.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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