Italy: Passenger Car Market 2024

Passenger Car Market Size in Italy

In 2021, the Italian passenger car market decreased by -2.3% to $X, falling for the second year in a row after four years of growth. Over the period under review, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Passenger Car Production in Italy

In value terms, passenger car production declined rapidly to $X in 2021 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 43%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Passenger Car Exports

Exports from Italy

In 2021, approx. X units of passenger cars were exported from Italy; reducing by -12.5% on the previous year. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of 47% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, passenger car exports rose significantly to $X in 2021. Overall, total exports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 20%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Germany (X units), France (X units) and the United States (X units) were the main destinations of passenger car exports from Italy, with a combined 87% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +27.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for passenger car exported from Italy were Germany ($X), the United States ($X) and France ($X), with a combined 49% share of total exports. Japan, the UK, Spain, Belgium, Switzerland, Poland, Austria, Hungary, the Netherlands and Bulgaria lagged somewhat behind, together comprising a further 28%.

Hungary, with a CAGR of +18.9%, recorded the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, jumping by 26% against the previous year. Overall, export price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +6.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, passenger car export price increased by +57.0% against 2016 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Bulgaria ($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 Poland (+9.1%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Italy

In 2021, purchases abroad of passenger cars increased by 12% to X units for the first time since 2017, thus ending a three-year declining trend. In general, total imports indicated a modest increase from 2012 to 2021: its volume increased at an average annual rate of +1.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -25.8% against 2017 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 18% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, passenger car imports expanded significantly to $X in 2021. Over the period under review, total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -20.2% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 22%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Germany (X units), Spain (X units) and France (X units) were the main suppliers of passenger car imports to Italy, with a combined 41% share of total imports. These countries were followed by China, Belgium, Poland, South Korea, Turkey, Slovakia, Romania, the Czech Republic, Hungary and Slovenia, which together accounted for a further 51%.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +24.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of passenger cars to Italy, comprising 31% of total imports. The second position in the ranking was held by Spain ($X), with a 13% share of total imports. It was followed by France, with an 8.3% share.

From 2012 to 2021, the average annual growth rate of value from Germany totaled +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+6.3% per year) and France (+0.1% per year).

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, therefore, remained relatively stable against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2019 when the average import price increased by 6.4% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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