Luxembourg: Passenger Car Market 2024

Passenger Car Market Size in Luxembourg

For the third year in a row, the Luxembourg passenger car market recorded decline in sales value, which decreased by -26.5% to $X in 2021. Over the period under review, consumption continues to indicate a perceptible slump. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Passenger Car Exports

Exports from Luxembourg

In 2021, shipments abroad of passenger cars increased by 2.8% to X units, rising for the second consecutive year after four years of decline. Over the period under review, total exports indicated a noticeable increase from 2012 to 2021: its volume increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +2.8% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 97%. As a result, the exports attained the peak of X units. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, passenger car exports expanded sharply to $X in 2021. Overall, total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +71.9% against 2015 indices. The growth pace was the most rapid in 2016 with an increase of 14% against the previous year. The exports peaked in 2021 and are likely to continue growth in the immediate term.

Exports by Country

France (X units), Belgium (X units) and Germany (X units) were the main destinations of passenger car exports from Luxembourg.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +159.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), France ($X) and Germany ($X) constituted the largest markets for passenger car exported from Luxembourg worldwide, together accounting for 83% of total exports. The Netherlands, the Czech Republic and Hong Kong SAR lagged somewhat behind, together comprising a further 6.7%.

The Czech Republic, with a CAGR of +24.8%, saw the highest growth rate of the value of exports, in terms of 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, picking up by 10% against the previous year. Over the period under review, export price indicated a pronounced increase from 2012 to 2021: its price increased at an average annual rate of +3.2% 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 export price increased by +170.0% against 2015 indices. The most prominent rate of growth was recorded in 2016 an increase of 59% against the previous year. The export price peaked in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Belgium ($X per unit), while the average price for exports to Hong Kong SAR ($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 Germany (-2.0%), while the prices for the other major destinations experienced a decline.

Passenger Car Imports

Imports into Luxembourg

For the third consecutive year, Luxembourg recorded decline in supplies from abroad of passenger cars, which decreased by -13.7% to X units in 2021. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when imports increased by 124%. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports failed to regain momentum.

In value terms, passenger car imports rose slightly to $X in 2021. The total import value increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2016 with an increase of 19%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Belgium (X units), Germany (X units) and France (X units) were the main suppliers of passenger car imports to Luxembourg, with a combined 94% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Belgium (with a CAGR of +6.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car suppliers to Luxembourg were Belgium ($X), Germany ($X) and France ($X), together comprising 90% of total imports.

Among the main suppliers, Belgium, with a CAGR of +13.1%, recorded 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

In 2021, the average passenger car import price amounted to $X per unit, surging by 18% against the previous year. Over the period under review, the import price recorded a notable increase. The growth pace was the most rapid in 2016 when the average import price increased by 114% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to continue growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+6.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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