Portugal: Passenger Car Market 2024

Passenger Car Market Size in Portugal

In 2021, the Portuguese passenger car market decreased by -99.1% to $X, falling for the fourth consecutive year after four years of growth. Over the period under review, consumption saw a dramatic downturn. Passenger car consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Passenger Car Production in Portugal

In value terms, passenger car production fell markedly to $X in 2021 estimated in export price. In general, production saw a dramatic decline. The most prominent rate of growth was recorded in 2019 with an increase of 8.4%. Passenger car production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Passenger Car Exports

Exports from Portugal

In 2021, the amount of passenger cars exported from Portugal totaled X units, surging by 6.2% compared with the previous year. Overall, exports saw a prominent expansion. The pace of growth was the most pronounced in 2018 with an increase of 116%. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, passenger car exports rose notably to $X in 2021. In general, exports recorded a temperate increase. The growth pace was the most rapid in 2018 with an increase of 82%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Germany (X units), Spain (X units) and the UK (X units) were the main destinations of passenger car exports from Portugal, with a combined 91% share of total exports. Italy, Australia, France, India, Japan, Cyprus, Turkey, Poland, Belgium and Sweden lagged somewhat behind, together accounting for a further 93%.

From 2012 to 2021, the biggest increases were recorded for Cyprus (with a CAGR of +417.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Spain ($X) and the UK ($X) were the largest markets for passenger car exported from Portugal worldwide, with a combined 46% share of total exports. These countries were followed by Italy, France, Japan, Turkey, Poland, Australia, Belgium, Sweden, Cyprus and India, which together accounted for a further 36%.

Sweden, with a CAGR of +313.1%, recorded 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

The average passenger car export price stood at $X per unit in 2021, increasing by 7.1% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 an increase of 15% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to India ($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 (-3.1%), while the prices for the other major destinations experienced a decline.

Passenger Car Imports

Imports into Portugal

In 2021, after two years of decline, there was significant growth in purchases abroad of passenger cars, when their volume increased by 5.5% to X units. Overall, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2014 with an increase of 44%. Imports peaked at X units in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, passenger car imports expanded rapidly to $X in 2021. Over the period under review, imports showed a strong increase. The most prominent rate of growth was recorded in 2014 when imports increased by 42% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Spain (X units), France (X units) and Germany (X units) were the main suppliers of passenger car imports to Portugal.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Morocco (with a CAGR of +131.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car suppliers to Portugal were Spain ($X), Germany ($X) and France ($X), with a combined 72% share of total imports. Belgium, South Korea, Hungary, Slovakia, Morocco, the UK, the Czech Republic, Italy and Turkey lagged somewhat behind, together accounting for a further 23%.

Morocco, with a CAGR of +128.5%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers 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, almost unchanged from the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 9.1% against the previous year. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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 UK ($X per unit), while the price for Hungary ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Morocco (-1.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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