Scandinavia: Passenger Car Market 2024

Passenger Car Market Size in Scandinavia

The Scandinavia passenger car market surged to $X in 2021, growing by 22% against the previous year. The market value increased at an average annual rate of +3.9% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Passenger Car Production in Scandinavia

In value terms, passenger car production soared to $X in 2021 estimated in export price. In general, production recorded a resilient increase. The growth pace was the most rapid in 2017 when the production volume increased by 89% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Passenger Car Exports

Exports in Scandinavia

In 2021, approx. X units of passenger cars were exported in Scandinavia; growing by 12% against the previous year's figure. In general, exports recorded strong growth. The growth pace was the most rapid in 2017 when exports increased by 25% against the previous year. The volume of export peaked in 2021 and is likely to see steady growth in years to come.

In value terms, passenger car exports reached $X in 2021. Overall, exports posted a strong increase. The pace of growth appeared the most rapid in 2017 when exports increased by 34% against the previous year. The level of export peaked in 2021 and is expected to retain growth in the immediate term.

Exports by Country

Sweden represented the main exporting country with an export of about X units, which accounted for 57% of total exports. Denmark (X units) ranks second in terms of the total exports with a 23% share, followed by Finland (18%). Norway (X units) held a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to passenger car exports from Sweden stood at +8.3%. At the same time, Denmark (+17.7%), Finland (+16.7%) and Norway (+12.6%) displayed positive paces of growth. Moreover, Denmark emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +17.7% from 2012-2021. Denmark (+9.2 p.p.) and Finland (+6.4 p.p.) significantly strengthened its position in terms of the total exports, while Sweden saw its share reduced by -15.6% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) remains the largest passenger car supplier in Scandinavia, comprising 71% of total exports. The second position in the ranking was taken by Finland ($X), with a 19% share of total exports. It was followed by Denmark, with a 9.7% share.

In Sweden, passenger car exports expanded at an average annual rate of +10.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Finland (+23.2% per year) and Denmark (+12.7% per year).

Export Prices by Country

In 2021, the export price in Scandinavia amounted to $X per unit, almost unchanged from the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 an increase of 16%. As a result, the export price attained the peak level of $X per unit. From 2020 to 2021, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sweden ($X per unit), while Norway ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Finland (+5.5%), while the other leaders experienced mixed trends in the export price figures.

Passenger Car Imports

Imports in Scandinavia

In 2021, overseas purchases of passenger cars increased by 16% to X units, rising for the second consecutive year after three years of decline. The total import volume increased at an average annual rate of +4.1% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, passenger car imports soared to $X in 2021. The total import value increased at an average annual rate of +5.6% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Denmark (X units) and Sweden (X units) represented the main importers of passenger cars in 2021, reaching near 40% and 30% of total imports, respectively. Norway (X units) ranks next in terms of the total imports with a 17% share, followed by Finland (11%).

From 2012 to 2021, the biggest increases were recorded for Denmark (with a CAGR of +10.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car importing markets in Scandinavia were Sweden ($X), Norway ($X) and Denmark ($X), together comprising 85% of total imports.

Denmark, with a CAGR of +8.7%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Scandinavia amounted to $X per unit, picking up by 9.7% against the previous year. Over the last nine years, it increased at an average annual rate of +1.4%. The growth pace was the most rapid in 2017 when the import price increased by 13% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Norway ($X per unit), while Denmark ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Norway (+4.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform