Slovakia: Passenger Car Market 2024

Passenger Car Market Size in Slovakia

In 2021, the Slovak passenger car market increased by 16% to $X, rising for the second year in a row after two years of decline. In general, consumption showed perceptible growth. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Passenger Car Production in Slovakia

In value terms, passenger car production dropped significantly to $X in 2021 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 43% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Passenger Car Exports

Exports from Slovakia

For the third year in a row, Slovakia recorded decline in shipments abroad of passenger cars, which decreased by -1.2% to X units in 2021. The total export volume increased at an average annual rate of +1.7% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 16% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, passenger car exports rose rapidly to $X in 2021. Over the period under review, exports, however, posted prominent growth. The growth pace was the most rapid in 2018 when exports increased by 33%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in years to come.

Exports by Country

Germany (X units) was the main destination for passenger car exports from Slovakia, accounting for a 60% share of total exports. Moreover, passenger car exports to Germany exceeded the volume sent to the second major destination, France (X units), twofold. The third position in this ranking was taken by Italy (X units), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany stood at +18.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+9.4% per year) and Italy (+10.1% per year).

In value terms, Germany ($X) remains the key foreign market for passenger cars exports from Slovakia, comprising 27% of total exports. The second position in the ranking was held by France ($X), with a 13% share of total exports. It was followed by the United States, with an 8.3% share.

From 2012 to 2021, the average annual growth rate of value to Germany stood at +13.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+8.0% per year) and the United States (+12.0% per year).

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, increasing by 8.6% against the previous year. Over the period under review, export price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +6.0% 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 +95.4% against 2015 indices. The most prominent rate of growth was recorded in 2020 an increase of 21%. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Hungary ($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 Hungary (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Slovakia

In 2021, purchases abroad of passenger cars decreased by -2.9% to X units, falling for the third consecutive year after three years of growth. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 133% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, passenger car imports expanded remarkably to $X in 2021. In general, total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +8.3% 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 -9.0% against 2018 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 25%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Hungary (X units) was the main passenger car supplier to Slovakia, accounting for a 97% share of total imports. Moreover, passenger car imports from Hungary exceeded the figures recorded by the second-largest supplier, the Czech Republic (X units), threefold. Belgium (X units) ranked third in terms of total imports with a 31% share.

From 2012 to 2021, the average annual growth rate of volume from Hungary amounted to +39.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+8.2% per year) and Belgium (+12.4% per year).

In value terms, the Czech Republic ($X), Germany ($X) and Hungary ($X) were the largest passenger car suppliers to Slovakia, together comprising 64% of total imports. These countries were followed by France, Spain, Slovenia, Belgium, South Korea, the UK, Romania, Turkey and Japan, which together accounted for a further 25%.

Slovenia, with a CAGR of +81.1%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, with an increase of 13% against the previous year. Overall, the import price recorded a prominent expansion. The pace of growth was the most pronounced in 2015 an increase of 94%. The import price peaked in 2021 and is likely to see gradual growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+9.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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