Sweden: Passenger Car Market 2024

Passenger Car Market Size in Sweden

After two years of decline, the Swedish passenger car market increased by 23% to $X in 2021. Over the period under review, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2021 and is likely to continue growth in years to come.

Passenger Car Production in Sweden

In value terms, passenger car production expanded remarkably to $X in 2021 estimated in export price. Over the period under review, production saw a prominent expansion. The pace of growth appeared the most rapid in 2015 with an increase of 79% against the previous year. Passenger car production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Passenger Car Exports

Exports from Sweden

In 2021, exports of passenger cars from Sweden expanded notably to X units, increasing by 7.8% compared with 2020 figures. Overall, exports saw a prominent increase. The most prominent rate of growth was recorded in 2018 with an increase of 20% against the previous year. Over the period under review, the exports attained the maximum at X units in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, passenger car exports reached $X in 2021. Over the period under review, exports showed a buoyant expansion. The most prominent rate of growth was recorded in 2018 when exports increased by 29% against the previous year. The exports peaked in 2021 and are likely to see steady growth in years to come.

Exports by Country

Denmark (X units), the United States (X units) and Finland (X units) were the main destinations of passenger car exports from Sweden, with a combined 83% share of total exports. These countries were followed by Germany, China, Norway, Estonia, the UK, France, Poland, the Netherlands, Belgium and Italy, which together accounted for a further 59%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +24.4%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for passenger cars exports from Sweden, comprising 22% of total exports. The second position in the ranking was taken by Germany ($X), with a 10% share of total exports. It was followed by China, with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +15.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+9.9% per year) and China (+19.8% per year).

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, surging by 1.7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.5%. The growth pace was the most rapid in 2015 when the average export price increased by 9.5%. The export price peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per unit), while the average price for exports to Denmark ($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 Italy (+3.6%), while the prices for the other major destinations experienced a decline.

Passenger Car Imports

Imports into Sweden

Passenger car imports into Sweden stood at X units in 2021, with an increase of 4.7% against 2020 figures. The total import volume increased at an average annual rate of +1.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when imports increased by 18% against the previous year. Imports peaked at X units in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, passenger car imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.3% from 2012 to 2021; however, 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

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

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +20.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Belgium ($X) and France ($X) appeared to be the largest passenger car suppliers to Sweden, together comprising 77% of total imports. These countries were followed by South Korea, the UK, Slovakia, the Czech Republic and Japan, which together accounted for a further 17%.

South Korea, with a CAGR of +17.0%, recorded the highest growth rate of 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

The average passenger car import price stood at $X per unit in 2021, growing by 13% against the previous year. Over the last nine years, it increased at an average annual rate of +2.3%. The pace of growth was the most pronounced in 2020 when the average import price increased by 18% against the previous year. The import price peaked in 2021 and is likely to see steady growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (-3.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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