Europe: Passenger Car Market 2024

Passenger Car Market Size in Europe

The Europe passenger car market skyrocketed to $X in 2023, surging by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Passenger Car Production in Europe

In value terms, passenger car production soared to $X in 2023 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The level of production peaked at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

Passenger Car Exports

Exports in Europe

In 2023, shipments abroad of passenger cars increased by X% to X units, rising for the third year in a row after two years of decline. Over the period under review, exports, however, saw a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at X units in 2016; however, from 2017 to 2023, the exports failed to regain momentum.

In value terms, passenger car exports skyrocketed to $X in 2023. The total export value increased at an average annual rate of X% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2023, Germany (X units), distantly followed by Spain (X units), Belgium (X units), the Czech Republic (X units), France (X units), Slovakia (X units) and the UK (X units) represented the largest exporters of passenger cars, together comprising X% of total exports. The following exporters - the Netherlands (X units), Poland (X units), Hungary (X units), Romania (X units), Italy (X units) and Sweden (X units) - together made up X% of total exports.

From 2012 to 2023, the biggest increases were recorded for Sweden (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) remains the largest passenger car supplier in Europe, comprising X% of total exports. The second position in the ranking was held by Belgium ($X), with an X% share of total exports. It was followed by Spain, with an X% share.

From 2012 to 2023, the average annual growth rate of value in Germany totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Belgium (X% per year) and Spain (X% per year).

Export Prices by Country

In 2023, the export price in Europe amounted to $X per unit, growing by X% against the previous year. Over the last eleven-year period, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2017 an increase of X%. The level of export peaked in 2023 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Germany ($X per unit), while Poland ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Italy (X%), while the other leaders experienced more modest paces of growth.

Passenger Car Imports

Imports in Europe

In 2023, imports of passenger cars in Europe soared to X units, growing by X% compared with 2022 figures. The total import volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, passenger car imports soared to $X in 2023. Total imports indicated resilient growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of passenger car imports in 2023 were France (X units), Germany (X units), the UK (X units), Spain (X units), Italy (X units) and Belgium (X units), together recording X% of total import. The Netherlands (X units), Russia (X units), Poland (X units), Greece (X units), Ireland (X units), Sweden (X units) and Denmark (X units) took a little share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Greece (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car importing markets in Europe were Germany ($X), the UK ($X) and France ($X), with a combined X% share of total imports. Belgium, Italy, Spain, the Netherlands, Poland, Russia, Sweden, Denmark, Ireland and Greece lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Greece, with a CAGR of X%, recorded the highest rates of growth with regard to 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 2023, the import price in Europe amounted to $X per unit, with a decrease of X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2017 an increase of X% against the previous year. The level of import peaked at $X per unit in 2022, and then fell slightly in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Poland (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform