ACEA’s Economic Market Report provides current and forecast data on automobile sales, production and trade in European and global markets.
key insights
sale
- EU car sales rose by around 17% in the first three quarters of 2023, with 12% growth expected for the full year
- EU car sales are expected to grow by 2.5% in 2024, albeit at a slower pace than in 2023.
- Sales of battery electric vehicles increased by 55% in the first three quarters of 2023.The share of battery electric models is expected to rise to 14.5% by the end of 2023
- Car sales in Japan and the United States experienced strong growth in the first three quarters of 2023, increasing by approximately 18% and more than 15%, respectively.
- Conversely, China’s auto market stalled in the first three quarters of 2023, with a nominal growth rate of 0.2%.
- Global car sales increased by almost 9% in the first three quarters of 2023
production
- More than 9 million cars were produced in the EU in the first three quarters of 2023, an increase of 14% compared to the same period in 2022.
- The US produced about 6 million cars, an increase of 1.12 billion cars.
- China produced 17.5 million cars in the first three quarters, growing at a slower pace of 4.7% compared to other major car producing regions.
- Japan produced 5.6 million cars in the first three quarters, an increase of 18.5%.
trade
- EU car trade recorded a trade surplus of 70 million euros in the first three quarters of 2023, an increase of 4.7%
- China was the largest importer of EU cars in terms of both volume and value, growing by an impressive 58.1% and accounting for 17.2% of the market.
- The US and UK car import markets grew by an impressive 62.4% and 33.2% respectively.
- In the first three quarters of 2023, the value of EU car exports to the UK and US increased by 28.1% and 16% respectively, while exports in China decreased by almost 18%.
Sales of battery electric vehicles increased by 55% in the first three quarters of 2023. The share of battery electric models is expected to rise to 14.5% by the end of 2023.
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Disclaimer
This information is presumed to be correct at the time of publication. However, ACEA is not responsible for data discrepancies or errors.