The Japanese passenger car market is down 6.2% in 2022 compared to 2021
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The Japanese passenger car market is down 6.2% in 2022 compared to 2021
- Japan's passenger car market fell again in 2022, the fifth consecutive decline since 2018. The decline reached 6.2% in 2022 compared to 2021, -3.5% in 2021 compared to 2020 and -11.4% in 2020 compared to 2019. In 2022, we fall back to the level of 2011, the weakest year of the decade for Japan.
- As for the other markets, the Japanese market seems to have suffered logistical problems linked to supply shortages, but this decline could also be explained by the aging of the population and the lower interest of consumers in acquiring a new vehicle, because the Japanese market has not only stopped growing for decades, but has been in constant decline.
- In 2022, 3.5 million passenger cars were therefore sold in Japan, 93% of which were local brands, as Japan still remaining a very closed country in terms of imports (only 7% of the market, a figure that does not vary not for several decades). It could be expected that the opening of imports to Japan could have instilled a new dynamism in the market, which could have stimulated the Japanese carmakers themselves. Until today, nothing is changing.
- In this context of a closed market, the Toyota group monopolizes 43% of the Japanese market, well ahead of its competitors Honda (16%), Suzuki (14%), Renault-Nissan (13%), Mazda (4%) and Subaru. (3%). One reason for Toyota's global leadership position is its strong position in its home market, where it sold 1.5 million passenger cars last year.
China's passenger vehicle market grew by 9.7% in 2022 compared to 2021
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China's passenger vehicle market grew by 9.7% in 2022 compared to 2021
- China's passenger car market grew by 9.7% in 2022 compared to 2021, even if several Covid19 lockdowns were introduced several times last year, which could have affected car sales and production. This 9.7% increase is therefore a good surprise as the Chinese passenger car market had already increased by 6.5% in 2021 compared to 2020. This is actually a second catch-up after that 2021, which followed three years of decline (-4.1% in 2018, -9.6% in 2019, -5.9% in 2020). The level of passenger car registrations therefore fell to 23.56 million units in 2022, compared to 21.48 million in 2021 and 20.18 million in 2020, but the records of 2016 (24.38 million) and 2017 ( 24.72 million) have not yet been reached.
- The Volkswagen group (with its JVs) remains the leader in the Chinese passenger car market, with 13% market share (against 14% in 2021), ahead of the GM-Wuling group (10% against 12% in 2021), but the two carmakers have been declining for several years. The Chinese BYD, which made a spectacular breakthrough, took third place (8% market share), ahead of Toyota (8%) and the Chinese Geely (7%) and Changan (6%). BYD is arguably the automaker that has benefited the most from the boom in electric car sales.
- The share of Western carmakers is gradually eroding, with Chinese customers increasingly turning to Chinese carmakers who hold 50.5% of the local market in 2022 (including 5.5% for Baojun and Wuling integrated into the GM group) which had never happened since the 1990s. This proportion should continue to grow over the next few years, which will make it increasingly difficult for foreign carmakers to maintain their activity, the most threatened today being Stellantis, Ford and Hyundai-Kia.
The 20 best-selling models in the USA and China in 2022
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The 20 best-selling models in the USA and China in 2022
- The Top 20 best-selling passenger cars and pick-ups in the USA and China in 2022 clearly show structural differences within the two largest world markets.
- Thus in the USA, the three best sellers in 2022 relate to three higher segment pick-ups (Ford F Series, Chevrolet Silverado, Ram pick-up) with internal combustion engines for the most part, while in China, the three best sellers in 2022 concerns two battery electric vehicles (Wuling Mini EV, Tesla Model Y) and a plug-in hybrid vehicle (BYD Song DM), the Wuling Mini EV being A-segment, the Tesla D-segment and the BYD C-segment. This figures shows the fact that the US market is much less electrified than the Chinese market.
- In 2022, 810,000 battery electric vehicles (BEV) were sold in the USA, i.e. 5.8% of the market, while in China the number of BEV amounted to 5,029,000 units, i.e. 21.3% of the market, to which must be added 1,530,000 plug-in hybrids (PHEV), i.e. 6.5% of the market. In the USA, PHEV sales did not exceed 186,000 units (1.3% of the market). In total, BEV+PHEV represent 7.1% in the USA in 2022 (compared to 4.3% in 2021) and 27.8% in China (compared to 15.6% in 2021).
- Note that in the USA, the market leader, the Ford F-Series achieves 650,000 sales in 2022 (compared to 500,000 Chevrolet Silverado and 470,000 Ram pick-ups), and in China, the market leader, the Wuling Mini EV achieves a fairly close score, i.e. 570,000 sales in 2022 (compared to 455,000 Tesla Model Ys and 410,000 BYD Song DMs).
India's passenger vehicle market grew by 23% in 2022 compared to 2021
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India's passenger vehicle market grew by 23% in 2022 compared to 2021
- The Indian automobile market for passenger cars increased by 23% in 2022 compared to 2021, after an increase of 28% in 2021 compared to 2020. We are therefore clearly witnessing here a catch-up phenomenon after the low level year of Covid which had seen car sales in India fall from 3.5 million units to 2.5 million. With a volume of 3.8 million units sold in 2022, the Indian market is returning to its growth trend observed between 2014 and 2018, and this trend should continue in the medium term, even if the year 2023 should mark a downtime (see Auto Analysis 2023-02).
- It should be noted, however, that the rate of purchase of new cars in India remains much lower than that observed in China, even though these two countries have a very comparable number of inhabitants. In 2022, the gap is around 6 between the two countries: six times fewer cars are sold in India than in China with an equal population.
- Another difference marks the two markets: the Chinese market is very electrified (27.5% of BEV and PHEV in 2022) while the Indian market is practically not.
- By carmaker, the Japanese group Suzuki remains largely the Indian market leader in 2022, with 42% market share (compared to 44% in 2021). The Korean group Hyundai-Kia is twice as small as Suzuki in this market (21% market share, compared to 22% in 2021), but is ahead of the "local" Tata Group (14% market share, compared to 11% in 2021) and Mahindra (9% market share, compared to 7% in 2021) which are progressing. Follow Toyota (4% stable) and Renault-Nissan (3% against 5% in 2021).
The German market grows by 1.1% in 2022 compared to 2021
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The German market grows by 1.1% in 2022 compared to 2021
- The German PC (passenger car) car market is one of the few in Europe to grow in 2022 compared to 2021. In total, Germany registered 2,651,357 passenger cars last year, compared to 2,622,132 in 2021. That's up 1.1% in 2022 from 2021, but still down 26% from 2019.
- By groups, Volkswagen is well ahead of all its competitors, with 979,266 units. Stellantis is second (329,062 units) thanks to its subsidiary Opel, followed by Mercedes (256,189 units) BMW (249,864 units) and Renault-Nissan (200,750 units).
- The ranking by brand shows that Volkswagen largely dominates the German market, with 480,967 units, ahead of Mercedes (243,999 units), Audi (213,410 units), BMW (209,722 units) and Opel (144,588 units). The three German Premium brands therefore occupy 25% of the German market in 2022, which is a record.
- The top-selling models in Germany in 2022 were the Volkswagen Golf (84,282 units), Volkswagen Tiguan (59,136 units), Volkswagen T-Roc (58,942 units), Opel Corsa (50,191 units) and the Fiat 500 (47,931 units) which made a remarkable entry into the Top 5 this year thanks to the success of its battery electric version.
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