The German market grows by 7.3% in 2023 compared to 2022
- The German automobile market (passenger cars) experienced a small recovery in 2023, of around 7.3% compared to 2022, with a volume of 2,844,609 units compared to 2,651,357 in 2022, 2,622,132 in 2021 and 2,917,678 in 2020. However, this volume is still very far from the volumes reached between 2015 and 2019, which were well above 3 million units.
- The German automobile market did not increase further in 2023 because it is weighed down by high inflation which has increased the price of cars and the price of energy. The German government had to end subsidies for electric cars at the end of the year, which will further increase the price of electric cars.
- As a result, we are seeing a shift in German opinion regarding the acquisition of an electric car, which could pose a problem regarding the CO2 objectives recommended by the European Commission.
- Despite the poor sales of Volkswagen brand electric cars, the group VW still occupies 39% of the German automobile market in 2023, well ahead of all its competitors. Stellantis, in second position with 12% of the German market, benefits here from the German brand Opel which alone occupies half of the group's sales on the German market. The two German premium carmakers Mercedes and BMW are relegated to third and fourth position (with 11% and 10% market share respectively), their electric vehicles being too expensive to be really popular. The Hyundai-Kia group managed to grab fifth place, with 6% market share.
- Inovev expects low market growth in 2024, with the possibility of reaching the symbolic figure of 3 million vehicles (which would correspond to a market increase of 5.5%). But nothing is certain and even market stagnation cannot be ruled out.