Global market grew by 12.9% in 2023 compared to 2022
- According to Inovev, the global automobile market increased by 12.9% in 2023 compared to 2022. This revival of the global market last year is, however, a modest catch-up from the period 2020-2022 which had seen sales of new vehicles collapse, for several successive and additional reasons, such as the COVID crisis (2020), the semiconductor crisis (2021 and 2022) and the supply chain crisis (2022). These three years resulted in the loss of between 30 million and 40 million vehicles in total, but the catch-up in 2023 only offset a small part of this volume, i.e. 10 million vehicles, returning to a level reached in 2019 but which was already lower than those of the years 2016-2017-2018. The volume of new vehicle registrations barely exceeds 82 million units in 2023, compared to 84 million in 2016, 86 million in 2017 and 86 million in 2018.
- The most dynamic countries in 2023 were Turkey (+56.0% due to anticipations of purchases before an increase in tariffs and taxes in 2024), Russia (+36.3% after a collapse of 58 .8% in 2022) and Mexico (+25.4%) but their relatively low overall volume has not really influenced global growth.
- It is mainly China (+12%), the United States (+12.1%) and Europe 29 countries (+13.7%) which – due to their large volume – have influenced the global growth, with these three regions representing 70% of global passenger cars and light commercial vehicles sales.
- According to Inovev, the recovery of the global automobile market is expected to continue in 2024, with a volume of approximately 84 million units.