The Norwegian market is down 1.1% compared to 2021 and becomes 80% electric
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The Norwegian market is down 1.1% compared to 2021 and becomes 80% electric
- The Norwegian PC (passenger vehicle) market accounted for 174,329 passenger car sales in 2022, representing a small drop of 1.1% compared to a year 2021 which had set a sales record in the country. Let remind us the previous figures: 176,276 passenger cars in 2021, compared to 141,412 in 2020 and 142,381 in 2019. Norway is one of the rare countries to have seen its sales increase in 2021 compared to 2019 (+24.8%), and register such a small decline in 2022. This market is very specific in the sense that it is the most electrified in Europe. Indeed, 113,715 of new cars sold in 2021 were battery-powered vehicles (BEVs), representing a share of 64.5% compared to 54.3% in 2020. In 2022, this share of BEVs reaches 80%.
- Norway is therefore not only the largest producer of hydrocarbons in Europe, but also the country that buys the highest share of electric cars. Indeed, the European average is around 13% of the market. Norway is therefore in line with its target of 100% electric cars sold in 2025.
- In this context, the Tesla brand consolidates its first place in the Norwegian market in 2022, with a 12% market share, but by group, Volkswagen is the leader.
- Remember that, unlike petrol and diesel cars, electric cars have many advantages, even if local authorities are starting to remove some of them (such as free urban tolls or free parking).
The Dutch market is down 3.3% in 2022 compared to 2021
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The Dutch market is down 3.3% in 2022 compared to 2021
- The Dutch PC (passenger car) market remained at a very low level in 2022 compared to 2021 (-3.3%), and especially compared to 2019 (-30%). In total, the Netherlands registered 312,129 passenger cars last year, up from 322,831 in 2021.
- By group, Volkswagen dominates the market with 64,855 units, ahead of Stellantis (50,654 units), Hyundai-Kia (47,062 units) and Renault-Nissan (31,965 units).
- The ranking by brands shows that Kia becomes the market leader (30,036 units) ahead of Volkswagen (25,993 units), Toyota (25,362 units), Peugeot (21,242 units), BMW (17,138 units) and Hyundai (17,026 units).
- Top-selling models were Peugeot 208 (9,640 units), Kia Picanto (7,391 units), Kia Niro (7,277 units), Volvo XC40 (6,821 units), Opel Corsa (6,669 units) and the Toyota Yaris Cross (5,987 units). The Netherlands is the only country in Europe where Kia places its models in the Top 3.
The Swedish market is down 4.3% in 2022 compared to 2021
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The Swedish market is down 4.3% in 2022 compared to 2021
- The Swedish PC market (passenger cars) remained at a very low level in 2022 compared to 2021 (-4.3%) and especially compared to 2019 (-20%). In total, Sweden registered 288,004 passenger cars last year, up from 322,831 in 2021.
- By group, Volkswagen dominates the market with 67,689 units, ahead of Volvo (45,883 units), Hyundai-Kia (35,715 units) and Toyota (24,505 units).
- The ranking by brand shows that Volvo remains the market leader with 45,883 units, ahead of Volkswagen (33,696 units), Kia (29,847 units), Toyota (23,279 units), BMW (16,531 units), Mercedes (15,754 units) and Audi (13,874 units).
- Top-selling models were Volvo XC40 (14,252 units), Volvo XC60 (12,009 units), Kia Niro (8,909 units), Volkswagen ID4 (8,874 units), Volvo S60/V60 (8 545 units) and the Kia Ceed/Xceed (8,056 units). Note that the Tesla Model Y is just behind with 6,550 units, produced in Germany of course.
The US market is down 7.8% in 2022 compared to 2021
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The US market is down 7.8% in 2022 compared to 2021
- The US automotive market (passenger cars and light utility vehicles) fell to 13.9 million vehicles in 2022, compared to 15.1 million in 2021, which represents a decrease of 7.8% compared to 2021 and 18.5 % compared to 2019. The figures for 2020, 2021 and 2022 which hover between 14 and 15 million units per year remain very far from the figures for 2015 to 2019 which hovered around 17 to 17.5 million units per year.
- Remember that at the pic of the 2008-2009 crisis, the US market had fallen to nearly 10 million units, a volume that we are still far from. According to Inovev, the US market will overtake the European PC+LUV market in 2022, as the latter should not exceed 13 million units, compared to 13.7 million in 2021.
- Of all US registrations in 2022, SUVs represented 7.36 million units (53% of the market), sedans and coupes 2.65 million units (19% of the market), pick-ups 2.73 million units (20% of the market). Sedans and coupés continue to lose market share to SUVs and pick-ups.
- In 2022, the GM group (2,258,283 sales) regained first place on the US market from Toyota (2,108,457 sales), which had overtaken it in 2021. The Ford group (1,850,925 sales) remains third, ahead of the Stellantis group (1,553,895 sales). The Hyundai-Kia (1,474,224 sales), Honda (983,507 sales) and Renault-Nissan (815,160 sales) groups follow. Tesla (522,444 sales) is the tenth largest carmaker on the US market in 2022, almost tied with the Volkswagen group and Subaru.
Indian’s Automobile Market Forecast for 2023
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Indian’s Automobile Market Forecast for 2023
- In 2022, the Indian automobile market is expected to reach a record high of 4.6 million units. The impact of production restrictions due to the supply disruption of semiconductors has been eased, and backorders are being processed at an accelerated pace.
- On the other hand, due to high fuel costs and other factors, the global trend of inflation has intensified since the beginning of 2022. In India, too, the consumer price index continues to rise and the policy interest rate continues to expand, and the depreciation of the national currency against the US dollar has also contributed to negative factors for the economy.
- It is expected that automobile sales will be affected by the increase in auto loan interest rates due to the policy interest rate hike in the coming months. Currency depreciation and inflation are also expected to have a negative impact on vehicle purchasing intentions. Furthermore, a possible global recession in 2023 may cause the Indian economy to cool down which may cause the automobile market to shrink significantly.
- Therefore, we can forecast a decrease of the Indian market in 2023 to a volume of 4.1 million units, meaning a decline of nearly 11% of sales.