The US market increases by 12.2% in 2023 compared to 2022
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The US market increases by 12.2% in 2023 compared to 2022
- The US automobile market (passenger cars + pick-ups) experienced a revival in 2023, with an increase of 12.2% compared to 2022, with a volume of 15.6 million vehicles, which is a high level compared to the last twenty years. However, the US market has exceeded the level of 16 million vehicles registered fifteen times, notably between 1999 and 2007, and between 2014 and 2019. It is also interesting to point out that the US market had exceeded 17 million units in 2017, 2018 and 2019.
- The sales volume of the Big Three (GM, Ford, Chrysler) declined significantly between 1999 and 2009 – several brands were also eliminated during this period, such as Plymouth, Oldsmobile, Pontiac or Mercury – falling from 12 million sales in 1999 to 5 million in 2009, representing a drop of 58%.
- Between 2010 and 2015, the volume of the Big Three gradually increased from 5 million to 8 million vehicles sold. And again, this volume was gradually reduced to 6 million units in 2023. The market share of the Big Three therefore only represents 40% of the US market in 2023 compared to 45% in 2010, 60% in 2005 and 70% in 2000.
- This loss of influence of the Big Three was mainly for the benefit of Japanese and Korean carmakers. Japanese carmakers now capture 35% of the US market and Korean carmakers 11%. The remaining 14% is occupied by European carmakers (especially German) with 10% of the US market and Tesla with 4% of the US market.
Swedish market is stable in 2023
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Swedish market is stable in 2023
- The Swedish automobile market (passenger cars) remained stable in 2023, with a volume not exceeding 289,665 units compared to 288,004 in 2022 and 300,983 in 2021. Compared to previous years (2015-2020), the market Swedish is on an middle trend because we are far from volumes above 350,000 units as during this period. We are rather talking about the volumes reached between 2005 and 2013, if we ignore the years 2008-2009 which were marked by the economic crisis started in North America in August 2008.
- The Swedish automobile market, which today represents a tenth of the German market, is characterized by several very specific differences compared to other European countries:
1. It is one of the only European markets where the Volvo brand (owned by the Chinese Geely since 2010) is one of the most widely distributed carmakers, which is logical since Sweden is Volvo's country of origin.
2. It is one of the rare European countries which has a very strong presence of electric cars (38% of the market compared to 16% in the European market) and Chinese cars (6% of the market compared to 2.7% in the European market).
- It is also the second country behind Norway in terms of electric cars (85% of the market in 2023).
- Despite the strong presence of Volvo (14% market share), it is the Volkswagen group which remains the leader in the Swedish market in 2023 (with 26% market share), thanks to its five major brands. Tesla already represents 7% of the Swedish market.
The Belgian market increases by 30.1% in 2023 compared to 2022
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The Belgian market increases by 30.1% in 2023 compared to 2022
- The Belgian automobile market (passenger cars) progressed significantly in 2023, with an increase in sales of 30.1% compared to 2022 after three years of a real collapse of the market. This hit bottom in 2022, with a volume of 366,303 units compared to 383,123 in 2021, 431,491 in 2020 and 550,003 in 2019. In 2023, it reached 476,675 units.
- The explanation for this sharp surge in 2023 could be due to the delivery of vehicles ordered in the previous two years and which could not be delivered due to parts supply shortages.
- Despite this good performance achieved in 2023, the Belgian market remains below the mark of 500,000 units per year, which seems the usual level of this market, as the average volume over the last twenty years stands at 500,000 units per year.In addition, the recovery from sales missed during the previous three years is only partial as these missed sales are estimated at more than 300,000 units according to Inovev.
- By carmaker, the Volkswagen group remains the Belgian market leader in 2023, with 24% of market share, ahead of the Stellantis group which benefits from its 14 brands (15% market share), Renault (10% market share ) and the two Premium carmakers BMW and Mercedes (12% and 7% market share respectively). It is interesting to note that in Belgium, BMW and Mercedes are more appreciated than Toyota and Hyundai-Kia, contrasting with France, Spain or Italy. This is why the Belgian market can be considered as a northern market (like Germany or Great Britain) and not as a southern market.
UK market grows by 17.9% in 2023 compared to 2022
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UK market grows by 17.9% in 2023 compared to 2022
- The British automobile market (passenger cars) experienced a clear recovery in 2023, of around 17.9% compared to 2022, with a volume of 1,903,054 units compared to 1,614,063 in 2022, 1,647,181 in 2021 and 1,631,064 in 2020. However, this volume of new cars registered is still very far from the volumes recorded between 2015 and 2019, which were well above 2 million units.
- The British automobile market, after having declined significantly between 2016 and 2020 due in particular to Brexit (losing almost a million vehicles in 2020 compared to 2016), did not continue to decline after this date, but stabilized before reversing the trend in 2023 (thus recovering a third of the volume lost between 2016 and 2020).
- The ranking by carmaker shows that the Volkswagen group is well ahead of all its competitors in 2023, with 24% market share, with its various brands (Volkswagen, Audi , Skoda, Seat, Porsche). The Stellantis group takes the second place behind Volkswagen, with 12% market share. The Korean Hyundai-Kia is performing well with 10% of the market. The BMW group benefits from its British brand Mini to achieve a market share of 8%. Ford, former leader of this market, now only occupies 8% of the market, due to a product policy which has ended the Fiesta, Focus and Mondeo sedans as well as the B-Max, C-Max, S-Max and Galaxy MPVs.
The Spanish market grows by 16.7% in 2023 compared to 2022
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The Spanish market grows by 16.7% in 2023 compared to 2022
- The Spanish automobile market (passenger cars) experienced a revival in 2023, of around 16.7% compared to 2022, with a volume of 949,359 new cars registered compared to 813,396 in 2022, 859,477 in 2021 and 851,211 in 2020. However, this catch-up after three mediocre years, as in most European countries, is only very partial since we didn’t reached the levels of the years 2015 to 2019, which were well above 1 million units per year. We are even far from the volumes reached between 2004 and 2007, which were higher than 1.5 million units per year.
- It seems obvious, with the higher price of vehicles and the “wait-and-see” attitude of customers regarding electric cars, that we will not reach again these figures above 1.5 million units per year at middle term.
- By carmaker, the ranking is a little tighter than in other major European markets where one or two leaders outpace all competitors. In Spain, carmakers follow each other closely: the Volkswagen group is in first position in this market, with 23% market share, ahead of the Stellantis group (18%), Hyundai-Kia (13%), Renault (11%) and Toyota (9%).
- While the Spanish market is one of those where sales of Chinese cars are the highest (3.9% of the market compared to 2.7% of the European market), it is also one of those where sales of electric cars are the lowest (6% of the market compared to 16% of the European market). This is one of the most interesting characteristics of this market.