Restocking in 2022 offset the destocking of 2020 & 2021 period
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Restocking in 2022 offset the destocking of 2020 & 2021 period
- For the first time since 2018, the production volume in the world was much higher last year than that the sales volume. According to the OICA (International Organization of Automobile carmakers), the global production volume of vehicles (passenger cars, light commercial vehicles, heavy duty trucks and buses) reached 85.017 million units in 2022 while vehicle registrations did not exceed 81.629 million units, representing a production surplus of 3.388 million units. There was indeed a restocking at the global level in 2022.
- This production surplus offsets the production volume deficit recorded in 2020 and 2021, two years which were marked by the COVID 19 crisis and then by the semiconductor crisis. This deficit in production volume had reached 3.775 million units over the two years, with sales then being made massively from stock.
- In conclusion, there was significant destocking in 2020 and 2021 globally, as vehicle registrations outnumbered vehicles produced. Then there was a compensatory restocking in 2022 which made it possible to meet demand and reduce delivery times which had increased considerably in the two previous years due to a lack of models in dealers and a production disrupted by chaotic supplies.
- This restocking enabled world production to record growth in 2022 (+6% according to the OICA) while registrations fell by 2%.
This distortion is visible among carmakers who have seen their sales decline for most of them and the same time seen their production increase.
This distortion is visible among carmakers who have seen their sales decline for most of them and the same time seen their production increase.
Diesel continues to decline on the European market
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Diesel continues to decline on the European market
- Diesel sales continues to decrease on the European car market. After increasing its market share in Europe to 55.7% in 2011, sales of passenger cars with diesel engines began to decline. Modest at first, since this market share had gradually slipped to 50% in five years until 2016, this decline then accelerated, falling to 45% in 2017, 36% in 2018, 32% in 2019, 20 % in 2020, 18% in 2021 and 15% in 2022. The fall continues in the first quarter of 2023 with a market share which fell to 13% of the European market.
- Diesel demand plummeted as this type of engine emitted significantly less C02 than petrol engines, and the level of particulates emitted had become of the same order of magnitude as what petrol-powered vehicles emits.
- In five years (from 2017 to 2022), diesel has lost 30% of market share, dropping from 45% to 15%, while battery electric vehicles (BEV) and hybrid vehicles (HEV+PHEV) have seen at the same time, their market share rose from 4% to 31%, representing an increase of 27% in absolute terms.
- Alternative-powered cars have therefore almost entirely replaced diesel cars in Europe, if their market share is taken into account. Petrol cars have also benefited from the decline in diesel cars, with some customers switching from a diesel car to a petrol car. On the other hand, for light utility vehicles (LUVs), demand is still mainly concentrated on diesel engines (95% in 2022). LUV sales represent 12.5% of light vehicle sales in Europe.
The top 25 best-selling models in the USA in 2022
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The top 25 best-selling models in the USA in 2022
- The US market for passenger cars (including SUVs and MPVs) and pick-ups (a category that represents one in five sales in the US) reached 13,899,871 units in 2022, compared to 15,079,182 units in 2021 and 16,332,464 in 2020. In this context, the large pick-ups of the big three American carmakers (GM, Ford, Stellantis) still represent the best sales on the US market, as they have for several decades, but the Stellantis group's Ram is moved from second to third place last year.
- The Toyota RAV4 retains its fourth place and remains the best-selling SUV in the USA. The Toyota Camry remains in fifth place and remains the best-selling sedan in the United States. The Tesla Model Y takes sixth place thanks to a strong increase compared to 2021. It is ahead of the fourth major American pickup, namely the GMC Sierra, located in seventh position. In eighth position, there is the Honda CRV (second best-selling SUV in the USA) which supplants the Toyota Tacoma medium-duty pick-up, the Jeep Grand Cherokee SUV, the Toyota Highlander SUV (which is ahead of its American competitor the Ford Explorer) and the Tesla Model 3 which is progressing strongly even though this model is older than the Tesla Model Y. Behind them, the Chevrolet Equinox and Ford Explorer SUVs are neck and neck.
- Among the big drops are the Honda CRV, Honda Civic and Honda Accord (2022 will have been a bad year for Honda), as well as the Nissan Rogue.
The top 25 best-selling models in Europe in 2022
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The top 25 best-selling models in Europe in 2022
- The European passenger car market reached 11,287,005 units in 2022, compared to 11,762,568 units in 2021 and 11,951,813 in 2020, corresponding to a decrease of 1.6% in 2022 compared to 2021 and a decrease of 5.5% compared to 2020.
- The Peugeot 208 was the best selling model of the European market in 2022, thus ousting the Volkswagen Golf which had been the best-selling car in Europe since 2007. It should be noted that a Peugeot had already been the European market leader in 2002 and in 2003, it was the Peugeot 206. The Dacia Sandero manages to take second place in the European market in 2022 (it was fifth in 2021), thus supplanting the Volkswagen Golf which is now in third position. It could be explained by the competition of the Volkswagen T-Roc which goes from 6th place to 5th in 2022. The Fiat 500 reaches 4th place (previous and new generations), whereas it was 9th in 2021. The battery electric version (500e) has boosted sales of the model. Remember that the Fiat 500e was the most produced 100% electric car in Europe in 2022. The Opel Corsa manages to reach 6th place when it was 7th in 2021, ahead of the Toyota Yaris which goes from 8th to 7th place.
- Three sharp drops in 2022: the Peugeot 2008 goes from 3rd to 9th place, the Renault Clio goes from 4th to 11th place and the Volkswagen Polo which goes from 13th to 20th place.
- Two strong increases in 2022: the Tesla Model Y goes from 15th to 10th place and the Toyota Yaris Cross which enters the Top 25 in 22nd place.
The top 25 best-selling models in China in 2022
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The top 25 best-selling models in China in 2022
- The Chinese passenger car market reached 23,563,287 units in 2022, compared to 21,481,537 units in 2021 and 20,177,731 in 2020. This market has resumed its growth after the bad years of 2018 and 2019. Even if the Volkswagen group still remains the sales leader on the Chinese market in 2022, it is losing market share each year to Chinese carmakers (including BYD) its share having fallen to 13% in 2022 against 14% in 2021, 17% in 2020 and 19% in 2019.
- The best-selling model on the Chinese market in 2022 remains as in 2021 the WulingHongguang Mini EV which is a small battery electric A-segment car and which has managed to revive a marginal A-segment in China, a market mainly of C and D segments cars.
- The battery electric Tesla Model Y takes second place in 2022, resulting in two BEVs leading sales in China last year, which doesn't seem surprising given that BEVs accounted for more than 20% of the market in 2022.
- The BYD Song DM takes third place, due to strong growth over the previous year. This model is one of the plug-in hybrid models marketed by the Chinese brand BYD. Classic models such as the Volkswagen Lavida are losing ground, as demand is shifting more and more to battery electric or plug-in hybrid models and less and less to thermal models. And Chinese carmakers have a advantage on foreign carmakers in terms of battery electric motorization (except perhaps in the case of Tesla).