Hyundai-Kia Group sold 7.23 million vehicles in 2024
- 说明
Hyundai-Kia Group sold 7.23 million vehicles in 2024
- The Korean group Hyundai-Kia sold 7.23 million vehicles worldwide in 2024, compared to 7.3 million in 2023, which represents a small decrease of 1% while the carmaker's targets had been set at 7.44 million units for 2024. The new targets for 2025 are set at 7.37 million vehicles sold, or 2% more than the final result of 2024. The Hyundai-Kia group therefore remains the third largest carmaker in the world behind the Toyota and Volkswagen groups and ahead of GM and Stellantis.
- By brand, Hyundai (including Genesis) sold 4,141,791 vehicles (-1.8% compared to 2023) and Kia 3,089,457 vehicles (+0.1% compared to 2023).
- The United States remains the Korean group's leading market in 2024, with 1,708,212 vehicle sales compared to 1,652,821 in 2023. Hyundai-Kia holds 10.7% of this market last year compared to 10.6% in 2023. South Korea remains its second market, with 1,245,020 sales and compared to 1,327,903 in 2023. Hyundai-Kia holds 76.85% of this market last year compared to 77% in 2023. Large Europe (EU + UK + Switzerland + Norway) is its third market, with 1,006,073 sales and 7.8% market share. India is its fourth market, with 850,429 sales and 17.5% market share. China is its fifth market, with 431,215 sales and only 1.6% market share, a market where the Korean group tends to gradually disappear.
- In 2024, Hyundai-Kia sold 400,000 BEVs (compared to 376,500 in 2023), 95,000 PHEVs (compared to 105,000 in 2023) and 650,000 HEVs (compared to 646,000 in 2023). These models represent 16% of the Korean carmaker's total sales (compared to 15% in 2023).
In China, market and production growth expected to continue in 2025
- 说明
In China, market and production growth expected to continue in 2025
- Chinese Market:
• The passenger car market reached a volume of nearly 22.9 million units in 2024, up 5.5% compared to 2023 (source: CPCA). The market was among other factors driven by the two "bonus" systems for purchasing a new vehicle that ended in December 2024 (but was finally extended for 2025): one for scrapping an older ICE vehicle or NEV for a new NEV and the second for scrapping an old vehicle for a new ICE vehicle with an engine smaller than 2.0 litres.The NEV market (BEV+PHEV) reached a volume of 12.23 million units, (+37.8% compared to 2023). NEVs represent 53% of the passenger car market in 2024.
• After a spectacular breakthrough, the Chinese BYD has managed to supplant the Volkswagen and GM groups, to become the number 1 in the market in 2024, with a 15% market share, while Volkswagen has fallen to 10% and GM to 6% (the Chinese brands Wuling and Baojun representing two thirds of GM's 6%). The Chinese groups Chery, Geely and Changan are now in 3rd, 4th and 5th position behind BYD and Volkswagen. Conversely, the Japanese and Korean brands are losing a lot of ground. At the end of 2024, Chinese carmakers represent 66% of the Chinese passenger car market compared to 57% in 2023 and 45% in 2021.
• For 2025, the market should continue to grow at a rate equivalent to 2024, even if some say that the economic climate in China is less dynamic, it is difficult to see it in the figures. The growth of NEVs should also continue with strong competition between Chinese carmakers to launch regularly new models and at competitive prices.
- Production
• The production of passenger cars (PC) in China reached 27,476,886 units in 2024, up 5.2%. These figures include cars assembled under license (J.V.). Chinese production benefits from local dynamics but also from export markets, including Russia, Mexico, Europe but also the Middle East countries (led by the United Arab Emirates and Saudi Arabia) and to a lesser extent ASEAN.
• For 2025, growth should be confirmed at a level equivalent to 2024, with export markets on the rise (Russia) and despite a policy in Europe less in favour of imports from China, but which should not see a notable effect in the short term.
After a 2.4% increase in 2024, the US market should be stable in 2025
- 说明
After a 2.4% increase in 2024, the US market should be stable in 2025
- The US market:
• The passenger car and pickup market grew by 2.4% in 2024 compared to 2023, to 15,954,040 sales. Of this total, pickups represent 2,895,887 units in 2024, or 18.2% of the US market last year, compared to 2,858,985 units in 2023, or an almost identical market share of 18.3%.
• The GM group keeps its first place in the US market in 2024, with a 17% market share (2.7 million vehicles; +4.4%) ahead of the Toyota groups (15% market share; 2.3 million vehicles; +3.7%) and Ford (13% market share; 2 million vehicles; +2.7%). Next come the Hyundai-Kia groups (11% market share) and Honda (9% market share). The Stellantis group, represented at 99% of US sales by the former Chrysler group (Chrysler, Dodge, Jeep, Ram), falls from fifth to sixth place behind Hyundai-Kia and Honda, with 8% market share (1.3 million vehicles; -15.0%).
• BEV sales increased by 5% to just over 1.25 million units, in a market dominated by Tesla, which has almost 50% of this market share, but nevertheless down 8% compared to 2023. Tesla occupies 4% of the US market in 2024, a situation that is almost stable compared to 2023.
• For 2025, Inovev forecasts a stagnation of the market, which would correspond to a transitional period before a possible rebound for the following years, due to a policy that could once again favour thermal vehicles.
- Production:
• Production in the US of passenger cars and pickups is up 6% in 2024 compared to 2023 to 10.8 million units. It is mainly driven by the pick-up category (+9% to 2.7 million units) and SUVs (+9% to 6.1 million units), while sedans are down 6% to 1.7 million units.
• For 2025, American production should continue to grow. The American strategy for several years now has been to localise production on its soil for its own market. Mechanisms such as the IRA (Inflation Reduction Act) have been put in place and others could emerge with the new administration. The effects of this policy should therefore continue and see the volume of imports gradually reduced in favour of local production in the USA.
The Big Three will only represent 38% of the US market in 2024
- 说明
The Big Three will only represent 38% of the US market in 2024
- The American brands of the Big Three (GM, Ford, Stellantis) still accounted for more than 80% of new car sales in the United States in the early 1970s, with imports mainly represented by the Volkswagen Beetle, a few Japanese brands and a few European brands. This level was much lower than that recorded by American brands in the 1950s and 1960s, but had continued to decline over the following decades. From 83% of the US market in 1970, the share of the Big Three had gradually fallen to 74% in 1980, 72% in 1990, 70% in 2000, then this decline would become more pronounced in the early 2000s (this was the time of the end of the high-volume brands Plymouth and Oldsmobile). In 2010, the share of the Big Three went gradually to 45%, which cause the end of the Mercury, Pontiac and Saturn brands.
- At the same time, the share of foreign carmakers (especially Japanese) had increased from 30% in 2000 to 55% in 2010 of the US market, representing for the first time more than one in two sales. It is especially in the sedan category that foreign predominance will be affirmed and this is the reason why the Big Three had left this category of vehicles in the early 2020s.
- Between 2010 and 2020, the Big Three tried to resist with a market share flowing around 44-45% of the US market. But the following years marked by the Big Three cancelling sedans in favour of SUVs and pickups saw their market share falling below the 40% mark to 39% in 2023 and 38% in 2024. Luckily for the Big Three, their dominance in the pickup category remains very strong, but in the SUV category it seems more fragile.
- The new American brands (Tesla, Rivian, Lucid) began to develop after 2015, but their market share never reached 5% (4.2% in 2024 including 3.8% for Tesla) and are not yet offsetting the fall of the former Big three.
After a 3.2% drop in 2024, the French market should experience a small growth in 2025
- 说明
After a 3.2% drop in 2024, the French market should experience a small growth in 2025
- French market:
• The French passenger car market represented 1,718,449 passenger cars (PC) in 2024 (official 12-month figures) compared to 1,774,772 in 2023, down 3.2%. The Stellantis and Renault groups occupy half of the market in equal shares.
• BEV sales fell by 6% in 2024 compared to 2023 (291,143 sales compared to 298,525 in 2023), which can be attributed to several factors: an overall drop in demand in France, the end of the first wave of "early adopter" buyers, the expectation of the launch of more affordable vehicles (Renault 5/4, Citroën e-C3, Fiat Panda, etc.) and to a lesser extent the reduction in subsidies from December 2. The share of BEVs in the passenger car market has nevertheless remained stable (16.9%)
• For 2025, the French market is expected to grow modestly, to around 1.75 million passenger cars (+1.8%).Demand is expected to be driven by the cyclical renewal of old cars or end of leasing period for professional buyers and by the development of new, more accessible models, particularly with electric engines. However, both political and economic uncertainty (especially for professional buyers) could slow down the expected growth.
- Production:
• France's production volume is expected to reach just under 850,000 passenger cars in 2024 (latest estimates calculated from the first 11 months), compared to 866,614 in 2023, which represents a decrease of 2%. The difference can be attributed to the lower volumes of models awaiting renewal, in particular the Peugeot 5008, Citroën C5 Aircross, Opel Mokka, or which are not meeting with the expected success such as the Peugeot 308, Renault Mégane BEV and Renault Scénic BEV. For BEVs, a little less than 130,000 passenger vehicles were produced in France according to Inovev's estimates.
• For 2025, Inovev forecasts 983,399 passenger cars produced in France, representing a 15% increasefrom one year to the next. This increase in production is mainly explained by the ramp-up of the Renault 5 BEV, Renault Scénic BEV, Renault 4 BEV, Peugeot 3008 and Peugeot 5008. The volume increase of the models mentioned will mechanically contribute to an increase in BEV production in France in 2025.