International passenger car markets mostly up

According to VDA calculations, the majority of the international automotive markets recorded an increase in new registrations in the first three quarters of 2023. The growth rates were positive in most markets, even though the cumulative figures are likely to melt away somewhat by the end of the year. In addition to subdued demand, the reasons for this are geopolitical and macroeconomic uncertainties as well as persistently high energy and consumer prices.

According to the VDA, a good 9.7 million new vehicles were registered in the European passenger car market (EU, EFTA & UK) in the first three quarters of this year. This is 17 percent more than in the identical period of the previous year. However, the catch-up process is proceeding sluggishly, with the figures currently still a good fifth (-20 percent) below new registrations at the pre-crisis level of 2019. The five largest individual European markets developed as follows in the past month: Italy ( up 23 percent), United Kingdom (up 21 percent), France (up 11 percent), Spain (up 2 percent), Germany (0 percent).

In the Chinese passenger car market, sales after three quarters were 7 percent higher than in the same period last year, with just over 17.9 million units sold. Here, the pre-crisis level was already reached again last year. It is currently just under 20 percent above the sales volume for 2019.

In the U.S., light vehicle sales (passenger cars and light duty) increased significantly by 14 percent in the first three quarters. A total of around 11.6 million vehicles were sold. This still leaves the market nearly 9 percent below 2019 pre-crisis levels. (aum)