The passenger car markets are recovering worldwide

Passenger car sales increased worldwide last year, not least thanks to the improved availability of parts. According to the German Association of the Automotive Industry (VDA), new registrations in Europe rose by 14% to around 12.8 million vehicles compared to 2022. Almost 25.8 million passenger cars were sold in China. That is more than ever before and eleven percent more than in 2022 and seven percent more than in the previous record year of 2017.

In the USA, the market for light vehicles (passenger cars, vans and pick-ups) grew by 12% to around 15.5 million units. This is nine percent less than in 2019. Mexico recorded a strong year-on-year increase of 25 percent to 1.4 million vehicles.

Japan was the fourth-largest single market worldwide with an increase of 16% and four million cars sold. According to the VDA, the gap to the pre-crisis level is now only seven percent. In India, deliveries increased by eight percent to 4.1 million new cars. This puts the country in third place worldwide, which it took over from Japan in 2022.

The Brazilian light vehicle market also developed positively in 2023 compared to the previous year. Just under 2.2 million vehicles represent market growth of eleven percent. However, the country is still 18% behind the 2019 figures. (aum)