The production of light vehicles in Europe should increase by 4,5% in 2023 and 4,8% in 2024
- We have already seen that production volumes in Europe have declined by 5% by 2022, following the trend of the European automotive market (-6% for passenger cars and light utility vehicles, of which -4% for passenger cars). By definition, the production volume of a region is the market volume of that region plus exports as well as possible restocking of depleted inventories. According to Inovev, the growth of the European market will be around 1% in 2023 and restocking is expected to increase. Export levels should remain stable, because even if there are concerns about support for local production in the United States in particular (1st export market for Europe), the effects should not be felt at the short term.
- Consequently. European production growth in 2023 can be assumed to be in the order of 4.5%. The production volume of passenger cars and light utility vehicles in Europe will therefore be 12,975,000 vehicles in 2023, compared to 12,422,138 in 2022, far from the figures reached between 2015 and 2019, when more than 17.5 million vehicles were produced per year, a level that will probably never be reached again. For 2024, Inovev forecasts a growth of 4.8% and a volume of 13,599,750 vehicles produced in Europe.
- For battery electric vehicles (BEVs) and plug-in hybrid vehicles (PHEVs), Inovev estimates that 9% of BEVs were produced in Europe and 6% PHEVs in 2022. For 2023, Inovev forecasts 11% BEVs and 8% PHEVs and 13% BEVs and 9% PHEVs in 2024.