The Belgian market increases by 30.1% in 2023 compared to 2022
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The Belgian market increases by 30.1% in 2023 compared to 2022
- The Belgian automobile market (passenger cars) progressed significantly in 2023, with an increase in sales of 30.1% compared to 2022 after three years of a real collapse of the market. This hit bottom in 2022, with a volume of 366,303 units compared to 383,123 in 2021, 431,491 in 2020 and 550,003 in 2019. In 2023, it reached 476,675 units.
- The explanation for this sharp surge in 2023 could be due to the delivery of vehicles ordered in the previous two years and which could not be delivered due to parts supply shortages.
- Despite this good performance achieved in 2023, the Belgian market remains below the mark of 500,000 units per year, which seems the usual level of this market, as the average volume over the last twenty years stands at 500,000 units per year. In addition, the recovery from sales missed during the previous three years is only partial as these missed sales are estimated at more than 300,000 units according to Inovev.
- By carmaker, the Volkswagen group remains the Belgian market leader in 2023, with 24% of market share, ahead of the Stellantis group which benefits from its 14 brands (15% market share), Renault (10% market share ) and the two Premium carmakers BMW and Mercedes (12% and 7% market share respectively). It is interesting to note that in Belgium, BMW and Mercedes are more appreciated than Toyota and Hyundai-Kia, contrasting with France, Spain or Italy. This is why the Belgian market can be considered as a northern market (like Germany or Great Britain) and not as a southern market.
The Spanish market grows by 16.7% in 2023 compared to 2022
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The Spanish market grows by 16.7% in 2023 compared to 2022
- The Spanish automobile market (passenger cars) experienced a revival in 2023, of around 16.7% compared to 2022, with a volume of 949,359 new cars registered compared to 813,396 in 2022, 859,477 in 2021 and 851,211 in 2020. However, this catch-up after three mediocre years, as in most European countries, is only very partial since we didn’t reached the levels of the years 2015 to 2019, which were well above 1 million units per year. We are even far from the volumes reached between 2004 and 2007, which were higher than 1.5 million units per year.
- It seems obvious, with the higher price of vehicles and the “wait-and-see” attitude of customers regarding electric cars, that we will not reach again these figures above 1.5 million units per year at middle term.
- By carmaker, the ranking is a little tighter than in other major European markets where one or two leaders outpace all competitors. In Spain, carmakers follow each other closely: the Volkswagen group is in first position in this market, with 23% market share, ahead of the Stellantis group (18%), Hyundai-Kia (13%), Renault (11%) and Toyota (9%).
- While the Spanish market is one of those where sales of Chinese cars are the highest (3.9% of the market compared to 2.7% of the European market), it is also one of those where sales of electric cars are the lowest (6% of the market compared to 16% of the European market). This is one of the most interesting characteristics of this market.
The PC French market increases by 16.1% in 2023 compared to 2022
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The PC French market increases by 16.1% in 2023 compared to 2022
- The French automobile market (passenger cars) experienced a revival in 2023, with a 16.1% increase in registrations compared to 2022, a trend higher than that of the European Union as a whole. The volume of new car registrations reaches 1,774,772 units in 2023 compared to 1,529,185 in 2022, 1,659,146 in 2021 and 1,650,118 in 2020. However, as in other European countries, this recovery is not at all catching up with the missed sales from the previous three years, but the 2023 figure represents 80% of the 2019 figure which was the highest since 2011.
- As in other European countries, the price of electric cars (which represent 17% of the French market in 2023) is too high to convince a wider customer base, and the end of the ecological bonus on electric cars produced outside Europe will make a large number of electric cars even more expensive. In 2024 the launch of the new Renault 5 E-Tech is planned (minimum price announced: 25,000 euros excluding bonus - for the record, an gasoline Clio starting price in 2019 was around 15,000 euros but in 2023: 20,000 euros) and Citroën e-C3 (announced minimum price: 23,300 euros excluding bonus – for the record the C3 gasoline price: 17,000 euros).
- By carmaker, the French market is represented at 52% by two groups which are almost equal, the Stellantis group with its 14 brands which occupies 27% of the market, and the Renault group with its 3 brands (the Renault-Nissan group does not no longer existing as such since 2023) which occupies 25% of the market. Far behind, the Volkswagen group does not exceed 14% of the market, however ahead of the Toyota groups (6%) and Hyundai-Kia (6%). Chinese carmakers still only represent 2.1% of the French market, compared to 5% of the British market, 4.3% of the Italian market or 3.9% of the Spanish market. However, this is more than in Germany (1%).
- Inovev expects a low market growth in 2024, between 1 and 5%.
Italian market grows by 19% in 2023 compared to 2022
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Italian market grows by 19% in 2023 compared to 2022
- The Italian automobile market (passenger cars) experienced a recovery in 2023, of around 19% compared to 2022, with a volume of 1,566,448 units compared to 1,316,702 in 2022, 1,457,952 in 2021 and 1,381,496 in 2020. The Italian market therefore returns to the 1.5 million units per year mark, but it still remains well below the volumes reached between 2016 and 2019 which were well above 1.8 million units per year. And the volumes achieved between 2000 and 2009 were still much higher, well above 2 million units per year.
- It is obvious that, as in other European countries, the recovery of missed sales between 2020 and 2022 is only very partial. The sharp increase in car prices slows down purchases and encourages potential customers to keep their vehicle longer.
- By carmaker, the Stellantis group is well ahead of all its competitors (32% market share), this coming from the fact that the Fiat brand traditionally represents the largest share of automobile sales in Italy. But Fiat has declined significantly over the past 50 years, notably due to the opening of the market to foreign brands and the drastic reduction of products range, decided by former president Sergio Marchionne.
- In 2023, Fiat will only represent 11% of sales in Italy, or a third of the Stellantis group's sales. The Volkswagen group is second in this market, with 17% of the market, followed by Renault group (11%), Toyota (7%) and Hyundai-Kia (6%).
The German market grows by 7.3% in 2023 compared to 2022
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The German market grows by 7.3% in 2023 compared to 2022
- The German automobile market (passenger cars) experienced a small recovery in 2023, of around 7.3% compared to 2022, with a volume of 2,844,609 units compared to 2,651,357 in 2022, 2,622,132 in 2021 and 2,917,678 in 2020. However, this volume is still very far from the volumes reached between 2015 and 2019, which were well above 3 million units.
- The German automobile market did not increase further in 2023 because it is weighed down by high inflation which has increased the price of cars and the price of energy. The German government had to end subsidies for electric cars at the end of the year, which will further increase the price of electric cars.
- As a result, we are seeing a shift in German opinion regarding the acquisition of an electric car, which could pose a problem regarding the CO2 objectives recommended by the European Commission.
- Despite the poor sales of Volkswagen brand electric cars, the group VW still occupies 39% of the German automobile market in 2023, well ahead of all its competitors. Stellantis, in second position with 12% of the German market, benefits here from the German brand Opel which alone occupies half of the group's sales on the German market. The two German premium carmakers Mercedes and BMW are relegated to third and fourth position (with 11% and 10% market share respectively), their electric vehicles being too expensive to be really popular. The Hyundai-Kia group managed to grab fifth place, with 6% market share.
- Inovev expects low market growth in 2024, with the possibility of reaching the symbolic figure of 3 million vehicles (which would correspond to a market increase of 5.5%). But nothing is certain and even market stagnation cannot be ruled out.
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