The global automotive market (PC+LUV) fell by 2% in 2022
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The global automotive market (PC+LUV) fell by 2% in 2022
- According to Inovev's calculations, the global light vehicle market (PC+LUV) fell by 2% in 2022 compared to 2021, representing a loss of nearly 2 million vehicles.
- Sales of passenger cars increased slightly (+0.4%), driven by strong growth recorded in China (+2 million units) and India (+700,000 units), which compensated for the drop in sales of passenger cars in Europe, Russia and the United States (-2.3 million for all of these three markets).
- On the other hand, it was sales of utility vehicles that weighed down the results recorded in 2022. These posted an overall drop of 12.5% (-1.9 million units) primarily attributable to China ( - 1.5 million units) and second to Europe (- 365,000 units) and the United States (- 335,000 units). These three markets lost 2.2 million utility vehicles in 2022, modestly offset by an increase of 300,000 units in India.
- In total, Inovev estimates the global automotive market (PC+LUV) at 73 million light vehicles in 2022 compared to 74.5 million in 2021, 72 million in 2020 and 80 million in 2019.
- Barring the possible emergence of a global recession, we can estimate that the year 2023 will see modest growth, which could enable a return to a level of 74 million light vehicles sold over the whole of the year, which represents a slight 1.5% increase. It is to be noted that in 2022, China represents 35% of global sales, compared to 33% in 2021.
The Polish passenger car market declines by 6% in 2022 compared to 2021
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The Polish passenger car market declines by 6% in 2022 compared to 2021
- The Polish passenger car market is the sixth largest in Europe, behind Germany, Great Britain, France, Italy and Spain. In 2022, it accounted for 419,749 passenger cars, compared to 446,647 in 2021, representing a decrease of 6%. Above all, the level of sales in 2022 is very different from 2018 and 2019, when the Polish market had reached a peak in registrations, at more than 500,000 units per year (555,000 in 2019).
- This registrations peak had been reached after uninterrupted sales growth between 2013 and 2019, as the Polish market stood at 300,000 units per year between 2007 and 2013. It was the enrichment of the middle classes that made it possible to build this growth from 2013 and 2019, but the year 2020 put a stop to this uptrend.
- We must also put these good figures into perspective, because at 80% of the population of Spain, Poland only achieves 50% of the sales made in Spain. So there is still a gap to fill in regarding Western European markets.
- In addition, market electrification remains very low in Poland, with BEV sales only reaching less than 40% of those seen in Spain.
- (25% market share), thanks to the strong presence of the Skoda brand (ndon the market behind Toyota). The Toyota group is behind the Volkswagen group (19% market share) but ahead of the Hyundai-Kia (15%), Renault-Nissan (10%) and (9%) groups.
The Argentine passenger vehicle market increases by 8.4% in 2022 compared to 2021
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The Argentine passenger vehicle market increases by 8.4% in 2022 compared to 2021
- The Argentinian passenger car market reached 260,847 units in 2022 compared to 240,676 in 2021, which represents an increase of 8.4%, but these figures are much lower than those of the years 2017-2018 which had exceeded 600,000 units per year and even more to those of the years 2011-2013 which had exceeded 700,000 units per year.
- The Argentinian market remains at the bottom of the wave, despite a slight progress recorded in 2021 and 2022, but the fall in registrations was such between 2018 and 2020 (- 400,000 vehicles in two years) that it will be difficult to quickly get back to the best levels of sales. Argentina regularly experiences economic crises that seriously disrupt the automotive market. In 2021 and 2022, we are practically back to the very low levels of the early 2000s.
- In this difficult and uncertain context, the Stellantis group is well ahead of all its competitors on the Argentinian market, with a market share of 39%, held mainly by Fiat, which has been a very long-standing player in the country, but also helped by Peugeot and Citroën, which arrived much later. In second place, the Toyota group occupies 22% of the Argentine market, which marks progress compared to previous years, as the Japanese carmakers arrived very late in South America. The Renault-Nissan group follows with a 13% market share (IKA Renault was already present on this market in the 1960s).
- The GM group (10%) and the VW group (10%) follow. As in Brazil, we note the nearly end of the Ford group (4%) which was once a major player in this market. Korean and Chinese carmakers are making a timid entry into this market.
The Brazilian passenger vehicle market increases by 1.2% in 2022 compared to 2021
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The Brazilian passenger vehicle market increases by 1.2% in 2022 compared to 2021
- The Brazilian passenger car automotive market reached 1,576,960 units in 2022 compared to 1,558,322 in 2021, which represents a modest increase of 1.2%, but these figures are much lower than those of the years 2018-2019 which had exceeded the 2,000,000 units per year and even more to those of the years 2011-2013 which had exceeded 2,500,000 units per year.
- The Brazilian market remains at a very low level, despite a slight progress recorded in 2022, but the market drop was so strong between 2013 and 2016 (- 1,000,000 vehicles in three years) that it will be difficult to quickly get back to such sales levels. Brazil regularly experiences economic and political crises that seriously disrupt the automotive market. In 2021 and 2022, we are practically back to the mediocre levels of the early 2000s.
- In this difficult and uncertain context, the Stellantis group is well ahead of all its competitors on the Brazilian market, with a market share of 28%, held mainly by Fiat, which has been a very long-standing player in the country, but helped also by Peugeot and Citroën, which arrived much later. In second place, the GM group occupies 17% of the Brazilian market, a legacy of a long past in the country with the Chevrolet brand. The VW group (16%) is third, and also had a rich past in the country (its presence dates back to the 1950s). The Hyundai-Kia group (12%) recently arrived in the country overpassed the Renault-Nissan group (10%) and the Toyota group (9%). We note the nearly end of the Ford group (4%) which was once a major player in this market. Chinese carmakers (2%) are making a timid entry into this market.
Korea's passenger vehicle market fell 2.7% in 2022 compared to 2021
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Korea's passenger vehicle market fell 2.7% in 2022 compared to 2021
- Korea's passenger car market fell 2.7% in 2022 compared to 2021, following an 8.8% decline in 2021 compared to 2020. South Korea registered 1,410,603 units last year, compared to 1,449,849 in 2021 and 1,599,002 in 2020. This is the lowest level since 2014, as the Korean market was approaching 1,600,000 units per year between 2015 and 2020.
- Like most other markets, Korea suffered from supply and logistics problems last year, although it is likely that this market has reached saturation point since 2015-2020. With a population of 52 million inhabitants, Korea represents in 2022 a number of passenger car sales located between Italy (1.3 million) and France (1.5 million) more populated countries (59 million and 67 million inhabitants respectively). In fact, with an estimated fleet of 26 million vehicles, Korea's motorization rate has now reached 500 vehicles per 1,000 inhabitants, close to European countries ones. It proved that this market is gradually reaching saturation point.
- The Korean market leader remains by far the Hyundai-Kia group, which holds 71% of this market (compared to 72% in 2021). Far behind are Premium carmakers BMW and Mercedes, which together manage to occupy 12% of the Korean market, i.e. 6% each, which shows that there is a non-negligible demand on this market for this type of model that is not able to answer the Korean luxury brand Genesis which is integrated into the Hyundai-Kia group. The position of Renault-Nissan (ex-Samsung) is becoming fragile with only 4% of the Korean market, and Ssangyongbeing even more fragile, with 2% of the market.