Light vehicle production in Europe to increase only slightly in 2025
- The global production volume of light vehicles (PC+LUV) will probably decline by 1.7% in 2024, compared to 2023, given the results recorded over 11 months. This is far from the 9% increase achieved in 2023 compared to 2022, with a volume of 91.5 million PC+LUV produced. The volume produced globally in 2024 will therefore be close to 90 million units. Given the different scenarios concerning the major automobile producing countries, the volume produced globally in 2025 could increase by 1% and reach 91.0 million.
- The European production volume (producing countries in the EU + UK) will fall slightly by 1.4% in 2024, compared to 2023, to 14.16 million passenger vehicles + light utility vehicles against 14.36 million in 2023, 13 million in 2022, 13.1 million in 2021 and 13.4 million in 2020. In 2025, the European production volume could increase slightly thanks to the launch and ramp-up of battery electric B-segment vehicles (including Renault and Stellantis), less expensive than those in the higher segment marketed until now, but BEVs in the higher segment could face a relative decline at the same time. In addition, the BYD factory in Hungary will not start production until the end of 2025. Inovev is therefore counting on a slight growth of 1.6% in European production in 2025, representing a volume of 14.39 million light vehicles, a figure still far from those recorded before 2020: 18.4 million in 2017, 18 million in 2018 and 17.7 million in 2019.
- In 2024, European automobile production accounted for only 16% of global automobile production, compared to 19% in 2019, 22% in 2010 and 27% in 2005. It therefore counts less and less in global automobile production.