International automotive markets: uneven recovery

The international automotive markets paint a mixed overall picture in the course of the year to date. Furthermore, the numerous challenges along the value chains are burdening the supply situation in many markets. High price dynamics in Europe and the USA are also having a dampening effect. While the major markets mostly show negative growth rates over the course of the year, the latest figures from September are turning positive in almost all markets - also due to the low levels of the previous year.

New registrations on the European passenger car market (EU27, EFTA & UK) reached a level of almost 8.3mn vehicles in the first nine months of this year and were thus 10% down on the previous year. The European automotive market is even 32% below the pre-COVID level of 2019. However, the five large individual markets all grew in September: Germany (+14%) and Spain (+13%) achieved double-digit growth. France, Italy and the UK each gained 5%. Overall, new registrations on the European market increased by 8% to a good 1.0mn passenger cars in September.

With a good 16.8mn newly registered passenger cars in the year to date, the Chinese passenger car market is 15% above the previous year's level. Along with India, it is the only major international automotive market that is well above the pre-COVID level of 2019. The growth rally of the previous months continued in September: a volume of 2.3mn new vehicles means growth of 33% compared to the same month last year. Since the middle of the year, car sales have benefited from a tax cut, among other things.

In the US light vehicle market (passenger cars and light trucks), 10.1mn light vehicles were sold in the year to date, 13% fewer than in the same period last year. The share of the light truck segment has also increased in the course of the year to date and was most recently at 79%. The remaining 21% are passenger cars. In September, light vehicle sales rose to 1.1mn (+9%).

A total of 2.6mn new passenger cars have been sold in Japan since the beginning of the year, a drop of 11% compared to the first nine months of the previous year. At 324,900 units, sales in September were a good 26% above the low level of the same month last year.

The Russian passenger car market suffered significant declines over the course of the year. The consequences of the Russian war of aggression against Ukraine are having a massive impact: At 506,700 vehicles, 60% fewer cars were sold in the current year than in the same period of the previous year.

In the course of the year to date, the Indian passenger car market has seen a market volume of almost 2.9mn cars. That means an increase of 23%. In September, sales of new vehicles totaled 307,400 cars, up 92% year-on-year.

In Brazil, the number of new light vehicle registrations (passenger cars and light duty) over the course of the year was 5% below the same period of the previous year at 1.4mn light vehicles. In September, however, new registrations rose by 27% to 180,800 vehicles compared to the same month last year. The high growth rate in the past month can be explained primarily by the low comparative level of the previous year.