International passenger car markets mostly positive after three quarters

The majority of the international automobile markets recorded an increase in new registrations in the first three quarters of 2023; the growth rates are positive in most markets. The automotive industry is developing largely stable in the various core markets, although the cumulative growth rates are likely to slow somewhat by the end of the year. In addition to subdued demand, there are geopolitical and macroeconomic uncertainties and continued high energy and consumer prices, meaning that there will also be a challenging environment for the automotive industry in the coming months and next year.

A good 9.7mn vehicles were newly registered on the European car market (EU, EFTA & UK) in the first three quarters of this year. That is 17% more than in the same period last year. However, it’s a somewhat sluggish catch-up: The European car market is currently still a good fifth (-20%) below the pre-crisis level of 2019 regarding new car registrations. In September, almost 1.2mn units, thus 11% more new vehicles were registered than in the same month of the previous year. The five largest individual European markets developed as follows last month:
Italy (+23%), United Kingdom (+21%), France (+11%), Spain (+2%), Germany (±0%).

After three quarters, 7% more cars were sold on the Chinese car market than in the same period last year, with a total of a good 17.9mn units sold. The Chinese market had already returned to pre-crisis levels last year and is currently almost 20% above the sales volume of 2019. In September, growth was 7%. Almost 2.5mn cars sold made up the highest sales level ever achieved in a September.

The US light vehicle market developed dynamically over the course of the year. In the United States, light vehicle sales (passenger and light duty) increased significantly by 14% in the first three quarters. A total of around 11.6mn vehicles were sold. This means that the market is still almost 9% below the pre-crisis level of 2019. In September, sales rose sharply by a good 18% compared to the same month last year to a volume of 1.3mn units.

Sales in the Mexican light vehicle market increased significantly in the first nine months of 2023. With 975,100 registered units, a quarter (+25%) more vehicles were registered than in the first three quarters of the previous year. It is noteworthy that the market is already 2% above the pre-crisis level of 2019. Almost 117,900 light vehicles were sold in September, 38% more than in the same month last year.

In Japan, the passenger car market was robust and dynamic in the first nine months of the year. In the current year, volume growth of 18% was achieved and 3.0mn new cars were registered. However, the sales gap compared to the pre-crisis level of 2019 is still a good 12%. 363,400 cars were sold in September. That is almost 12% more than in the same month last year.

Growth in the Indian passenger car market has weakened noticeably recently, but remains positive. In the first three quarters, car sales increased by 8% compared to the previous year. 3.1mn new vehicles were registered. After nine months, the Indian passenger car market is 40% above the comparable level of 2019. In September, restrained growth of a good 3% to 316,900 cars was achieved.

The Brazilian light vehicle market (passenger cars and light duty) developed positively in the first nine months of this year, although growth here has also weakened recently. A good 1.5mn units have been sold so far this year. That is 10% more than in the same period last year. However, compared to pre-crisis levels, the market is still down by over a fifth (-21%). A level of 187,500 light vehicles was reached in September. This corresponds to an increase of 4% compared to the same month last year.