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Automotive Industry:Europe: Difference between revisions
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[[File:Screenshot 2023-09-07 122358.png|center|thumb|755x755px|https://www.bcg.com/publications/2023/european-auto-industry-is-under-pressure]] | [[File:Screenshot 2023-09-07 122358.png|center|thumb|755x755px|https://www.bcg.com/publications/2023/european-auto-industry-is-under-pressure]] | ||
=== <big>Allianz May | === <big>Allianz May 202</big> === | ||
2022 was a record-breaking year for '''alternative energy vehicles in Europe, with sales soaring to 4.4mn units (+11% vs 2021) despite an overall -5% decline in new vehicle registrations.''' '''Between 2019 and 2022, the market share of alternative energy vehicles climbed from 11% to 47%.''' Battery electric vehicles (BEVs) led the way, with sales booming by +28%, representing 12% of all new vehicle registrations. | 2022 was a record-breaking year for '''alternative energy vehicles in Europe, with sales soaring to 4.4mn units (+11% vs 2021) despite an overall -5% decline in new vehicle registrations.''' '''Between 2019 and 2022, the market share of alternative energy vehicles climbed from 11% to 47%.''' Battery electric vehicles (BEVs) led the way, with sales booming by +28%, representing 12% of all new vehicle registrations. | ||
[[File:Screenshot 2023-09-08 111850.png|center|thumb|777x777px|<ref>https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/economic-research/publications/specials/en/2023/may/2023-05-09-Automobile.pdf</ref>]] | [[File:Screenshot 2023-09-08 111850.png|center|thumb|777x777px|<ref>https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/economic-research/publications/specials/en/2023/may/2023-05-09-Automobile.pdf</ref>]]Despite its rapid growth, Europe’s adoption of alternative energy vehicles comes only second in the world – and a distant second at that. '''In 2022, more than 5.4mn battery electric vehicles – two-thirds of the world total – were registered in China, +83% from 2021. Alternative energy vehicles account for 20% of total registrations''' | ||
[[File:Screenshot 2023-09-08 112257.png|center|thumb|470x470px|<ref>https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/economic-research/publications/specials/en/2023/may/2023-05-09-Automobile.pdf</ref>]] | |||
In a historic first, Chinese automakers reached parity with foreign brands in 2022 and surpassed them in Q4, capturing 51% of the market share (Figure 3). Their share in electric vehicles alone stood at 80% and showed no sign of abatement in Q1 2023.Due to: | |||
* A strong cost advantage for BEV manufacturing based on the bigger volumes of the Chinese car market and a competitive supplier base | |||
* A wider range of available BEVs (city and compact cars in particular) compared with international competitors, which have so far mostly focused on large and expensive sedans and sport utility vehicles | |||
* Positive product reviews and customer reception for China-branded EVs resulting in good brand recognition | |||
== Future Macro Risks == | == Future Macro Risks == | ||