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Automotive Industry:Europe: Difference between revisions
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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>]]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 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| | [[File:Screenshot 2023-09-08 112257.png|center|thumb|513x513px|<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: | 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: | ||
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* 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 | * 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 | * Positive product reviews and customer reception for China-branded EVs resulting in good brand recognition | ||
European Imported volumes have been declining in recent years, dipping below 500,000 in 2022. '''Over the past decade, the market share of European imports has dropped from an estimated 2.9% to 1.8% of total registrations.''' | |||
Accounting for 85% of European automakers‘ sales volumes in the Chinese market, local subsidiaries have generally lagged in adopting electric vehicle technology compared to their pure-play counterparts: '''Of the 20 most popular electric vehicles sold in China in 2022, only one is manufactured by a Sino-European joint venture. In the face of flat, then declining market shares''' | |||
[[File:Screenshot 2023-09-08 113205.png|center|thumb|504x504px|<ref>https://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/economic-research/publications/specials/en/2023/may/2023-05-09-Automobile.pdf</ref>]] | |||
'''Chinese car imports fell from 1.2mn units in 2017 to 0.9mn units in 2022 – a -30% drop in a market down by only -6%. Even more striking, the trade balance in value terms went from a USD37bn trade deficit to USD7bn trade surplus over the same period''', showing that rising Chinese competitiveness is not only allowing the country to become more self-reliant, but also to expand in international markets | |||
'''it is European markets that contributed the most to booming exports, jumping from an estimated 8% share of exports in 2017 to a 28% share in 2022.''' For the first time ever, Europe’s vehicle trade balance moving into negative territory in December 2022. | |||
==== '''Scenario China gaining Market share''' ==== | |||
'''<br />''' | |||
== Future Macro Risks == | == Future Macro Risks == | ||