February 14, 2023

ACEA’s Economic and Market Report

Key takeaways

Passenger car registrations

  1. In 2022, global new car registrations reached 66.2 million units, as sales recovered in the last quarter of the year. However, demand is still trending well below 2019 pre-pandemic levels.
  2. Registrations in the European region declined by 10.4% during 2022 to 12.8 million units, impacted by semiconductor shortages and the Russo-Ukrainian conflict.
  3. Despite a slight rebound in the final quarter of 2022, full-year sale volumes in North America were down 8.7% compared to 2021, at 12.7 million units.
  4. Japan’s passenger car sales were down by 5.1% compared with 2021, due to higher energy prices combined with depreciation of the yen.
  5. Demand in China increased by 7.6% year-on-year to 21.7 million cars sold, as the withdrawal of government incentives by the end 2022 has brought forward demand.

Passenger car production

  1. Despite an increase of 7.1% in the EU car production, overall volumes in Europe fell by 1.6%, impacted by the collapse of the Russian and Ukrainian markets.
  2. North American car production rose by 10.3% in 2022 to 10.4 million units, primarily driven by strong demand in the US.
  3. As lockdowns were lifted and with demand strongly stimulated by government incentives, Chinese car production increased by 11.7% last year, with 23.2 million vehicles built, representing 34% of global production.
  4. Boosted by robust domestic demand and higher consumer confidence, Indian car production reached 4.3 million units in 2022, resulting in strong growth of 21.6%.
  5. Overall, more than 68 million passenger cars were manufactured worldwide in 2022, an increase of 7.9% from a year earlier.

Source: European Automobile Manufacturers Association (ACEA)
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