The global and European Union automotive industry faced mixed outcomes in 2024, according to the latest Economic and Market Report. After a period of economic stagnation, the EU economy returned to modest growth, with GDP expanding by 0.9% in 2024. Inflation continued its downward trend, easing to 2.6%, while unemployment in the EU was projected to decrease to 6.1%. The European Commission expects an acceleration in GDP growth to 1.5% in 2025 as domestic consumption and investments improve.
Global passenger car sales rose by 2.5%, reaching 74.6 million units. Europe’s car market expanded by 3.9%, registering 16.1 million new vehicles. However, within the EU, growth was more modest, with an increase of only 0.8%, totaling 10.6 million units. Among major markets, Spain recorded the highest growth at 7.1%, while France, Germany, and Italy saw declines. Germany, despite being the largest car producer in the EU, experienced a minor decrease in production by 0.4%. Battery-electric cars continued gaining ground, holding a 13.6% market share, surpassing diesel cars which dropped to 11.9%. Petrol cars remained dominant at 33.3%, while hybrid-electric vehicles secured the second spot with a 30.9% share.
Globally, car production dipped slightly by 0.5%, amounting to 75.5 million units. EU production faced a notable decline of 6.2%, totaling 11.4 million units. Italy’s production dropped drastically by 43.4%, followed by Belgium’s 31.2% and France’s 12.4%. Conversely, Spain saw a slight increase in production by 0.7%, and Czechia registered a 3.5% rise.
In the commercial vehicle segment, global sales of vans, trucks, and buses grew by 5.5% to nearly 2 million units. EU van sales climbed 8.3%, driven by Spain’s 13.7% rise. Trucks, however, saw a 6.3% decline, with Germany, France, and Italy all posting reduced sales, though Spain recorded a 12% increase. Bus sales increased by 9.2%, notably in Italy, which reported a 26.7% growth. Diesel remained the dominant fuel type for vans and trucks, while electrically chargeable buses gained momentum, achieving an 18.5% market share in 2024.
Trade in the EU automotive sector saw contraction across several areas. EU car imports in value terms decreased by 8.8%, and exports declined by 7.3%. Nevertheless, the EU maintained a trade surplus of €81.5 billion, although this marked a 5.9% decline from the previous year. China remained the top origin country for EU car imports, despite a 12.2% drop in value. Imports from Türkiye and Japan increased by 13.8% and 6.4%, respectively. On the export side, shipments to the United States and the United Kingdom accounted for almost half of the EU’s car export value, even though exports to China fell sharply by 25.5%.
In the commercial vehicle trade, EU van exports declined by 7.3%, and imports fell by 8.2%. Türkiye was the largest source of van imports, while the UK remained the top export destination. Truck exports decreased by 7.2%, with the UK and Norway as key markets. The bus segment saw imports grow by 6.4%, driven by Türkiye and China, but exports fell sharply by 19.2%.
The year 2024 reflected a mixed picture for the global and EU automotive sectors, with promising areas like electric vehicles and renewable energy-powered transportation showing growth, while traditional segments faced ongoing challenges from economic uncertainty and shifting consumer preferences. The outlook for 2025 remains cautiously optimistic, with anticipated economic improvement and ongoing investments in green mobility technologies.
