EU Automotive Industry Achieves €91.6 Billion In Value Added From Exports In 2023

In 2023, the EU automotive sector achieved a domestic value added of €91.6 billion from non-EU consumers. This figure represents a 74% increase compared to 2010's €52.7 billion and a 7% rise from 2022's €85.4 billion. The United States emerged as the largest consumer of EU automotive products, contributing to 20% of the total EU domestic value added.

China has become an essential market for the EU automotive industry. Its share increased from 9% in 2010 to 20% in 2021 but decreased to 16% in 2023, maintaining its position as the second-largest consumer. The United Kingdom followed closely, contributing 15% to the EU's domestic value added.

From 2010 to 2023, the EU's value added from China saw significant growth, rising from €4.8 billion to €14.8 billion, marking a 211% increase. Conversely, Russia experienced the most considerable decline during this period, with its contribution dropping from €3.2 billion to €0.9 billion, a decrease of 73%.

In terms of final consumption within the EU, value added in non-EU automotive industries reached €34.4 billion in 2023. This reflects a nominal increase of 130% since 2010 when it was €14.9 billion and a rise of 6% compared with €32.3 billion in 2022.

The most notable growth relative to EU consumption between 2010 and 2023 occurred in North Macedonia's automotive industry, which surged from €4 million to €194 million, representing an astounding increase of over 5,322%. Serbia also saw significant growth, with its industry expanding from €61 million to €500 million, up by 713%, while Mexico's industry grew by 567%, increasing from €437 million to €2,913 million.

On the other hand, Russia recorded the largest decline among these countries during this period. Its automotive industry's value added dropped from €100 million to €63 million, reflecting a decrease of approximately 37%.

The data highlights shifting dynamics within global markets and underscores the importance of strategic positioning for continued growth in the EU automotive sector.

With inputs from WAM