Europe: From exporter to importer soon?
The car market in Europe is expected to show an import surplus as early as 2024. One reason for this is the relocation of BEV production by European and American manufacturers to China.
The transformation of the automotive industry is continuing apace despite the strained economic situation. The high demand for electric cars and the resulting full order books could mitigate the threat of recession in the industry. This is shown by the results of the current Electric Vehicle Sales Review study by PwC Autofacts.
New registration figures in selected markets
This report evaluates the new registration figures in 14 selected markets worldwide. In the third quarter of 2022, 74.7 percent more all-electric vehicles (BEVs) were registered worldwide than in the same period of the previous year (for comparison: +5.1 percent in Switzerland, +13.2 percent in Europe).
According to the study, BEVs could account for more than half of all new registrations worldwide as early as 2035. In China, their share could then be 73 percent, and in Europe as much as 93 percent.
Experts expect nearly 800,000 cars from China
While Chinese manufacturers are selling more and more BEVs in Europe, both European and American manufacturers are increasingly shifting their BEV production to China - and shifting Europe's role from exporter to importer of cars. According to experts, almost 800,000 cars from Chinese production could be sold here as early as 2025, more than 330,000 of them from brands of European manufacturers.
This development means that Europe could already have an import surplus of more than 221,000 vehicles in 2025. As recently as 2015, the export surplus in Europe was 1.7 million vehicles.
Accelerate development and start-up processes
Thilo Bühnen, automotive expert at Strategy Switzerland: "We see that no European model makes it into the top 5 best-selling electric cars worldwide. To capitalize on the momentum of the electric transformation and continue to benefit from economies of scale, European manufacturers need to counter it now and get their supply chains under control and accelerate their development and ramp-up processes."
German automakers increased their market share in China from 3.8 to 4.1 percent year-on-year in the first three quarters of this year. However, they are experiencing growing competition from Chinese OEMs in the domestic automotive market.
