International automotive markets have developed positively in the first half of the year. In Europe (EU, EFTA & UK) and the USA, the market grew at a low rate in the lower single-digit range. In China, car sales also increased in the first half of the year, but in the second quarter there were significant market declines in light of weak consumer spending in China. The Japanese car market is in the midst of a recession.
In the first half of this year, 6.9mn new vehicles were registered on the European passenger car market, around 4% more than in the same period last year. Nevertheless, the sales gap compared to 2019 so far this year is still 18%. The five largest individual markets developed similarly in the first six months: the United Kingdom and Spain grew by 6%, Germany and Italy by 5%, and new registrations in France increased by 3%. In June, the European market recorded an increase of 4% to 1.3mn cars.
In China, almost 9.9mn cars were sold in the first half of the year, 3% more than in the same period last year. However, the market momentum, which was still positive, was fueled by the strong start to the year and dropped significantly in the second quarter. In June, the market declined by 8%, with 1.8mn cars registered.
Sales in the light vehicle market (passenger cars and light trucks) in the United States rose by 2% to 7.8mn vehicles in the months January to June. 1.3mn light vehicles were sold in June, 3% fewer than in the same month last year. However, the recent decline should be seen in light of hacker attacks on numerous dealers in the United States, which caused significant restrictions last month.
The Mexican light vehicle market grew significantly in the first half of 2024. With a volume of 707,700 light vehicles, the market was 12% above the previous year’s level. In the past month of June, sales rose by 8% compared to the same month last year, to a volume of 122,700 units.
Car sales in Japan fell by 12% in the first six months of this year. A total of 1.8mn cars were sold during this period. In June, sales were 6% below the previous year’s level, at 311,900 cars.
In the Indian car market, the growth trend of the previous year continued in the first half of the year: 2.2mn cars were sold, more than ever before in a six-month period in India. Compared to the previous year, the increase was 7%. In June, the market grew by 5% to 294,200 cars.
The Brazilian light vehicle market (passenger cars and light duty) grew by 15% in the first half of the year, reaching a level of 1.1mn vehicles. In June, the increase was 13%, achieving a market volume of 202,600 vehicles.
SOURCE: VDA
