The US remains the main consumer of the EU automotive industry

In 2023, the European Union received €91.6 billion in added value from consumers of automotive products outside the EU, up 7% from €85.4 billion in 2022 and 74% from €52.7 billion in 2010. The United States remains the largest foreign market for the European automotive industry, accounting for 20% of total value added, according to Eurostat.

China, which previously showed a rapid increase in its share of demand, declined from 20% in 2021 to 16% in 2023, but retained second place among consumers of European automotive products. The UK ranked third with a 15% share.

Over the period from 2010 to 2023, the largest increase in value added among foreign markets was recorded in China – from €4.8 billion to €14.8 billion (+211%). In contrast, the Russian Federation showed the sharpest decline – from €3.2 billion to €0.9 billion (-73%).

At the same time, the value added generated in foreign automotive sectors through final consumption in the EU amounted to €34.4 billion in 2023, up 6% compared to 2022 (€32.3 billion) and 130% compared to 2010 (€14.9 billion).

The largest share of this amount is accounted for by producers from Japan (14%), the UK and China (12% each). North Macedonia (+5,322%), Serbia (+713%) and Mexico (+567%) showed the fastest growth. The largest decline was again in Russia (-37%).

According to EUROFEER forecasts, in 2025, production in the EU automotive sector will again decline by 2.6% y/y, despite previous expectations of growth. This is the second consecutive year of decline: in 2024, car production fell by 9.7%. The sector is particularly affected by the volatility in foreign trade.