Eurostat: US is the largest market for the EU automotive industry

Brussels – In 2023, the EU’s automotive industry generated EUR 91.6 billion in domestic value added from non-EU consumers, marking a nominal 74 pct increase compared with 2010 (EUR 52.7 billion) and a 7 pct increase from 2022 (EUR 85.4 billion), according to Eurostat.

The United States was the largest consumer of EU automotive products, accounting for 20 pct of the total domestic added value. China, which has become a significant market for the European automotive sector, saw its share grow from 9 pct in 2010 to 20 pct in 2021, but reverted to 16 pct in 2023, making that country the second-largest consumer. The United Kingdom is the third-largest market, contributing 15 pct to the EU’s domestic value added.

Between 2010 and 2023, the EU value added from the Chinese market experienced the most significant growth (from EUR 4.8 billion to EUR 14.8 billion, +211 pct). In contrast, Russia recorded the most significant decrease (from EUR 3.2 billion to EUR 0.9 billion, -73 pct).

In 2023, the added value in the automotive industries outside the EU, driven by final consumption in the EU, reached EUR 34.4 billion. This represents an increase in nominal terms of 130 pct since 2010 (EUR 14.9 billion) and 6 pct from 2022 (EUR 32.3 billion). 

Most of the value added in the foreign automotive industry from EU consumption was attributed to manufacturers in Japan (14 pct), the UK and China (12 pct each). 

Between 2010 and 2023, the most significant growths relative to EU consumption were recorded in the automotive industry in North Macedonia (from EUR 4 million to EUR 194 million, +5 322 pct), Serbia (from EUR 61 million to EUR 500 million, +713 pct), and Mexico (from EUR 437 million to EUR 2 913 million, +567 pct). Russia, on the other hand, recorded the most significant decrease (from EUR 100 million to EUR 63 million, -37 pct).