In the global economic context, the European automotive industry has shown significant changes over the past decade, highlighting the increasing relevance of emerging markets such as China. In 2022, the domestic value added generated by the European Union’s automotive industry reached 78.9 billion euros from consumers outside the region, a notable increase of 54% compared to 2010. However, this value represents a 7% decrease from 2015, when 84.4 billion euros were recorded.
China has proven to be the main consumer of EU automotive products, capturing 21% of the total domestic value added of this sector. This figure is a clear indication of China’s rapid growth in the global automotive market, displacing the United States, which now represents 20%, from the position of the main consumer partner of the European industry. The United Kingdom continues to be an important player with 13%. China’s influence has risen from 12% in 2010 to 21% in 2022.
These data come from an analysis based on macroeconomic globalization indicators, supported by international and global accounts tables that facilitate the research of input and output flows. Additionally, the automotive industry outside the EU has not lagged behind and has seen substantial growth in terms of value added driven by final consumption in the European region. In 2022, it reached 34.6 billion euros, reflecting a 47% increase compared to 2015 and an impressive 124% increase since 2010.
China once again emerges as a key player, being the main contributor to the value added of the non-EU automotive industry, with a 16% share. This growth is significant compared to the 9% recorded in 2010. Japan and South Korea follow China with contributions of 15% and 10%, respectively.
With the update of the globalization scoreboard by Eurostat, which now includes new indicators, more opportunities are opening up to explore global trade and investment trends, highlighting the importance of dynamism in these markets. This not only highlights changes in global consumer preferences, but also represents a new era for international trade relations within the automotive industry.
Referrer: MiMub in Spanish
