ACEA – Economic and Market Report, 2023

The 2023 ACEA Economic and Market Report highlights a significant rebound in global car sales, with sales growing by almost 10% and surpassing 72 million units as supply chain challenges eased. Europe saw a notable increase of 18.6% in car sales, with strong growth in both EU and Eastern European markets. Russia, Ukraine, and Türkiye showed impressive growth rates after experiencing declines in the previous year. North America saw consistent sales volume despite high inflation and rising interest rates, with the region experiencing 15% growth. South America saw stable car sales, driven primarily by growth in Brazil. In Asia, Japanese car sales grew by 15.8%, while South Korea experienced more modest growth following the termination of government tax relief support. Chinese car sales reached over 22 million units, representing nearly 31% of global sales, while Indian passenger car sales surged to a record level of about 4.2 million units, surpassing Japan's volume. The growth in car sales in various regions was driven by factors such as individual mobility preference and the introduction of new models.