U.S. heavily reliant on European automotive manufacturing
In the dynamic world of global trade, the European Union's automotive industry has been experiencing a significant boost, with key players reshaping their market shares in 2023.
According to a comprehensive report by Eurostat, the EU's statistical office, the United States emerged as the largest consumer of EU automotive products, accounting for 20% of the total EU domestic value added. The United Kingdom followed closely, contributing 15%, making it the third-largest market for EU automotive products. Interestingly, China, although a significant market, saw its share drop from 20% in 2021 to 16% in 2023, placing it as the second-largest consumer after the United States.
The United States and the United Kingdom were not alone in their contributions. China, too, played a significant role, each accounting for 12% of the value added in the foreign automotive industry from EU consumption in 2023. Japan, however, topped the list, contributing the most with 14%.
The EU automotive industry generated €91.6 billion in domestic value added from non-EU consumers in 2023, marking a 74% increase compared with 2010 and a 7% rise from 2022. This growth was not confined to traditional markets. The automotive industries of North Macedonia and Serbia, for instance, experienced substantial growth during the same period, with North Macedonia increasing from €4 million to €194 million (+5,322%) and Serbia from €61 million to €500 million (+713%).
Meanwhile, the automotive industry of Mexico also saw a significant increase in value added relative to EU consumption, rising from €437 million to €2,913 million (+567%).
However, not all markets showed the same trajectory. By contrast, Russia recorded the largest drop in EU value added from its market, decreasing by 73% during the same period.
The data presented here is from the Full international and global accounts for research in input-output analysis (FIGARO) tables. The thematic section on ESA supply, use and input-output tables is also from Eurostat. For more information on global trade and investment trends for other industries, readers are directed to a detailed Statistics Explained article on employment and value added using FIGARO data published by Eurostat today.
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