economic and market report - acea...acea economic and market report – first three quarters of 2020...

Economic and Market Report

EU Automotive Industry First three quarters of 2020

November 2020

ACEA Economic and Market Report – First three quarters of 2020 1

CONTENTS

EU economic outlook ..................................................................................................................... 2

Passenger cars ................................................................................................................................ 4

Registrations .............................................................................................................................. 4

World ...................................................................................................................................... 4

The European Union ............................................................................................................... 6

Production .................................................................................................................................. 8

World ...................................................................................................................................... 8

The European Union .............................................................................................................. 11

Trade ......................................................................................................................................... 12

Imports .................................................................................................................................. 13

Exports .................................................................................................................................. 14

Commercial vehicles...................................................................................................................... 15

Registrations ............................................................................................................................. 15

The European Union .............................................................................................................. 15

Production ................................................................................................................................ 20

World .................................................................................................................................... 20

Trade .........................................................................................................................................22

Imports .................................................................................................................................. 23

Exports ................................................................................................................................. 24


EU ECONOMIC OUTLOOK The COVID‐19 pandemic and the related containment measures have plunged the European

economy into its deepest recession since World War II. Confronted with these exceptional

circumstances, governments throughout the European Union have begun to implement various

macroeconomic policy measures to contain the economic fallout.

Assuming the economic impact of new restrictions will diminish over time, as the health system and

economic activity adapt to the new environment, the European Commission has forecast that the

EU GDP will contract by 7.4% in 2020, before recovering by 4.1% in 2021 and by 3% in 2022. This

implies that European output will struggle to return to pre‐pandemic levels before 2022. However,

risks surrounding these projections remain elevated as long as the virus remains a significant health

threat. In addition, there is the uncertainty about the future trading relationship between the UK

and the EU, as no agreement has yet been reached.

Job losses in the lockdown period during the first half of the year were unprecedented, although the

decline was much less dramatic than the drop in economic activity. This is largely due to the

successful implementation of extraordinary support instruments in all EU member states, such as

policies supporting short‐time work and ensuring adequate income protection for small businesses.

Assuming these measures prove effective, the EU unemployment rate is set to increase from 7.7%

this year to 8.6% next year and then expected to decline to 8.0% in 2022.

Inflation recently turned negative, due to a significant fall in the prices of both energy and services.

According to the European Commission’s latest forecast, overall inflation (HICP1) in the European

Union is expected to reach an average of 0.7% in 2020. Over the coming two years, EU inflation is

set to increase slightly but to remain on a moderate path, at 1.3% in 2021 and 1.5% in 2022.

Table 1: EU forecast

2020 2021 2022

GDP growth (%) ‐7.4 4.1 3.0

Inflation (%) 0.7 1.3 1.5

Unemployment rate (%) 7.7 8.6 8.0

SOURCE: EUROPEAN COMMISSION EUROPEAN ECONOMIC FORECAST, AUTUMN 2020

1 Harmonised Index of Consumer Prices


Figure 1: EU GDP growth in 2020 (autumn forecast) | by country

SOURCE: EUROPEAN COMMISSION EUROPEAN ECONOMIC FORECAST, AUTUMN 2020


PASSENGER CARS

REGISTRATIONS

WORLD

Nine months into 2020, the spread of COVID‐19 and the efforts to contain it have reshaped the

global economy, intensifying operational and economic pressures on the automotive industry. The

number of passenger cars sold worldwide fell by 21.2% so far, from 55.6 million units in 2019 to some

44 million from January to September this year.

The European market posted a decline of 25.9% for the nine months of 2020, totalling some 10

million units registered, owing to the slump in EU car demand. The impact was minor in Eastern

Europe, with Russia (‐13.4%) and Ukraine (‐4.4%) posting more modest decreases in registration

rates, while passenger car sales saw a huge rebound in Turkey (+70.0%).

In North America, demand for new cars fell by 22.3% from January to September this year. The

United States market reflected these results, with passenger car sales down 21.1% so far in 2020 at

approximately 8 million units.

South America is one of the regions worst affected by the COVID‐19 outbreak. Three quarters into

2020, car sales were down 36.3% in the region to 1.7 million units – roughly 1 million units fewer than

in 2019. Brazil, which accounts for the vast majority of vehicle sales in South America, faced a similar

downward trend. Demand has contracted by 34.7% to 1 million units so far this year.

Japanese car sales in the first nine months of 2020 were down 18.1% compared with 2019, owing to

the effects of the COVID‐19 pandemic and the economy officially plunging into recession. In

contrast, the South Korean market expanded by 12.5% from over the same period. The

government’s efforts to support and stimulate domestic demand via temporary consumption tax

relief on passenger cars managed to offset the negative impact of the pandemic.

The Chinese market has improved noticeably over the past three months, thanks to the introduction

of government incentives and the slowing of the spread of the COVID‐19 virus across the country.

Following declines of 82.1% in February and 48.9% in March, Chinese car sales gradually recovered,

with September marking the fifth consecutive month of growth. Cumulative sales are now down by

13.2% to 13 million units.

In the first three quarters of 2020, Indian car demand was badly damaged by the ongoing health

crisis. As a result, sales contracted by 30.2% to 1.6 million units so far this year.


Table 2: World new passenger car registrations

Jan‐Sep 20202 Jan‐Sep 2019 % change 20/19 % share 2020

EUROPE 10,189,411 13,759,227 ‐25.9 23.3

European Union3 7,058,090 9,908,370 ‐28.8 16.1

EFTA 266,174 346,760 ‐23.2 0.6

United Kingdom 1,243,656 1,862,271 ‐33.2 2.8

Russia 1,029,887 1,188,800 ‐13.4 2.4

Turkey 388,690 228,628 +70.0 0.9

Ukraine 59,832 62,587 ‐4.4 0.1

Others: Europe4 143,082 161,811 ‐11.6 0.3

NORTH AMERICA5 9,379,620 12,075,295 ‐22.3 21.4

of which the United States 7,993,536 10,126,671 ‐21.1 18.2

SOUTH AMERICA 1,676,363 2,630,636 ‐36.3 3.8

of which Brazil 1,074,649 1,645,390 ‐34.7 2.5

ASIA 20,689,276 24,787,538 ‐16.5 47.2

China 13,092,637 15,081,379 ‐13.2 29.9

Japan 2,815,683 3,437,162 ‐18.1 6.4

India 1,577,694 2,261,147 ‐30.2 3.6

South Korea 1,200,331 1,067,118 +12.5 2.7

Others: Asia6 2,002,931 2,940,732 ‐31.9 4.6

MIDDLE EAST/AFRICA 1,884,074 2,328,473 ‐19.1 4.3

WORLD 43,818,744 55,581,169 ‐21.2 100.0

SOURCE: IHS MARKIT, ACEA

2 Provisional figures 3 Data for Malta not available 4 Includes Belarus, Bosnia‐Herzegovina, Kazakhstan, North Macedonia, Serbia and Uzbekistan 5 Based on production type 6 Includes Hong Kong, Taiwan and all the other South Asian countries, excluding India


THE EUROPEAN UNION

Over the first nine months of 2020, demand for passenger cars in the European Union contracted

by 28.8%.

Despite a modest improvement in September (+3.1%) – the first increase of the year – the impact

of COVID‐19 and the related control measures during the first half of 2020 weighs heavily on the

cumulative performance of the EU car market. Indeed, 7 million units were registered between

January and September, almost 2.9 million fewer than during the same period last year.

Among the major markets, Spain saw the steepest drop so far this year (‐38.3%), followed by Italy

(‐34.2%), France (‐28.9%) and Germany (‐25.5%).

The outlook for 2020 remains uncertain, as a number of European governments reimposed

restrictions to battle a second wave of the coronavirus. Nevertheless, this is expected to have a

lesser impact on car sales, as dealers are now better prepared than during the first lockdown earlier

this year. Moreover, the incentive programmes now in place in the major EU markets could help to

support the car market during the final quarter of 2020.

For the full‐year 2020, ACEA expects registrations to fall by 25%, from 13 million units in 2019 to

some 10 million this year.

Table 3: Top 4 – New passenger car registrations in the EU

Jan‐Sep 2020 Jan‐Sep 2019 % change 20/19

Germany 2,041,831 2,740,158 ‐25.5

France 1,166,698 1,641,367 ‐28.9

Italy 966,017 1,468,237 ‐34.2

Spain 595,435 965,286 ‐38.3

EUROPEAN UNION 7,058,090 9,908,370 ‐28.8

SOURCE: ACEA


Figure 2: New passenger car registrations in the EU | 12‐month trend

SOURCE: ACEA


PRODUCTION

WORLD

Following severe disruptions caused by the spring shutdowns, European car production is slowly

recovering, with the need to rebuild inventories and to respond to an incentivised demand,

particularly for alternatively powered vehicles. However, the impact of the COVID‐19 outbreak

remains evident in the year‐to‐date results, with passenger cars manufactured in Europe so far this

year down 29.2% to fewer than 10 million units.

Following the suspension of production in North America for around two months, supply chain

issues and sales demand have affected the pace of production recovery. North American auto

plants, which from January to September 2019 manufactured more than 9.2 million cars, have

produced only 6.5 million vehicles during the same period in 2020. US output followed a similar

profile, slipping by 27% to 4.1 million units over the first three quarters of 2020.

With more than 90% of regional car volumes, Brazil remains – by far – the main source of production

in South America. Nine months into 2020, Brazil ended with a marked decline of 39%, as a result of

the many disruptions brought about by the COVID‐19 pandemic.

Although Chinese production has improved in recent months, year‐to‐date performance remained

in negative territory. Some 11.7 million passenger cars were produced in China between January to

September this year, down 19.1% compared with the same period one year ago.

Japanese and South Korean production has also been hurt by the COVID‐19 pandemic since

February 2020. Following the disruptions to production due to the suspension of parts supply, global

demand collapsed because of lockdowns in many countries around the world, restricting

manufacturing activities. As a result, car output dropped by 23.6% in Japan and 17.4% in South

Korea so far this year.

Passenger car production in Thailand and Indonesia recorded declines of 35.3% and 33.3%

respectively during the first nine months of 2020. India also saw a sharp drop in its passenger car

output owing to the impact of the COVID‐19 pandemic, with volumes off by 33.6% from 2019 at 1.8

million units.

Global car production shrank by 26% to 40.5 million passenger cars built between January and

September this year.


Table 4: World passenger car production

Jan‐Sep 20207 Jan‐Sep 2019 % change 20/19 % share 2020

EUROPE 9,743,690 13,769,142 ‐29.2 24.0

European Union 7,487,288 10,719,641 ‐30.2 18.5

United Kingdom 632,824 990,778 ‐36.1 1.6

Russia 848,000 1,136,050 ‐25.4 2.1

Turkey 575,761 700,581 ‐17.8 1.4

Ukraine 3,877 4,692 ‐17.4 0.01

Others: Europe8 195,940 217,400 ‐9.9 0.5

NORTH AMERICA 6,538,926 9,285,794 ‐29.6 16.1

of which the United States 4,138,867 5,668,382 ‐27.0 10.2

SOUTH AMERICA 1,251,909 2,061,391 ‐39.3 3.1

of which Brazil 1,147,409 1,881,343 ‐39.0 2.8

ASIA 22,162,448 28,509,793 ‐22.3 54.7

China 11,724,081 14,500,115 ‐19.1 28.9

Japan 4,762,970 6,236,275 ‐23.6 11.7

South Korea 2,209,628 2,673,827 ‐17.4 5.5

India 1,826,050 2,750,321 ‐33.6 4.5

Indonesia 510,872 765,626 ‐33.3 1.3

Thailand 480,014 742,223 ‐35.3 1.2

Others: Asia9 648,833 841,406 ‐22.9 1.6

MIDDLE EAST/AFRICA 841,263 1,144,912 ‐26.5 2.1

of which Iran 424,400 501,403 ‐15.4 1.0

WORLD 40,538,236 54,771,032 ‐26.0 100.0

SOURCE: IHS MARKIT, NATIONAL AUTOMOBILE MANUFACTURERS' ASSOCIATIONS

7 Provisional figures 8 Includes Belarus, Kazakhstan, Serbia and Uzbekistan 9 Includes Taiwan, Australia, Malaysia, Pakistan, Philippines and Vietnam


Figure 3: Top 10 – World passenger car production



THE EUROPEAN UNION

The situation surrounding the COVID‐19 outbreak in the European Union is evolving rapidly. It

continues to cause massive economic disruption across the region, affecting automotive production

heavily.

European Union manufacturing activity has slowed considerably in the first nine months of the year,

with all 10 of the largest car‐producing countries recording double‐digit‐percentage declines in

output.

France has suffered the greatest contraction (‐49.1%) to date this year and as a result has lost its

position as the EU’s third‐largest car production market to the Czech Republic.

Table 5: Top 10 – Passenger car producers in the EU


Germany 2,389,200 3,418,313 ‐30.1

Spain 1,225,937 1,631,679 ‐24.9

Czech Republic 808,279 1,067,109 ‐24.3

Slovakia 630,757 815,035 ‐22.6

France 627,999 1,233,944 ‐49.1

Hungary 300,111 401,872 ‐25.3

Romania 296,202 354,812 ‐16.5

Italy 289,071 421,274 ‐31.4

Poland 183,063 273,984 ‐33.2

Sweden 163,001 215,102 ‐24.2

EUROPEAN UNION 7,487,288 10,719,641 ‐30.2


10 Provisional figures


TRADE

Trade activities were directly affected by COVID‐19 as a result of supply chain disruption and the

sudden drop in global demand, particularly in the first half of the year.

From January to August 2020, the EU exported €70 billion worth of passenger cars, which was more

than €23 billion lower than a year ago.

Imports over the same period amounted to €30.6 billion, giving the European Union a trade surplus

of approximately €40 billion this year to date, down 25.7% on the first eight months of 2019.

Table 6: EU passenger car trade

Trade in value (in million €) Jan‐Aug 2020 Jan‐Aug 2019 % change 20/19

Imports 30,660 40,709 ‐24.7

Exports 70,089 93,787 ‐25.3

Trade balance 39,429 53,077 ‐25.7

Trade in volume (in units) Jan‐Aug 2020 Jan‐Aug 2019 % change 20/19

Imports 1,841,837 3,029,133 ‐39.2

Exports 2,997,871 4,148,254 ‐27.7

SOURCE: EUROSTAT


IMPORTS

With a 20% share, the United States was the leading source of EU imports (by value) in 2020 to date,

three percentage points ahead of the United Kingdom (down 40.6% compared with 2019). These

two countries were ahead of Japan, Turkey, South Korea and Mexico. Together, these six markets

accounted for more than 85% of the value of extra‐EU imports of passenger cars.

With the exception of the United States (up 9.2% to 229,935 units), the number of cars imported

into the European Union also fell significantly for all major countries of origin. This saw the total

volume imported into the EU fall by 39.2% from January to August this year.

Table 7: Main countries of origin of EU passenger car imports

Trade in value (in million €) Jan‐Aug 2020 Jan‐Aug 2019 % change 20/19 % share 2020

United States 6,147 5,260 +16.9 20.0

United Kingdom 5,219 8,791 ‐40.6 17.0

Japan 5,196 7,185 ‐27.7 16.9

Turkey 3,897 5,320 ‐26.7 12.7

South Korea 3,562 4,557 ‐21.8 11.6

Mexico 2,232 3,260 ‐31.5 7.3

SOURCE: EUROSTAT

Table 8: Main countries of origin of EU passenger car imports

Trade in volume (in units) Jan‐Aug 2020 Jan‐Aug 2019 % change 20/19 % share 2020

Japan 309,518 460,710 ‐32.8 16.8

Turkey 304,848 459,548 ‐33.7 16.6

United Kingdom 296,810 846,445 ‐64.9 16.1

United States 229,935 210,484 +9.2 12.5

South Korea 208,657 318,152 ‐34.4 11.3

Morocco 131,496 189,757 ‐30.7 7.1

SOURCE: EUROSTAT


EXPORTS

Eight months into the year, the United Kingdom was the main export destination for EU‐built cars

(23.7% share of the total), ahead of the United States (17.5%), China (15.7%), South Korea (6.3%),

Switzerland (5.1%) and Japan (4.9%). These six countries together made up roughly three quarters

of the total value of EU‐exported cars.

In terms of volume, the number of European cars shipped to Turkey and South Korea increased

strongly (+87.8% and +18.3% respectively). By contrast, exports to other major destinations fell

significantly, contributing to a year‐to‐date drop of 27.7% in the total volume of exported cars.

Table 9: Main destinations for EU passenger car exports


United Kingdom 16,606 24,728 ‐32.8 23.7

United States 12,248 19,428 ‐37.0 17.5

China 11,004 12,699 ‐13.4 15.7

South Korea 4,390 3,701 +18.6 6.3

Switzerland 3,597 4,607 ‐21.9 5.1

Japan 3,426 4,537 ‐24.5 4.9

SOURCE: EUROSTAT

Table 10: Main destinations for EU passenger car exports

Trade in volume (in units) Jan‐Aug 2020 Jan‐Aug 2019 % change 20/19 % share 2020

United Kingdom 777,122 1,303,255 ‐40.4 25.9

United States 353,442 561,855 ‐37.1 11.8

China 238,230 274,761 ‐13.3 7.9

Turkey 196,036 104,390 +87.8 6.5

South Korea 121,162 102,420 +18.3 4.0

Switzerland 116,867 168,633 ‐30.7 3.9

SOURCE: EUROSTAT


COMMERCIAL VEHICLES

REGISTRATIONS

THE EUROPEAN UNION11

Nine months into the year, the EU market for new commercial vehicles had contracted by 24.5%,

totalling 1,206,259 units registered.

Despite registrations having improved during September (+13.3%), the economic fallout of the

COVID‐19 pandemic continues to weigh heavily on overall demand for commercial vehicles so far

in 2020.

As a result, double‐digit percentage drops were recorded in each of the 27 EU markets from January

to September, including the four major ones: Spain (‐33.0%), Italy (‐21.7%), France (‐21.6%) and

Germany (‐21.4%).

Table 11: New commercial vehicle and bus registrations in the EU | by segment


Vans12 1,009,976 1,308,920 ‐22.8%

Trucks13 175,857 260,833 ‐32.6%

Buses14 20,426 27,772 ‐26.5%

TOTAL 1,206,259 1,597,525 ‐24.5%

SOURCE: ACEA

11 Data for Malta not available 12 Light commercial vehicles up to 3.5t (including buses) 13 Commercial vehicles over 3.5t 14 Buses and coaches over 3.5t


Figure 4: Top 4 – New commercial vehicle and bus registrations in the EU

SOURCE: ACEA


Vans

Despite a solid month of growth for light commercial vehicle registrations in September (+15.7%),

the lockdowns imposed in many key markets during the early months of the year have had a huge

impact on the performance of the van category.

Indeed, new light commercial vehicle registrations in the European Union fell by 22.8% to 1 million

units from January to September 2020.

Looking at the four largest EU markets, Spain posted the biggest drop in demand for vans over the

first nine months of the year (‐33.5%), followed by Italy (‐21.7%), France (‐20.6%) and Germany

(‐18.6%).

Figure 5: Top 4 – New van registrations in the EU

SOURCE: ACEA


Trucks

During the first nine months of 2020, the European Union saw a total of 175,857 new trucks

registered, or 32.6% fewer than in 2019.

Growth in the medium and heavy commercial vehicle category was less pronounced than that of

vans during September (+2.7%), mainly due to the decline recorded in the heavy‐truck segment,

which accounted for more than 80% of vehicles sold in this category.

The major EU truck markets were hit by significant contractions in demand so far in 2020, still

recovering from the sharp declines suffered in the first half of the year: Germany (‐30.6%), France

(‐30.5%), Spain (‐25.7%) and Italy (‐19.8%).

Figure 6: Top 4 – New truck registrations in the EU

SOURCE: ACEA


Buses

Following a positive start to 2020 in the first two months, demand for buses was hit hard by the

heavy restrictions in response to the COVID‐19 outbreak, recording sharp drops during the second

quarter of the year. The market showed signs of recovery in July (+18.1%), but then slowed again in

August (‐26.7%) and September (‐4.5%), contributing to an overall reduction of 26.5% to 20,426

units nine months into 2020.

Among the major EU markets, Spain (‐45.7%) and Italy (‐32.1%) saw the steepest drops, while the

downturn eased somewhat in France (‐14.0%) and Germany (‐5.7%), both supported by strong

performances in September.

Figure 7: Top 4 – New bus registrations in the EU

SOURCE: ACEA


PRODUCTION OUTLOOK

WORLD

Commercial vehicle production in Europe in 2020 started the year slowly and ground to a halt during

March, as a result of plant closures to fight the COVID‐19 pandemic and supply chain disruptions.

Manufacturers have now resumed operations, albeit at lower capacity than previously. The

downturn in global trade has limited the output of European plants, given the high proportion of

exports, particularly in the medium and heavy commercial vehicle segments. Overall, production in

Europe is expected to decrease during 2020 by 24%, to reach 2.7 million units.

In North America, 2020 output will decline 27.5% to 3.4 million units. Domestic demand started to

recover in September, notably in the light truck segment. However, the risk of component and / or

labour shortages in the near term persists as long as COVID‐19 remains a significant health threat.

Manufacturing operations in South America were impacted by a combination of restrictions at state

and local government levels. Although all vehicle assembly plants were back at work by July, output

remains weak. Production volumes are forecast to reach about 545,000 units in 2020, a decline of

26.7% compared to a year ago.

Because of the COVID‐19 outbreak, mainland China’s15 manufacturing activities were widely

disrupted during the first quarter of 2020. Thanks to the Chinese government’s aggressive

containment measures and supportive industrial policies, auto manufacturers have gradually

returned to normal operations since March. For full‐year 2020, mainland China’s commercial vehicle

production is expected to decline by 8.6% to 4.8 million units.

South Asian manufacturers have all been affected by full nationwide lockdowns, which led to plant

closures for an average of six to eight weeks. As a result, full‐year 2020 production in the region is

set to decline to 1.6 million units, down 36.4%.

Japanese and South Korean production in 2020 is forecast to reach 1.2 million commercial vehicles,

down 18.5%, owing to the global economic situation and low demand in global markets.

In 2020, commercial vehicle output in the Middle East and Africa region is forecast to fall 29.1% from

2019 levels. Production in Africa has been under pressure since the shutdowns, as the COVID‐19

pandemic undermines both domestic and export demand for vehicles.

15 Includes Hong Kong and Taiwan


Figure 8: World commercial vehicle production16 | by region

SOURCE: IHS MARKIT

16 2020 forecast


TRADE

Between January and August 2020, both imports and exports of commercial vehicles fell

significantly (34.0% and 30.5% respectively), with each commercial vehicle segment strongly

affected.

The overall decline in imports and exports is in the main part attributable to the stagnation in the

manufacturing industry caused by the COVID‐19 outbreak.

Nevertheless, international trade in commercial vehicles provided the European Union with a trade

surplus of approximately €4 billion so far this year, although this was €1.5 billion less than for the

first eight months of 2019.

Table 12: EU commercial vehicle and bus trade | by segment

Trade in value (in million €) LCV17 CV & BC18 TOTAL

Jan‐Aug 2020

Imports 2,195 1,329 3,524

Exports 3,605 3,933 7,538

Trade balance 1,410 2,603 4,013

Jan‐Aug 2019

Imports 3,513 1,827 5,340

Exports 5,166 5,679 10,845

Trade balance 1,653 3,852 5,505

% change 20/19

Imports ‐37.5 ‐27.2 ‐34.0

Exports ‐30.2 ‐30.7 ‐30.5

SOURCE: EUROSTAT

17 LCV = Light commercial vehicles up to 5t 18 Commercial vehicles (CV) over 5t, including buses and coaches (BC)


IMPORTS

Turkey maintained its leading position as the main country of origin for EU commercial vehicle

imports in 2020 to date, despite a 38.6% contraction in the overall value of vehicles bound for the

European Union.

Eight months into 2020, commercial vehicle imports from most of the EU’s main trading partners

have significantly dropped in value terms, most notably those from Thailand (‐56.5%).

The only exceptions were China and Norway, where the value of commercial vehicles exported to

the EU increased by 28.0% and 4.5% respectively during the same period.

Table 13: Top 10 – Countries of origin of EU commercial vehicle and bus imports


Turkey 1,952 3,179 ‐38.6 55.4

South Africa 563 656 ‐14.2 16.0

United Kingdom 351 522 ‐32.8 10.0

China 124 97 +28.0 3.5

Thailand 109 251 ‐56.5 3.1

Morocco 98 141 ‐30.7 2.8

Norway 79 75 +4.5 2.2

Switzerland 73 99 ‐26.3 2.1

North Macedonia 61 103 ‐40.8 1.7

United States 37 59 ‐37.2 1.1

SOURCE: EUROSTAT


EXPORTS

The overall value of commercial vehicle exports to the three main EU export destinations sharply

fell from January to August 2020. Indeed, the United Kingdom (‐37.7%), Norway (‐45.0%) and

Switzerland (‐18.2%) were all affected by the COVID‐19 outbreak.

These markets, together with China, accounted for more than half of all EU exports of commercial

vehicles in 2020 so far.

At the same time, the value of exports to Turkey (+33.5%), China (+5.2%) and Algeria (+4.9%) of EU‐

made commercial vehicles and buses all increased during the first eight months of the year.

Table 14: Top 10 – Destinations for EU commercial vehicle and bus exports


United Kingdom 2,197 3,526 ‐37.7 29.2

Norway 601 1,094 ‐45.0 8.0

Switzerland 587 718 ‐18.2 7.8

China 541 514 +5.2 7.2

Turkey 315 236 +33.5 4.2

United States 278 286 ‐2.8 3.7

Australia 230 506 ‐54.6 3.1

Algeria 223 213 +4.9 3.0

Israel 221 311 ‐28.8 2.9

Russia 187 307 ‐39.3 2.5

SOURCE: EUROSTAT

ABOUT THE EU AUTOMOBILE INDUSTRY

14.6 million Europeans work in the auto industry (directly and indirectly), accounting for 6.7% of all EU jobs.

11.5% of EU manufacturing jobs – some 3.7 million – are in the automotive sector.

Motor vehicles account for €440.4 billion in taxes in major European markets.

The automobile industry generates a trade surplus of €74 billion for the EU.

The turnover generated by the auto industry represents over 7% of EU GDP.

Investing €60.9 billion in R&D annually, the automotive sector is Europe's largest private contributor to innovation, accounting for 29% of total EU spending.

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