Swedish Auto Market lost again in 2024, this time even in the EVs segment (-10.8%). Full year sales have been 256,096 (-9.2%), very far from the all-time record posted in 2017 (396.087 sales). The electric vehicles segment lost 10% retreating to the 28% of the total industry.
Market Trend and Outlook
The Swedish economy is expected to grow modestly by 0.6% in 2024, followed by stronger growth of 1.8% in 2025 and 2.8% in 2026. Private consumption will recover from late 2024, supported by reduced debt servicing costs, rising real incomes, and improvements in the labour market. Inflation is set to remain below target until mid-2026. Private investments will be bolstered by gradually easing credit conditions and construction costs, and external demand. Unemployment is expected to decline steadily as labour demand rises.
The Swedish EV market continues its transformation in 2024, driven by a resurgence in EV registrations and increasing consumer commitment to eco-friendly transportation. However, the market was still affected by the broader economic downturn, contracting by 10.8% year-on-year, with a total of 72,926 units sold (the 28.4% of the industry. It was 29.0% in 2023.
Despite a 12.6% decline, Tesla remained the top-selling brand, with the Tesla Model Y retaining its position as the best-selling model. Volvo demonstrated remarkable growth, rising 216.4% and climbing seven spots to 3rd place, while Polestar, Skoda and Cupra each reported impressive double-digit gains.
Amidst a challenging economic climate, the overall automotive industry saw a decline, despite the launch of several new models. Sales in 2024 totaled 256,096 units, marking a 9.2% drop from the previous year. December reinforced this trend, with sales falling 10.6% to 25,624 units.
Looking at the top manufacturers performance year to date, Volvo sold 45,212 cars (+11.1%) consolidating the leadership over all challengers.
In second place Volkswagen with 27,561 sales (-10.9%) and in third Toyota -up 1 spot- with 20,931 (-10.6%).
In fourth place there was Kia -down 1 spot- with 19,138 units sold (-21.5%) followed by Tesla with 17,775 new sales (-12.6%) and Mercedes -up 3 spots- with 15,450 sales (+13.8%).
In seventh place Audi -down 1 spot- with 14,239 units sold (-23.2%) ahead of Skoda with 13,394 (-4%), BMW -down 2 spots- with 12,532 (-19.7%) and in 10th place Peugeot with 9,412 (+25.9%).
Looking at the ranking of the best selling cars, widely reported in the dedicated post, the leader was the Tesla Model Y (-13.6%) followed by the Volvo XC60 (+19%) and the Volvo XC40 (-40.8%).
Medium-Trend Market Trend
The Swedish market has recorded an overall positive trend in the last years. Starting at 245k in 2010 it had a few years of growth reaching 300k in 2012. The upward trajectory was interrupted in 2013 with sales finishing at 290k, this halt didn’t last for long. In 2014 y/y car passenger sales began to increase for the following 4 years reaching a peak in 2017 at 409k registrations, close to double 2010 levels.
2018 and 2019 weren’t amazing years for the Swedish auto market with -13.5% and +0.5%, respectively, bringing sales down to 355k at the beginning of 2020. With the arrival of Covid , like in most European countries, sales dropped, falling under 300k registrations (-18%).
In 2021 demand for car passengers in Sweden showed signs of recovery reporting a +3%, with sales at 300k. Despite the rising sentiment in the previous year, 2022 showed signs of a market struggling to maintain high demand, mainly due to a push towards EVs and other global manufacturing factors. In fact, the year closed at 287,610 sales, a 4.4% decrease from the prior. The downfall continues into 2023, with the overall market down in double digits.
Although Europe is an important center for EV manufacturing, Germany in particular, the production costs haven’t been able to meet with the consumers willingness to pay, with the average cost of new BEV at euro 55,821. Lack of raw materials and elevated costs for microchips production also pose a threat for the Swedish car market, that is already having to confront higher prices and longer waiting times, pushing lower income consumers into the second hand market.
2023 closes with a total of 289,281 sales, up 0.6% from the previous year.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group, and top 10 Models.
