Sweden 2024. Car Passengers Sales Plummet in March

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Swedish Auto Market keeps the negative mood. In March 2024 car passengers sales were 23,875 (-21.1%) with Year to Date figures at 59,623 (-5.8%).  Market leader Volvo increases the most out of the top 10 (+14.6%). 

 

Market Trend and Outlook

The Swedish auto market decreased once again in March after that in February it scored the only positive data out of the previous 7 month. In March car passengers sales were 23,875 (-21.1%) with Year to Date figures at 59,623 (-5.8%). 

Looking at cumulative data up to March 2024 brand-wise, Volvo maintains 1st with 10,734 sales (+14.6%), followed by Volkswagen at 5,826 (-3.5%), Toyota -up 1 spot- at 5,170 (-7.5%) and Kia -down 1 spot- with 4,382 units sold (-21.9%).

Tesla is in 5th with 4,312 sales (-7.9%), in front of Mercedes -up 2 spots- with 3,523 new registrations (+11.7%), and Audi with 3,470 units sold (-4.5%).

BMW lost 2 spots ranking into 8th position with 3,022 sales (-19.3%), followed by Skoda at 2,363 (-11.2%) and Peugeot closing the Top 10 with 2,102 units sold (+3.8%).

Looking at specific models the Tesla Model Y is the best-selling car, despite a 0.7% decrease in sales, followed by the Volvo XC60, which gained 28.7% in volume so far and 1 position.

 

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 micro-chip 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.

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