The automotive market is in a state of flux, with changes set to further impact the tire market. Recently, overseas passenger car sales have declined, the electric vehicle market has seen a downturn, but fortunately, the light truck market has continued to rise.
EU Passenger Car Sales Decline
Data from the European Automobile Manufacturers' Association shows a 1.9% decrease in EU passenger car market sales in November 2024. France led the decline with a 12.7% drop, followed by Italy (-10.8%), while the German market stagnated with a 0.5% change. Among the four most important EU markets, only Spain achieved positive growth (6.4%). In the first 11 months, EU new car registrations remained stable at +0.4%, reaching 9.7 million units. The Spanish market performed positively (+5.1%), while France (-3.7%), Germany (-0.4%), and Italy (-0.2%) experienced declines.
Electric Vehicles See Up to 31.4% Decline
Reports indicate that in November, electric vehicle registrations fell by 9.5% to 130,757 units. This decline was primarily due to significant drops in registrations in Germany (-21.8%) and France (-24.4%). This has led to a year-to-date market sales decrease of 5.4% compared to the same period last year, with the total market share currently at 13.4%. Plug-in hybrid electric vehicle registrations dropped by 8.8%, following significant declines in France (-19.6%), Belgium (-61.4%), and Italy (-31.4%). In November, plug-in hybrid electric vehicles accounted for 7.6% of the automotive market, down from 8.1% last year. Year-to-date sales have also declined, down 8% compared to the same period last year.
Light Truck Market Continues to Rise
In November, US light vehicle sales achieved a strong year-on-year increase, with monthly sales up 12.3% to 1.38 million units, and the seasonally adjusted annualized sales rate rising to 16.7 million units per year, a new high since May 2021. Canadian light vehicle sales in November grew by 12% to 151,000 units, setting a new high for November sales since 2017. Western Europe's light vehicle market saw a seasonally adjusted annualized sales rate of 13.9 million units per year in November, marking a second consecutive month of sequential growth, though still weak compared to previous years. Eastern Europe's light vehicle market maintained a seasonally adjusted annualized sales rate of 4.7 million units per year in November, with little change from the previous month. China's domestic market sales continued to grow for the second consecutive month. The seasonally adjusted annualized sales rate for November is expected to reach 28.4 million units per year, the highest level this year, but still below the 29-30 million units per year reached in the summer of 2023. Japan's market sales growth has slowed, but the seasonally adjusted annualized sales rate for November still reached a robust level of 4.89 million units per year. South Korea's full-year market sales for this year are expected to set a new low since 2013. In November, Brazil's light vehicle market maintained a strong performance, with sales up 19.6% to 241,000 units. In November, Argentina's light vehicle sales fell by 2% to 33,300 units.
In China, the tire market competition is becoming even more fierce. Changes in the automotive market have led to intensified competition in the tire market. However, by understanding the variations in different automotive markets, tire industry players can also grasp the upcoming changes in tire submarkets, making the layout of tire business clearer.
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