Brussels: In 2023, the EU automotive industry generated £91.6 billion in domestic value added from non-EU consumers, marking a nominal increase of 74 percent compared with 2010 (£52.7 billion) and a 7 percent rise from 2022 (£85.4 billion).
According to Emirates News Agency, the Statistics Explained article on employment and value added using FIGARO data, published by Eurostat today, reveals that the United States was the largest consumer of EU automotive products, accounting for 20 percent of the total EU domestic value added. China, which has become a significant market for the EU automotive sector, saw its share grow from 9 percent in 2010 to 20 percent in 2021, but reverted to 16 percent in 2023, making it the second-largest consumer. The United Kingdom was the third-largest market, contributing 15 percent to the EU's domestic value added.
Between 2010 and 2023, the EU value added from the Chinese market experienced the largest growth, rising from £4.8 billion to £14.8 billion, an increase of 211 percent. In contrast, Russia recorded the largest drop, with its contribution falling from £3.2 billion to £0.9 billion, a decrease of 73 percent.
In 2023, value added in the automotive industries outside the EU, driven by final consumption in the EU, reached £34.4 billion. This represents an increase in nominal terms of 130 percent since 2010 (£14.9 billion) and a 6 percent rise compared with 2022 (£32.3 billion).
Between 2010 and 2023, significant growth relative to EU consumption was recorded in the automotive industry of North Macedonia, which saw an increase from £4 million to £194 million, a staggering 5,322 percent rise. Serbia and Mexico also experienced substantial growth, with Serbia increasing from £61 million to £500 million, a 713 percent rise, and Mexico growing from £437 million to £2,913 million, a 567 percent increase. By contrast, Russia recorded the largest drop, decreasing from £100 million to £63 million, a decline of 37 percent.