The European Union (EU) has witnessed a significant surge in the trade of electric and hybrid cars over the past five years. Between 2017 and 2022, the import and export figures for these sustainable vehicles have shown remarkable growth, reflecting a changing landscape and consumer preferences. Let’s delve into this fascinating development and explore the statistics that highlight the intensifying demand for electric and hybrid vehicles in the EU.
Impressive Growth in Electric and Hybrid Car Trade:
In 2022, a staggering 42% of the total number of cars imported into the EU were either electric or hybrid. This indicates an extraordinary increase of 35 percentage points compared to 2017, signaling a remarkable shift towards greener alternatives. The upward trend was not limited to imports alone, as there was also a noticeable rise in exports. In 2022, 26% of the total number of cars exported from the EU were electric or hybrid, representing a substantial 24 percentage point increase from 2017.
Segment Breakdown:
The statistics reveal that non-plug-in hybrid cars were the largest category traded among electric and hybrid cars. In 2017, they accounted for just 6% of total car imports and a mere 0.4% of car exports. However, by 2022, these figures had risen significantly to 21% and 13% respectively. Full electric cars experienced considerable growth as well, representing 15% of car imports (+14 pp compared to 2017) and 9% of exports (+8 pp) in 2022. Plug-in hybrid cars also showed promising growth, with a 7% (+6 pp) share of car imports and a 4% (+3 pp) share of exports.
Impressive Value of Imports and Exports:
In terms of monetary value, the EU spent a total of €37.0 billion on imports of hybrid and electric cars from non-EU countries in 2022, reflecting a 27% increase compared to 2021. Non-plug-in hybrid cars accounted for the highest value of imports at €16.0 billion, followed by full electric cars at €12.6 billion and plug-in hybrid cars at €8.4 billion.
On the export side, the EU sent hybrid and electric cars to non-EU countries amounting to a total value of €59.1 billion in 2022, a substantial 41% rise from the previous year. Non-plug-in hybrid cars held the top spot in terms of value, with exports totaling €28.5 billion. Full electric car exports amounted to €22.4 billion, while plug-in hybrid cars contributed €8.1 billion to the total export value.
Key Trade Partners:
The United Kingdom emerged as a significant trade partner for non-plug-in hybrid cars. It topped the list of countries from which the EU imported these vehicles, with imports valued at €3.4 billion, representing 21% of the total imports for this category. Japan followed closely behind, accounting for €2.8 billion (18% share), and Türkiye with €2.5 billion (15% share).
Regarding exports, the United States proved to be a key trade partner, importing hybrid and electric cars worth €8.7 billion, capturing 30% of the EU’s total export value. The United Kingdom stood as the second-largest export destination with €4.5 billion (16% share), closely followed by Norway, with exports amounting to €4.3 billion (15% share).
The EU’s trade in electric and hybrid cars has witnessed remarkable growth between 2017 and 2022. Not only have imports and exports surged, but the overall value of these vehicles in the market has experienced a substantial increase. As we witness this transformation, it is evident that consumers in the EU are increasingly embracing sustainable alternatives, paving the way for further advancements in the electric and hybrid car market.
Market Capital Research 