Europe leads global car market, China ranks third for the first ‎time

A report issued by the Korean Automobile Manufacturers Association (KAMA) revealed that Europe came in first place as the largest share in the global auto market during the year 2022, at a rate of 25.8%, to maintain the lead despite a decrease in its share by 1.8 percentage points compared to 2021.

According to the Korean “Yonhap” agency, the share of Japanese cars decreased from 27.2% to 25.3%, ranking second.

The share of Chinese cars rose by 3.7 percentage points from 15.8% to 19.5%, ranking third for the first time, ahead of American cars.

South Korea came in fifth place after Europe, Japan, China and the United States

The report showed that South Korea’s share in the global auto market decreased in 8 major markets, from 7.7% in 2021 to 7.3% in 2022.

The share of South Korean cars increased from 11.8% to 12% in Mexico, from 10% to 10.7% in the United States, from 8.7% to 9.4% in Europe, from 9.6% to 9.7% in Brazil, and from 3.6% to 4.6% in ASEAN.

The share decreased from 2.4% to 1.6% in China, from 22.7% to 17.8% in Russia, and from 22.3% to 21.3% in India.

The Korea Automobile Manufacturers Association said that despite the stagnation in the global auto market last year, the electric car market witnessed a growth of 43.4% last year.

The share of electric cars was 46.3% in Europe, 31.2% in China, and 12.3% in the United States. The share was less than 2% in other markets.

However, given that the growth rates in the share of electric vehicles rose sharply last year in ASEAN (by 810%), Brazil (by 50%) and India (by 30%), the share is expected to grow significantly in these countries and regions in the future.