Market Trends of europe automotive adhesives & sealants Industry
Supportive government initiatives to promote electric vehicles will raise the industry size
- Europe has a GDP of 34,230 USD per capita with a growth rate of 1.6% y-o-y in 2022. The automotive industry sector contributes a percentage of around 2% of the total GDP. The European vehicle production comprises 81% passenger vehicles, 17% commercial vehicles, and 2% other vehicles in 2021.
- In 2020, many European countries were affected by the COVID-19 pandemic, including Germany, Italy, Spain, Russia, and the United Kingdom. The pandemic resulted in supply chain disruptions, lockdowns in the countries, and chip shortages which affected automotive production in Europe. The production of vehicles sharply declined by 22% compared to 2019.
- The United States imports 25.3% worth of cars from Europe and became one of the leading importers of the United States, where Germany accounted for 10.3% and the United Kingdom for 4.7% of total imports of vehicles in the country in 2021. At the beginning of 2022, the sale of the new vehicle dropped by 20.5% due to the invasion of Ukraine by Russia, which reflected in vehicle production as well. In the first quarter of 2022, the European automotive market was down by 10.6% compared to the same period last year.
- Vehicle production is likely to grow with a CAGR of 2.25% during the period (2022 to 2027) due to the new investments being made in electric vehicles by many European countries. For instance, Spain is going to invest USD 5.1 billion in electric vehicle production.
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