Sweden 2024. Auto Market Continues To Recover Throughout February

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Swedish Auto Market in 2024 starts with a slight increase. New sales in February reach 18,720 units (+1.6%). Tesla booms 140.6% ranking in 7th spot. 

Market Trend and Outlook

The Swedish auto market in February 2024 increases for the second consecutive month, after a 7 month negative string, reaching 18,720 new sales (+1.6%). YTD sales total 35,748 registrations (+8.2%). 

Looking at cumulative data up to January 2024 brand-wise, Volvo maintains 1st with 6,749 sales (+18.0%), followed by Volkswagen at 3,692 (+7.0%), Toyota -up 1 spot- at 3,469 (+14.4%) and Kia -down 1 spot- with 2,584 units sold (-22.1%).

Audi rises 1 spot into 5th with 2,089 sales (+12.0%), in front of Mercedes -up 1 spot- with 2,047 new registrations (+25.7%) and Tesla -up 3 spots- with 1,788 units sold (+140.6%).

BMW loses 3 spots ranking into 8th position with 1,780 sales (-19.7%), followed by Skoda -down 1 spot- at 1,528 (+10.2%) and Peugeot -down 1 spot- closing the Top 10 with 1,263 units sold (+6.9%).

Looking at specific models the Volvo XC60 is the best selling car, -up 1 spot- with a 28.7% increase in sales, overtaking previous year’s leader the Tesla Model Y, which gained 285.5% in volume so far and 10 positions.

Medium-Trend Market Trend

The Swedish market has recorded an overall positive trend in the last years. Starting at 245k in 2010 it had a few years of growth reaching 300k in 2012. The upward trajectory was interrupted in 2013 with sales finishing at 290k, this halt didn’t last for long. In 2014 y/y car passenger sales began to increase for the following 4 years reaching a peak in 2017 at 409k registrations, close to double 2010 levels.

2018 and 2019 weren’t amazing years for the Swedish auto market with -13.5% and +0.5%, respectively, bringing sales down to 355k at the beginning of 2020. With the arrival of Covid , like in most European countries, sales dropped,  falling under 300k registrations (-18%).

In 2021 demand for car passengers in Sweden showed signs of recovery reporting a +3%, with sales at 300k. Despite the rising sentiment in the previous year, 2022 showed signs of a market struggling to maintain high demand, mainly due to a push towards EVs and other global manufacturing factors. In fact, the year closed at 287,610 sales, a 4.4% decrease from the prior. The downfall continues into 2023, with the overall market down in double digits.

Although Europe is an important center for EV manufacturing, Germany in particular, the production costs haven’t been able to meet with the consumers willingness to pay, with the average cost of new BEV at euro 55,821. Lack of raw materials and elevated costs for micro-chip production also pose a threat for the Swedish car market, that is already having to confront higher prices and longer waiting times, pushing lower income consumers into the second hand market.

2023 closes with a total of 289,281 sales, up 0.6% from the previous year.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group, and top 10 Models.

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