Volkswagen: Most Important Markets

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See also: Discussions | Volkswagen:Deliveries | Automotive Industry

Revenue per region

  • Europe/Other Markets is the largest revenue source for Volkswagen, accounting for around 55% of the total revenue[1].
  • North America overtook Asia-pacific in 2022 as Volkswagen's second largest market, accounting for around 21% of total revenue.
  • Asia-pacific accounts for around 18% of the total revenue while South America accounts for around 6% of the total revenue.
Revenue in billion euros
Region 2022[1] Y/Y growth 2021[1] Y/Y growth 2020[2]
Europe/Other markets 154.53 6.2% 145.57 9.0% 133.5
North America 60.08 32.6% 45.31 23.1% 36.81
Asia-pacific 51.44 5.7% 48.67 9.9% 44.29
South America 15.48 40.2% 11.04 27.9% 8.63
Worldwide 279.23 12.3% 250.2 12.3% 222.9

Leading brands in each market

Europe/Other Markets

  • 27.7% of Volkswagen Passenger Cars worlwide deliveries went to Europe/Other Markets in 2022[3].
  • 40.9% of Audi worldwide deliveries went to Europe/Other Markets[4].
  • 84.4% of Skoda worldwide deliveries went to Europe/Other Markets[5].
Brand Number of Units Number of Units as a percentage of worldwide deliveries
Volkswagen Passenger Cars 1,264,034 27.7%
Audi 660,208 40.9%
Skoda 617,217 84.4%
SEAT 368,634 95.6%[6]
Volkswagen Commercial Vehicles 277,010 84.3%[7]
TRATON 135,031 44.2%[8]
Porsche 99,168 32%[9]

Germany

  • Germany is the leading individual market for Volkswagen in Europe[10].
  • In 2022, 30% or 998,000 passenger cars delivered to customers in Europe went to Germany.
  • Similarly, 23% or 31, 623 of commercial vehicles went to Germany in 2022.

Asia-Pacific

  • Below is the ranking of each brand in the region.
Brand Number of Units Number of Units as a percentage of worldwide deliveries
Volkswagen Passenger Cars 2,528,068 55.4%
Audi 710,248 44%[4]
Porsche 125,510 40.5%[3]
Skoda 112,620 15.4%[11]
Volkswagen Commercial Vehicles 13,144 4.0%[7]
TRATON 11,304 3.7%[8]
SEAT 1,928 0.5%[6]

China

  • At 2.4 million vehicles sold in 2022, Volkswagen Passenger Cars including JETTA remained number one brand among Chinese customers with a market share of 11.4%[12].
  • Volkswagen Passenger cars deliveries to China accounted for 55.4% of the brand's worldwide deliveries in 2022[13].
  • China is Porsche's individual largest market with 93,286 vehicles delivered to customers in 2022[12].
Brand Number of Units in 2022 Number of Units as a percentage of worldwide deliveries Market Share in 2022 Market Share in 2021
Volkswagen Passenger Cars eg JETTA 2.4 million 52% 11.4% 11.7%
Audi 642,548 40%
Porsche 93,286 30%

North America

  • Volkswagen Passenger Cars is the leading brand in North America, accounting for 9.4% of brand's total deliveries in 2022.
  • It is followed by Audi , whose deliveries in the region was 229,216 or 14.2% of the brand's total deliveries in 2022.
Brand Number of Units Number of Units as a percentage of worldwide deliveries
Volkswagen Passenger Cars 428,950 9.4%[3]
Audi 229,216 14.2%[4]
TRATON 82,791 27.1%[8]
Porsche 80,574 26%[9]
SEAT 11,954 3.1%[14]
Volkswagen Commercial Vehicles 6,572 2.0%[7]

United States

  • United States accounted for 74% of the total passenger vehicles(759,791) and 80% of the total commercial vehicles(82,824) delivered to customers in North America in 2022[10] .

South America

  • TRATON is the leading brand in South America, accounting for 24.9% of the brand's total deliveries in 2022.
  • It is followed by Volkswagen Passenger Cars, accounting for 7.5% of the brand's total deliveries in 2022.
Brand Number of Units Number of Units as a percentage of worldwide deliveries
TRATON 76,070 24.9%[8]
Volkswagen Passenger Cars 342,248 7.5%[3]
Volkswagen Commercial Vehicles 32,203 9.8%[7]
Audi 12,914 0.8%[4]
Porsche 4,649 1.5%[3]
Skoda 1,463 0.2%[11]
SEAT 3,470 0.9%[6]

Brazil

  • Passenger Car deliveries to Brazil accounted for 70% of total deliveries to South America(397,539) while commercial vehicle deliveries to Brazil accounted for 78% of total commercial vehicle deliveries to South America(76,152) in 2022.

Direct competitors in each market

Europe

  • Volkswagen Group leads in Europe with a market share of 24.7% followed by Stellantis(18.2%), Renault(9.4%), Hyundai(9.4%) and BMW(7.2%)[15].
Brand Market Share between January and December 2022
Volkswagen Group 24.7%
Stellantis 18.2%
Renault Group 9.4%
Hyundai Group 9.4%
BMW Group 7.2%
Toyota Group 7.1%
Ford 4.6%
Volvo 2.2%
Nissan 2.1%

China

  • Volkswagen's main competitors in China are BYD and Toyota with a market share of 11.16% and 8.51%, respectively, in H2 2023[16].
  • The market share of Chinese indegenous auto brands rose 5.4% y/y to 49.9% in 2022[17].
Brand Market Share
H2 2023 H2 2022 H2 2021 H2 2020 H2 2019
BYD 11.16% 7.61% 2.55% 1.56% 2.06%
Volkswagen 10.20% 10.34% 11.88% 12.94% 14.05%
Toyota 8.51% 9.97% 8.11% 9.29% 7.29%
Honda 5.49% 7.35% 7.46% 7.96% 7.83%
Changan 4.68% 4.40% 4.59% 4.00% 3.25%

North America

  • Volkswagen said that in 2022 it had a market share of 4.6% in North America(2021: 4.9%)[10].

United States

  • According to Statista, Volkswagen had an estimated market share of 3.6% in 2022, far below the leading brands such as General Motors(17.09%), Toyota(15.17%), Ford(13.92%), Stellantis(11.66%) and Hyundai(10.94%)[18].
Brand Market Share in 2022 Market share in 2023[19]
General Motors 17.09% 16.89%
Toyota 15.17% 14.46%
Ford 13.92% 13.00%
Stellantis 11.66% 9.98%
Hyundai 10.94% 10.79%
Honda 7.35% 8.52%
Nissan 6.14% 5.89%
Subaru 4.19% 4.14%
Tesla 4.04% 3.26%
Volkswagen 3.60% 4.13%
BMW 2.72% 2.59%

South America

  • Volkswagen said that in 2022 it had a market share of 11.1%(2021: 12.4%)[10].
  • South America is expected to grow by 11% a year until 2030-making it one of the fastest growing markets in the world[20].

Brazil

Brand Market Share in H1 2021[21]
Stellantis 19.9%
Renault 15.6%
Volkswagen 13.5%
General Motors 12.5%
Hyundai 10.6%
Toyota 9.5%
Ford 3.4%
Honda 3.1%

Volkswagen goals in each market

  • By 2027, Volkswagen plans to grow by 40% in Brazil[20].
  • It has a group goal of 10% market share in North America by 2030[22].
  • Volkswagen intends to hold onto its current market share in China by developing products " in China, for China". , "While most revenues are still generated in Europe, the growth engines of the future will be China and North America," CEO Oliver Blume said in a call with investors[23]
  • Volkswagen targets 80% EV sales in Europe by 2030[24].
  • It has a target of 55% EV sales in North America by 2030 and 50% in U.S[25].
  • It targets 50% EV sales in China by 2030[24].

Forecasted performance in each market by third-parties

China

  • Greenpeace East Asia projects that Volkswagen Group will likely lose 3-7% of market share by 2030 due to slow transition to EVs[26].

References

  1. ↑ 1.0 1.1 1.2 https://annualreport2022.volkswagenag.com/divisions/brands-and-business-fields.html
  2. ↑ https://www.statista.com/statistics/260805/revenue-of-volkswagen/
  3. ↑ 3.0 3.1 3.2 3.3 3.4 https://annualreport2022.volkswagenag.com/divisions/volkswagen-passenger-cars.html
  4. ↑ 4.0 4.1 4.2 4.3 https://annualreport2022.volkswagenag.com/divisions/audi.html
  5. ↑ https://annualreport2022.volkswagenag.com/divisions/audi.html
  6. ↑ 6.0 6.1 6.2 https://annualreport2022.volkswagenag.com/divisions/seat.html
  7. ↑ 7.0 7.1 7.2 7.3 https://annualreport2022.volkswagenag.com/divisions/volkswagen-commercial-vehicles.html
  8. ↑ 8.0 8.1 8.2 8.3 https://annualreport2022.volkswagenag.com/divisions/traton-group.html
  9. ↑ 9.0 9.1 https://annualreport2022.volkswagenag.com/divisions/porsche.html
  10. ↑ 10.0 10.1 10.2 10.3 https://annualreport2022.volkswagenag.com/group-management-report/business-development/deliveries.html#:~:text=The%20Volkswagen%20Group%20delivered%208%2C262%2C776,than%20in%20the%20previous%20year.
  11. ↑ 11.0 11.1 https://annualreport2022.volkswagenag.com/divisions/skoda.html
  12. ↑ 12.0 12.1 https://annualreport2022.volkswagenag.com/divisions/volkswagen-group-china.html
  13. ↑ https://annualreport2022.volkswagenag.com/divisions/volkswagen-passenger-cars.html
  14. ↑ https://annualreport2022.volkswagenag.com/divisions/seat.html
  15. ↑ https://www.statista.com/statistics/263421/market-share-of-selected-car-maunfacturers-in-europe/
  16. ↑ https://www.bloomberg.com/news/articles/2023-07-25/byd-widens-lead-over-volkswagen-as-china-s-top-car-brand-on-evs
  17. ↑ https://www.scmp.com/business/china-business/article/3220148/foreign-car-brands-volkswagen-toyota-lose-share-china-worlds-largest-automotive-market-era-gas-and
  18. ↑ https://www.statista.com/statistics/249375/us-market-share-of-selected-automobile-manufacturers/
  19. ↑ https://www.statista.com/statistics/343162/market-share-of-major-car-manufacturers-in-the-united-states/
  20. ↑ 20.0 20.1 https://www.volkswagen-newsroom.com/en/press-releases/volkswagen-brand-invests-one-billion-euros-for-growth-in-south-america-17431
  21. ↑ https://fiatgroupworld.com/2021/08/29/1-in-5-of-the-vehicles-sold-in-latin-america-is-branded-stellantis/
  22. ↑ https://media.vw.com/en-us/releases/1741
  23. ↑ https://www.barrons.com/news/vw-eyes-sales-growth-powered-by-us-china-20e1f97d
  24. ↑ 24.0 24.1 https://electrek.co/2023/03/07/volkswagen-group-passenger-cars-evs-2030-sales-target/#:~:text=Its%20EV%20sales%20targets%20will,3%2C%20the%20ID.
  25. ↑ https://electrek.co/2023/03/07/volkswagen-group-passenger-cars-evs-2030-sales-target/#:~:text=Its%20EV%20sales%20targets%20will,3%2C%20the%20ID.
  26. ↑ https://www.greenpeace.org/eastasia/press/7968/foreign-automakers-on-track-to-lose-market-share-in-china-due-to-slow-shift-to-evs-study/
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