Industry revenue of »sale of cars and light motor vehicles« in Slovakia 2011-2023

Low corporate tax, skilled workforce, comparatively low wages and the eurozone membership are the main reasons why Slovakia, with a population of only 5.5 million people, is the world’s largest manufacturer of cars per capita. Thus, a nearly 40% growth in the revenue for the sale of cars and light motor vehicles during 2011- 2016 comes as no surprise. As a natural outcome, the number of enterprises operating in the industry grew by more than 400% from 36 units in 2011 to 251 units in 2017. Further, Brexit is likely to sweeten the country’s attractiveness in welcoming more OEMs to establish their manufacturing units in the country.

Top three OEMs account for nearly 50% of the market

Despite having more than 250 enterprises operating in the car manufacturing industry, three companies including Volkswagen, PSA and Kia Motors accounted for around 50% of the cars produced in the country in 2018. However, the recent entry of Jaguar Land Rover is expected to alter their dominance at the top.

E-mobility is still a distant dream for Slovakia

While EU countries such as Norway, Iceland and Sweden are establishing new benchmarks in terms of adopting electric cars, petrol and diesel still dominate the Slovak car market with a combined share of around 98%. Lack of incentives to encourage global OEMS to produce electric cars at their Slovak plants is one of the main factors restraining industry growth. BMW’s preference of Hungary for its electric car plant over Slovakia in 2018, is a good example of this.

For information beyond the alternative propulsion type statistics, including sales by car make, revenue and price, please visit MMO Passenger Cars.

Industry revenue of »sale of cars and light motor vehicles« in Slovakia from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Slovakia. The industry “sale of cars and light motor vehicles“ has the code “G4511“.

Details on the methodology can be found here.

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