Importance of the vehicle manufacturing sector
Vehicle manufacturing has managed to remain an important sector of the Italian economy, employing around 83,000 workers. Enterprises engaging in the trade and repair of vehicles and motorcycles are expected to generate roughly 180 billion U.S. dollars by 2024.Small cars are a big hit
Typical to the car market in its region, small and medium sized cars are the most popular car segments in Italy. Controversially however, small SUVs (sport utility vehicles) are expected to become the largest segment of the new vehicle market. In terms of propulsion, petrol vehicles continue to dominate the Italian car market. Italy's most popular car brand is Fiat by far. Although nearly two million new passenger cars are registered each year in Italy, sales have started to fall. Decline in the Italian passenger car market is expected to continue throughout 2020, as the European auto industry is being pummeled by the ongoing coronavirus pandemic: New passenger car registrations in European markets cratered in April 2020. The used vehicle market could emerge as one of the segments with the largest potential for growth. Already, the Italian classic car market stands out as one of the world's largest. Over 14 million U.S. dollars are spent in Italy on classic car sales each year.
