EU Internal Combustion Engine Sector Sees Mixed Fortunes in 2024
The EU's internal combustion engine equipment sector has seen significant shifts in recent years. Exports peaked in 2024, while production and consumption figures have fluctuated.
In 2024, EU exports of internal combustion engine equipment reached a record high, although they declined by X% to X units compared to the previous year. Despite this drop, the market value grew remarkably to $X, up by X% from 2023. This growth was supported by a strong increase in 2021, with a notable rate of X%.
Production of these engines in the EU has been steady, totaling $X in 2024. This figure represents an average annual growth rate of X% from 2012 to 2024. However, production peaked at $X in 2020 and has since remained somewhat lower. Consumption also peaked in 2020 at $X but failed to regain momentum, growing at an average annual rate of X% from 2012 to 2024.
Despite the lack of detailed country-specific data, it's clear that exports have seen an overall decline from 2012 to 2024. The pace of growth in production was most pronounced in 2018, increasing by X% compared to the previous year.
The EU's internal combustion engine equipment sector experienced mixed fortunes in 2024. While exports and market value grew, production and consumption figures remained relatively stagnant. The sector's future growth prospects remain uncertain, pending further developments in technology and policy.
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