Key Data of Global Auto Market in 2024
Key Data of Global Auto Market in 2024
93 Million Vehicles Produced Worldwide
l In 2023, almost 93.55 million motor vehicles were produced worldwide. This figure translates into an increase of around 10.27 percent, compared with the previous year. China, Japan, USA, and India, South Korea were the largest producers of cars and commercial vehicles in 2023, and already accounts for about 64% of the global share.
Output Growth Reaches Highest Level in Ten Years
l Benefiting from the consumption recovery after the epidemic and the popularity of electric vehicles, 2023 has become the year with the highest year-on-year growth rate in motor vehicle production in the past decade, reaching 10.51%. Global motor vehicle production reached its lowest point since 2020, and then gradually began to recover, achieving rapid growth in 2023.
Figure 1. Global Motor Vehicle Production (M Units)
Source: Secondary Sources, Press Releases, Expert Interviews and Bosson Research, 2024
l China is ranked as the largest passenger car manufacturer in the world, having produced more than 30.16 million cars in 2023, and accounting for almost one third of the world's passenger vehicle production. Over the past decades, China has emerged as one of the main growth markets for players in the global automobile industry.
l Shanghai Automotive Group Co., Ltd., the most productive among Chinese car companies, produced more than 5 million vehicles in 2023. As China's leading company in new energy vehicle manufacturing, BYD has produced a total of more than 3 million electric vehicles in 2023.
Passenger Cars Dominate the Market
l According to category, motor vehicles can be divided into passenger cars and commercial vehicles. Passenger cars have always occupied a dominant position in the market and have reached 72.7% market share in 2023. Commercial vehicles include light commercial vehicles, heavy trucks, passenger cars and buses. Among them, light commercial vehicles with a maximum load capacity of 3.5 to 7 tons are the most widely used commercial vehicles and have already occupied more than 22% of the market share in 2023.
Figure 2. Motor Vehicle Production Market Share by Type (2023)
Source: Secondary Sources, Press Releases, Expert Interviews and Bosson Research, 2024
Table 1. Global Automobile Production by Region (Units)
|
|
2019 |
2020 |
2021 |
2022 |
2023 |
|
Asia-Pacific |
48,512,781 |
43,395,552 |
45,874,502 |
48,957,002 |
53,927,366 |
|
Europe |
19,807,528 |
15,394,969 |
14,861,498 |
14,680,192 |
16,654,056 |
|
North America |
16,822,606 |
13,374,404 |
13,467,065 |
14,795,419 |
16,166,628 |
|
South America |
3,337,795 |
2,318,523 |
2,723,770 |
2,958,117 |
2,970,263 |
|
Middle East & Africa |
3,377,455 |
2,955,123 |
3,077,740 |
3,439,646 |
3,828,286 |
|
Global |
91,858,165 |
77,438,570 |
80,004,575 |
84,830,376 |
93,546,599 |
Source: Secondary Sources, Press Releases, Expert Interviews and Bosson Research, 2024
Table 2. Market Share and Development Potential of Automobiles by Region
|
|
2023 |
Share (2023) |
CAGR |
|
Asia-Pacific |
53,927,366 |
57.65% |
2.68% |
|
Europe |
16,654,056 |
17.80% |
-4.24% |
|
North America |
16,166,628 |
17.28% |
-0.99% |
|
South America |
2,970,263 |
3.18% |
-2.87% |
|
Middle East & Africa |
3,828,286 |
4.09% |
3.18% |
|
Global |
93,546,599 |
100.00% |
0.46% |
Source: Secondary Sources, Press Releases, Expert Interviews and Bosson Research, 2024
Global Automobile Production by Country
Table 3. Global Automobile Production by Country (Vehicle)
|
|
2019 |
2020 |
2021 |
2022 |
2023 |
|
USA |
10,892,884 |
8,821,026 |
9,157,205 |
10,052,958 |
10,611,555 |
|
Canada |
1,916,585 |
1,376,127 |
1,115,002 |
1,233,360 |
1,553,026 |
|
Mexico |
4,013,137 |
3,177,251 |
3,194,858 |
3,509,101 |
4,002,047 |
|
North America |
16,822,606 |
13,374,404 |
13,467,065 |
14,795,419 |
16,166,628 |
|
Germany |
4,663,749 |
3,515,488 |
3,096,165 |
3,480,357 |
4,109,371 |
|
France |
2,172,515 |
1,315,997 |
1,352,226 |
1,383,173 |
1,505,076 |
|
UK |
1,381,405 |
987,044 |
932,488 |
876,614 |
1,025,474 |
|
Italy |
915,291 |
777,057 |
797,243 |
796,394 |
880,085 |
|
Russia |
1,720,487 |
1,435,551 |
1,567,007 |
609,082 |
729,864 |
|
Spain |
2,822,632 |
2,268,185 |
2,098,133 |
2,219,436 |
2,451,221 |
|
Other |
8,974,098 |
7,380,569 |
7,226,864 |
7,544,398 |
8,446,832 |
|
Europe |
21,268,772 |
16,692,847 |
16,137,638 |
16,032,840 |
18,122,449 |
|
China |
25,750,650 |
25,225,242 |
26,121,712 |
27,020,615 |
30,160,966 |
|
Japan |
9,684,507 |
8,067,943 |
7,836,908 |
7,835,539 |
8,997,440 |
|
South Korea |
3,950,614 |
3,506,774 |
3,462,404 |
3,757,049 |
4,243,597 |
|
India |
4,524,366 |
3,381,819 |
4,399,112 |
5,457,242 |
5,851,507 |
|
Southeast Asia |
5,418,098 |
4,090,041 |
4,943,273 |
5,944,676 |
5,855,186 |
|
Australia |
5,606 |
4,730 |
5,391 |
6,096 |
7,141 |
|
Asia Pacific |
49,333,841 |
44,276,549 |
46,768,800 |
50,021,217 |
55,115,837 |
|
Brazil |
2,944,988 |
2,014,055 |
2,248,253 |
2,369,769 |
2,324,838 |
|
Argentina |
314,787 |
257,187 |
434,753 |
536,893 |
610,725 |
|
Other |
78,020 |
47,281 |
40,764 |
51,455 |
34,700 |
|
South America |
3,337,795 |
2,318,523 |
2,723,770 |
2,958,117 |
2,970,263 |
|
Egypt |
18,500 |
23,754 |
N/A |
N/A |
N/A |
|
Turkey |
1,461,244 |
1,297,878 |
1,276,140 |
1,352,648 |
1,468,393 |
|
Iran |
821,060 |
880,997 |
894,298 |
1,064,215 |
1,188,471 |
|
South Africa |
631,921 |
447,213 |
499,087 |
555,889 |
633,337 |
|
Others |
444,730 |
305,280 |
408,215 |
466,894 |
538,085 |
|
Middle East & Africa |
3,377,455 |
2,955,123 |
3,077,740 |
3,439,646 |
3,828,286 |
|
Total |
91,858,165 |
77,438,570 |
80,004,575 |
84,830,376 |
93,546,599 |
Source: OICA and Bosson Research, 2024
Table 4. Market Share and Development Potential of Automobiles by Countries
|
|
Share (2023) |
CAGR (2019-2023) |
Share (2023) |
|
USA |
11.34% |
-0.65% |
11.34% |
|
Canada |
1.66% |
-5.12% |
1.66% |
|
Mexico |
4.28% |
-0.07% |
4.28% |
|
North America |
17.28% |
-0.99% |
17.28% |
|
Germany |
4.39% |
-3.11% |
4.39% |
|
France |
1.61% |
-8.77% |
1.61% |
|
UK |
1.10% |
-7.18% |
1.10% |
|
Italy |
0.94% |
-0.98% |
0.94% |
|
Russia |
0.78% |
-19.30% |
0.78% |
|
Spain |
2.62% |
-3.47% |
2.62% |
|
Other |
9.03% |
-1.50% |
9.03% |
|
Europe |
19.37% |
-3.92% |
19.37% |
|
China |
32.24% |
4.03% |
32.24% |
|
Japan |
9.62% |
-1.82% |
9.62% |
|
South Korea |
4.54% |
1.80% |
4.54% |
|
India |
6.26% |
6.64% |
6.26% |
|
Southeast Asia |
6.26% |
1.96% |
6.26% |
|
Australia |
0.01% |
6.24% |
0.01% |
|
Asia Pacific |
58.92% |
2.81% |
58.92% |
|
Brazil |
2.49% |
-5.74% |
2.49% |
|
Argentina |
0.65% |
18.02% |
0.65% |
|
Other |
0.04% |
-18.34% |
0.04% |
|
South America |
3.18% |
-2.87% |
3.18% |
|
Egypt |
/ |
/ |
/ |
|
Turkey |
1.57% |
0.12% |
1.57% |
|
Iran |
1.27% |
9.69% |
1.27% |
|
South Africa |
0.68% |
0.06% |
0.68% |
|
Others |
0.58% |
4.88% |
0.58% |
|
Middle East & Africa |
4.09% |
3.18% |
4.09% |
|
Total |
100.00% |
0.46% |
100.00% |
Source: OICA and Bosson Research, 2024
Global Automobile Production by Type
Table 5. Global Automobile Production by Type
|
|
2019 |
2020 |
2021 |
2022 |
2023 |
|
Passenger Car |
67,133,570 |
55,863,566 |
57,086,075 |
61,553,361 |
68,020,265 |
|
Light Commercial Vehicle |
20,229,083 |
16,990,857 |
18,430,095 |
19,706,348 |
21,441,715 |
|
Heavy Trucks |
4,149,292 |
4,364,694 |
4,289,828 |
3,317,217 |
3,774,394 |
|
Buses & Coaches |
346,220 |
219,453 |
198,576 |
253,451 |
310,225 |
|
Total |
91,858,165 |
77,438,570 |
80,004,575 |
84,830,376 |
93,546,599 |
Source: OICA and Bosson Research, 2024
Note: Audi, BMW, JLR, Mercedes, Scania and Daimler Trucks data not reported
Table 6. Market Share and Development Potential of Automobiles by Type
|
|
2023 |
Share (2023) |
CAGR (2019-2023) |
|
Passenger Car |
68,020,265 |
72.71% |
0.33% |
|
Light Commercial Vehicle |
21,441,715 |
22.92% |
1.47% |
|
Heavy Trucks |
3,774,394 |
4.03% |
-2.34% |
|
Buses & Coaches |
310,225 |
0.33% |
-2.71% |
|
Total |
93,546,599 |
100.00% |
0.46% |
Source: OICA and Bosson Research, 2024
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