Car market share worldwide: key brands 2023 | Statista (2024)
In 2023, the ranking of the world’s largest car brands was topped by Toyota with a market share of around 10.7 percent. The Toyota brand is owned by Japan's Toyota Motor Corporation, the world's largest motor vehicle manufacturer.
In light of growing environmental awareness and increasing efforts to connect vehicles, automotive manufacturers are faced with a variety of new challenges. Market trends such as the shift to lighter materials, as well as the trend towards electric and autonomous vehicles are set to revolutionize the industry. Palo Alto-based Tesla Motors is currently at the vanguard of the trend towards electrification, while peer Californian companies such as Google and Apple may follow suit. Tesla delivered nearly 1.81 million vehicles in 2023, meaning that Volkswagen Group's sales tally is over five times as much.
The state of the global auto industry
Car sales worldwide have dipped between 2019 and 2020 as a result of the economic downturn generated by the COVID-19 pandemic. 2021 sales recovered, despite remaining below 2019 levels, but supply chain shortages led to a slow recovery of sales in 2022. By the end of 2023, the global car sales volume had grown over pre-pandemic levels. China was the largest automobile market based on new passenger car registrations, recording close to 25.8 million units sold. It was followed by the United States and Europe. China was also the leading passenger car producing country in 2022.
The Toyota Group (トヨタグループ, Toyota Gurūpu) is a group of companies that have supplier, vendor and investment relationships with Toyota Industries and Toyota Motor vehicle manufacturing facilities.
Group's eponymous subsidiary, Toyota, held the largest share of the global car market. The Volkswagen Group and Hyundai-Kia came second in the ranking, with some 8.8 million and 7.1 million sales, respectively.
Toyota was the #1 automaker worldwide in 2023, and the only manufacturer to sell over 10 million vehicles. Suzuki sales increased 7% year-over-year due to its market share in India, and sold over 2 million units for the first time in company history.
In 2023, the ranking of the world's largest car brands was topped by Toyota with a market share of around 10.7 percent. The Toyota brand is owned by Japan's Toyota Motor Corporation, the world's largest motor vehicle manufacturer.
Its revenue in the 2023 fiscal year reached nearly 96.8 billion U.S. dollars, and the Tesla Model Y was the best-selling plug-in electric vehicle model worldwide.
The Japanese Toyota is still the best selling Brand and has been for the past 10 years, selling 2.9 million vehicles up to April 2024, a 0.9% year-on-year loss. Volkswagen, in 2nd position, holds 5.8% of the global market, having sold 1.6 million vehicles (+6.0%).
Sokon is the fastest-growing Automobile brand, up 123%
Chinese brand Sokon (brand value more than doubling to USD739 million) is the fastest growing Automobiles brand after a successful 2022 in which it sold 21% more vehicles year-on-year. The brand's forecasts have also increased, helping further boost brand value.
COLCHESTER, CT — BMW for the first time landed the top overall spot in Consumer Reports' (CR) annual Auto Brand Report Card Rankings, narrowly edging out last year's winner, Subaru.
In terms of revenue, Toyota and Volkswagen were the leading automakers worldwide in 2022. In terms of vehicle sales, Toyota and Volkswagen are also counted among the most successful automakers worldwide.
Lexus and Toyota took the top spots for brand reliability this year, followed by Mini, Acura, Honda, and Subaru. And while people are buying more EVs, CR's members experienced 79% more problems with them compared to gas-powered cars.
In the final reckoning, the Hyundai Ioniq 6 won the 2023 World Car of the Year Award by a fair margin. Now in its 19th year, the World Car of the Year Awards are the most important and prestigious of any automotive awards in the world.
Volkswagen AG: Topping the chart with its illustrious range of vehicles and dazzling sales numbers, Volkswagen AG recorded colossal revenues amounting to USD 318.32 billion.
Toyota Motor Corporation: We've already mentioned that Toyota is ramping up its EV production.
The Tesla Model Y was the best-selling SUV model in 2023. This was the first year the Tesla Model reached first place, with sales up by 51.2 percent. The Toyota RAV4, which had been the bestseller for the past four years, was second in the ranking.
BASF SE, Denso Corp, Mitsubishi Electric Corp, Hyundai Mobis Co Ltd, and Magna International Inc are the top 5 automotive suppliers in the world in 2023 by market capitalization (as of Mar 31, 2023).
Introduction: My name is Edwin Metz, I am a fair, energetic, helpful, brave, outstanding, nice, helpful person who loves writing and wants to share my knowledge and understanding with you.
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