Worldwide car sales grew to around 78 million automobiles in 2024, up from around 75.3 million units in 2023. Throughout 2020 and 2021, the sector experienced a downward trend on the back of a slowing global economy, while COVID-19 and the Russian war on Ukraine contributed to shortages in the automotive semiconductor industry and further supply chain disruptions in 2022. Despite these challenges, 2023 and 2024 sales surpassed pre-pandemic levels and are forecast to keep rising through 2025. Covid-19 hits car demand It had been estimated pre-pandemic that international car sales were on track to reach 80 million. While 2023 sales are still far away from that goal, this was the first year were car sales exceeded pre-pandemic values. The automotive market faced various challenges in 2023, including supply shortages, automotive layoffs, and strikes in North America. However, despite these hurdles, the North American market was among the fastest-growing regions in 2024, along with Eastern Europe and Asia, as auto sales in these regions increased year-on-year. Chinese market recovers After years of double-digit growth, China's economy began to lose steam in 2022, and recovery has been slow through 2023. China was the largest automobile market based on sales with around 25.8 million units in 2023. However, monthly car sales in China were in free-fall in April 2022 partly due to shortages, fears over a looming recession, and the country grappling with the COVID-19 pandemic. By June of that same year, monthly sales in China were closer to those recorded in 2021.

In the fiscal year ended March 31, 2024, Subaru Corporation's most popular car model was the Subaru Impreza, reaching a global sales volume of approximately 301.9 thousand units. Approximately 205 thousand Impreza were sold in the U.S. alone, Subaru's largest market.

In the fourth quarter of 2024, vehicle wholesales at Ford Motor Company reached some 1.19 million units worldwide. This figure remained stable across the globe compared to the previous year. North American sales slump slows down Ford and Lincoln sales slumped in 2020 and 2021 in North America, including the United States, Ford’s largest market. Between January and July 2021, the Ford Motor Company reported a year-on-year decline in wholesales of around three percent in North America. The second half of the year offered a glimmer of hope compared to the first, though Ford's year-on-year sales were overall down by four percent in the region. This is in part due to the global automotive chip shortage impacting auto dealers and manufacturers. Surprise recovery in China China is the largest buyer of Ford vehicles after the United States. China was the first country to experience the brunt of COVID-19, but Ford's wholesales in China and Taiwan rose by some 27 units during 2020. To put Ford Motor Company’s vehicle sales into perspective on the world stage, the industry's car sales in China declined by around 82 percent between February 2019 and 2020, but bounced back to pre-crisis levels in April.

Globally, Toyota sold around 11.23 million vehicles between January and December 2023. The company's sales tally increased by around 7.2 percent between the 2022 and 2023 calendar years.

Fierce competition

The company designs, manufactures, and sells motor vehicles under various brands, including the luxury marque Lexus.Toyota was the second most valuable automotive brand as of June 2023, outperforming other brands such as Mercedes-Benz, BMW, and Porsche. Toyota is one of the largest automakers in the world, based on calendar year sales figures. The car manufacturer's closest rival is Germany’s Volkswagen Group. Go East While Japan accounts for Toyota's largest revenue share, other Asian countries have emerged as the automaker's third largest markets in terms of revenue. Many automotive manufacturers were turning to the Chinese market to offset moderate sales figures in more saturated markets. Renault-Nissan-Mitsubishi, Volkswagen, and Toyota all have entered partnerships with automobile manufacturing joint ventures in China, although Toyota’s vehicle sales in the world’s largest automobile market fade in comparison to Volkswagen's deliveries. Between January and December 2021, Volkswagen and its Shanghai joint venture were the fourth leading passenger vehicle manufacturer in China, while Toyota continued to struggle. Toyota’s China woes aside, key figures for the Japanese company are shining bright, particularly in terms of sustainability.

Globally, Japan's Honda Group sold about 4.1 million automobiles in its 2024 fiscal year, which is about 11.4 percent lower than the previous year. Additionally, the group sold around 18.8 million motorcycles and 3.8 million other products that year. Honda’s car sales Honda, one of the largest conglomerates in the world, produced around 20.4 trillion Japanese yen in revenue in the 2024 fiscal year, around 20.8 percent more than in the previous year. Regional sales In the fiscal year of 2024, most of Honda's automobile sales occurred in the United States, Japan, and China. While the automobile market in the United States was still dealing with low inventory-to-sale ratios, Honda managed to sell over 337,500 vehicles to U.S. customers in the fourth quarter of 2023.

How many Tesla vehicles were delivered in 2024? Tesla's vehicle deliveries in the fourth quarter of 2024 amounted to around 495,600 units. Quarterly deliveries decreased by around 7.1 percent during the fourth quarter of 2024, compared with the third quarter of 2024. Between October and December 2024, deliveries crossed the 495,500 unit threshold, a new record for the brand. World's most valuable brand As of June 2024, Tesla was the most valuable brand within the global automotive sector. The brand was over double the brand value of Toyota, which was second in the ranking. July 2023 also recorded Tesla among the ten leading companies in the S&P 500 Index based on market capitalization, with a market cap around 880.8 billion U.S. dollars. However, Elon Musk's involvement with U.S. politics led to Tesla's share price dropping in early February 2025.
Tesla enters the mainstream segment The initial rise in Tesla's market value was largely due to the release of its top-selling Model 3. The Model 3 was Tesla’s successful attempt to tap into the mainstream segment. By 2024, this Model consistently ranked among the world’s best-selling all-electric vehicle models, along with the best-seller Model Y. The Model 3 faces tough competition from other Tesla models, including the Model Y and the refreshed Model S Plaid.

In 2024, the Ford Motor Company sold about 4.5 million vehicles to dealers and distributors worldwide. The U.S. market contributed about 2.2 million units to this wholesale volume. Ford in the worldwide market Founded by Henry Ford in Detroit, in 1903, the Ford Motor Company was an early pioneer in vehicle manufacturing. This established Ford as one of the world’s first mass producers of automobiles. Recently, Ford has experienced some difficulties. In 2020, for the first time since 2008, the company recorded a net loss. This decline in income was partly the result of the COVID-19 pandemic, which put manufacturing at a standstill and led to a decrease in automobile demand. Despite these issues, the Ford brand consistently ranks as one of the highest valued automotive brands worldwide. Valued at around 9.3 billion U.S. dollars, Ford Motor Company's namesake brand came eighth among the most valuable brands within the automotive sector worldwide in June 2024, right behind BYD. The F-Series: Ford's bestseller With around 2.1 million sales in 2024, the United States was the leading market for Ford Motor Company’s Ford-branded vehicles. Among Ford’s model line-up is one of the world’s most popular vehicles: the F-150. The F-series has proven to be consistently one of the most popular light vehicle models in Canada and the United States over several decades, and ranks fourth in the best-selling cars and light trucks worldwide in 2024. The company further expanded its F-Series line-up with an all-electric version of the popular pickup, the F-150 Lightning truck.

In 2024, General Motors sold six million vehicles. This compares to around 6.2 million units in 2023, representing a decline of around 3.04 percent year-over-year. Turbulent past years still impact GM GM’s brands include Chevrolet, GMC, Buick, and Cadillac, the first two of which were ranked within the top-eleven automobile manufacturers based on U.S. vehicle sales in the fourth quarter of 2023. Figures revealed a significant industry-wide stagnation two years earlier, in 2021, with industry sales increasing by under two percent compared to 2020. Sales had started to rebound in the fourth quarter of 2020, but the global chip shortage further impacted the sector in 2021, shrinking vehicle production and inventory. These automotive supply chain issues were exacerbated in 2022, amid Russia's invasion of Ukraine. In 2023, General Motors had to contend with the United Auto Workers strike. This strike led to an estimated 4.35 billion U.S. dollars in losses for the Detroit Three manufacturers (General Motors, Stellantis, and Ford), and contributed to shaping GM's year. GM accelerates future-proof innovations With Tesla infamously driving innovation in the field of electric vehicles (EV), General Motors, along with other incumbent car manufacturers, are set to join the fiercely competitive U.S. electric vehicle industry. In 2024, Tesla sold around 633,800 battery-electric vehicle units in the U.S. market. General Motors, however, plans to invest around 20 billion U.S. dollars in its EV product portfolio, including SUVs and pickups, by 2025. As of 2024, General Motors Company is also exploring artificial intelligence technology. To that end, GM partnered with Google in August 2023.

In 2024, 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. New trends in the auto industry 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 among those at the vanguard of the trend towards electrification, along with the Chinese car manufacturer BYD. Tesla delivered nearly 1.79 million vehicles in 2024, 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 2023.

At about 2.2 million units, the U.S. is the number one sales market for the Ford Motor Company. Globally, sales grew by about 57,000 units between 2023 and 2024. Slow sales in international markets China is Ford's second-largest market, despite reporting lower sales in 2024. Ford may have been worried about this market, as the United States and China were on the brink of an economic conflict. Tensions remain high as President Biden continues his term in office. The two nations are among the three largest economies in the world. With them is the European Union. There, Ford sales are also under threat. The UK's withdrawal from the European Union disrupts Fords supply chains: three plants operate in the UK, which has now been cut off from assembly locations in the EU. The UK was traditionally Ford's largest market in Europe. Wholesales in the UK came to around 242,000 units in 2024, and dealerships recorded lower monthly sales of Ford vehicles to end customers in the United Kingdom of Great Britain and Northern Ireland in 2024 when compared to 2019. However, the Ford Puma was the best-selling model in the UK in 2024. Declining domestic market share The Ford Motor Company is among the leading manufacturers in its domestic market, surpassed only by the General Motors Company and Toyota Motor Corporation. This success in the United States' market can be mostly attributed to the manufacturer's eponymous brand, Ford, which was the best-selling brand in the country that year. Its F-Series pickup truck was also among the bestsellers of that type, giving Ford a competitive advantage in its domestic market as light trucks, including pickups, were more popular with consumers than passenger cars.

In 2023, global retail e-commerce sales reached an estimated 5.8 trillion U.S. dollars. Projections indicate a 39 percent growth in this figure over the coming years, with expectations to surpass eight trillion dollars by 2027.

World players Among the key players on the world stage, the Chinese retail giant Alibaba holds the title of the largest e-commerce retailer globally, accounting for a 23 percent market share. Nevertheless, forecasts suggest that by 2027, Seattle-based e-commerce powerhouse Amazon will surpass Alibaba in estimated sales, reaching a staggering 1.2 trillion U.S. dollars in online sales.

Leading e-tailing countries The Chinese e-commerce market was the biggest worldwide in 2023, as internet sales constituted almost half of the country's retail transactions. Indonesia ranked second with the highest share of retail sales online (32 percent), closely trailed by the United Kingdom and South Korea, exceeding the 30 percent mark. That year, the up-and-coming e-commerce markets centered around Asia. The Philippines and India stood out as the swiftest-growing e-commerce markets based on online sales, anticipating a growth rate surpassing 20 percent.

The Tesla Model Y was the best-selling car model in 2024, topping 1.09 million sales. It was followed closely by the Toyota Corolla. Overall global car sales grew to roughly 75.3 million units in 2023, and are estimated to have reached over 77 million in 2024. Toyota’s next top model   Car shoppers purchased more than one million Toyota Corolla models, making it the world’s second most popular car in 2024. Toyota consistently ranked among the most valuable car brands within the global automotive sector. As of June 2024, it came in second only to Tesla, beating out other competitors such as Mercedes-Benz or Honda.  Big in North America   North America was the primary international market for Toyota vehicle sales, with sales volumes just above the domestic market. The Toyota RAV4, third in the ranking worldwide, was the best-selling SUV model in the U.S. market. The Ford F-Series truck also has a history of setting records in North America, as it is also the best-selling light truck model series in the United States. However, the model is less popular outside of these two markets. Only a little small number of such vehicles were sold in other markets.

In the 2024 fiscal year, the Volkswagen Group sold nearly 1.1 million vehicles under its Škoda brand, an increase compared to its 2023 sales volume. Škoda sales had dropped in 2020 and 2021 amid the COVID-19 pandemic and global automotive semiconductor shortage. 2022 marked a change in this trend, with the brand's sales volume around 14,000 units higher than the sales recorded in 2020.

The United States was the largest single target market for General Motors in 2023. During that fiscal year, the Detroit company and its associations sold some 2.1 million motor vehicles to customers in China, the world’s largest automobile market. Overall, GM’s dealers, distributors, and joint ventures reported vehicle sales of some 6.2 million units, almost 4.7 million of which occurred in China and the United States.

 Ownership cap  

China began to deregulate its automotive sector in the mid-1990s but prohibited foreign firms from owning more than 50 percent of stakes in joint ventures. General Motors joined forces with Shanghai-based SAIC on June 12, 1997. The SAIC Motor Corporation, which is also involved in a partnership with Volkswagen, was the leading automobile manufacturer in China in 2021 with car sales of nearly 2.8 million units. Currently, the SAIC-GM joint venture sells vehicles under the Buick, Chevrolet, and Cadillac brands. General Motors also sells commercial vehicles in collaboration with the Changchun-headquartered automotive manufacturing company FAW Group Corporation.

Rolls-Royce Motor Cars delivered approximately 5,700 automobiles in the 2024 fiscal year, representing a decrease of 5.3 percent compared to the previous year. The luxury auto brand is a wholly owned subsidiary of BMW. The brand reported record sales a year earlier, in parts due to the release of the first deliveries of its Spectre model in autumn 2023. Rolls-Royce and Brexit Rolls-Royce hit record numbers for the second year straight in 2019. However, international new light vehicle sales remained flat between 2016 and 2019, and significantly declined in 2020. Furthermore, the United Kingdom’s potential departure from the European Union causes some worry among UK-based automakers, including Rolls-Royce: West Sussex, England, is home to the headquarters, design, and manufacturing facilities of Rolls-Royce Motor Cars. Roughly 90 percent of the finished vehicles at this plant were exported out of the United Kingdom to other regions of the world. Following Brexit, the UK government had to renegotiate trade deals with the EU and governments around the world. The United States and China will be a particularly important trading partners in the future. The U.S. is the largest market for Rolls-Royce, accounting approximately 30 percent of their sales. China is the second largest market and has been growing considerably. Post-Brexit laws may affect the goods and parts that are used to make Rolls-Royce automobiles. According to Rolls-Royce's CEO, only 10 percent of parts for Roll-Royce vehicles come from the UK.

In 2020, light vehicle sales worldwide declined by almost 15 percent. By 2024, the market had increased well over pre-pandemic levels, despite supply chain issues, surges in automotive layoffs, and strikes in North America. In North America, around 19.2 million light vehicles were sold in 2024. Light vehicle sales were to be around 15.9 million units in the United States, North America's largest market, up from around 15.5 million units one year earlier. Semiconductors Thrive Amidst the brewing tension brought forth due to the COVID-19 pandemic and global conflict, the semiconductor supply chain saw significant disruptions. Seemingly, one would expect that particular industry to have suffered greatly from such disruptions, but despite everything, global semiconductor industry revenue actually increased during 2020 and beyond, going from 422 billion U.S. dollars in 2019 up to 600 billion in 2022. In 2023, and even more so in 2024, the demand for semiconductors has surged, with companies like NVIDIA having nearly two trillion U.S. dollars of market capitalization. Automotive Supply Global automotive suppliers, such as Bosch and Denso, suffered losses during the same period of instability in recent years, where the top 10 leading global automotive suppliers saw decreases in revenue from 332 billion U.S. dollars in 2019 to 280 billion dollars in 2020. These revenues bounced back in 2021 and beyond, reaching 346 billion dollars in 2022. In particular, the earnings before interest and taxes (EBIT) margins of nearly every automotive supply segment have bounced back from the reported disruptions; this includes original equipment manufacturers, and software suppliers.

BYD overtook Tesla as the best-selling electric vehicle brand in 2022 and maintained its position in the ranking through 2024. That year, BYD sold nearly 4.1 million plug-in electric vehicles globally. Tesla and Wuling completed the top three brands that year, with Tesla reporting some 1.79 million sales. BYD is also the leading manufacturer of electric vehicles in China, based on sales. European brands charge ahead in electric car sales With Europe-based brands Volkswagen, BMW, and Mercedes all impressively ranked in the plug-in electric vehicle (PEV) market, there is no doubt that Europe's incumbent automakers are ready to zoom past rivals when it comes to electric mobility. Volatility in the market has, however, come to light in 2020 following the coronavirus outbreak, as international auto sales contracted by around 15 percent and plummeted to around 64 million units. The global automotive chip shortage, accelerated by the pandemic, further contributed to challenges in the market throughout 2021 and 2022. The European electric vehicle market has been growing through these challenges, with plug-in electric vehicle sales representing nearly 23 percent of the 2024 European passenger car sales. Fueling a green future With climate change still a hot topic of conversation across the globe, the adoption of fuel-cell electric vehicles (FCEV), which emit only water vapor into the environment, as well as hybrids, plug-in hybrids, and battery electric vehicles is becoming ever more enticing. Green transportation-related patent applications worldwide represented close to a quarter of all green patents filed in 2020.

Toyota Motor Corporation maintained its position as the world's largest manufacturer of motor vehicles in 2024, with sales of approximately 10.8 million units. This figure surpassed its closest competitor, the Volkswagen Group, which delivered 9.03 million vehicles. Despite facing challenges in recent years, these automotive giants have shown resilience in a rapidly evolving industry. Brand value and revenue shifts While Toyota leads in sales volume, Tesla has emerged as the most valuable car brand globally. In 2024, Tesla's brand value reached roughly 71.9 billion U.S. dollars, surpassing Toyota, which now holds the runner-up position. This shift reflects the growing importance of electric vehicles in the automotive market. However, when considering overall revenue, the Volkswagen Group remains the industry leader, with global sales of around 293.47 billion U.S. dollars, outpacing Toyota Motor. Adapting to market challenges Automakers have faced significant hurdles in recent years, including production and sales contractions due to the coronavirus outbreak. China, a key market, experienced sales slumps in 2020 and 2022 amid pandemic-related lockdowns. Despite these challenges, companies like Hyundai have shown resilience. Hyundai reported sales revenue of 162.7 trillion South Korean won (about 125.6 billion U.S. dollars) in 2022, surpassing its 2019 performance. To remain competitive, especially in markets like China, Hyundai and other manufacturers are investing heavily in sustainable technologies and expanding their offerings of electric and hydrogen-powered vehicles.

At the end of fiscal year 2024, the sales volume of Tata Motors Limited was over 969 thousand units. This included domestic sales and exports of Tata Motors Limited and was comprised of medium and heavy commercial vehicles, light commercial vehicles, utility vehicles, and cars. It was an increase in comparison with the previous year. The automotive industry faced a significant negative impact in the two years of 2020 and 2021 due to the implementation of new emission norms, changes in axle load norms, a general slowdown of the economy, and the COVID-19 pandemic.

In 2024, Guinness reported a five percent net growth in global sales volume compared to the prior year. The year prior, net sales growth was just one percent.