Global vehicle sales have experienced significant fluctuations over the past two decades, with 2023 marking a return to pre-pandemic levels. The industry saw a sharp decline in 2020 due to the COVID-19 pandemic, followed by a gradual recovery. However, the semiconductor shortage in 2022 led to inventory issues and a slight decrease in sales. Despite these challenges, the market rebounded strongly in 2023, surpassing ** million units sold worldwide. Recovery and future outlook The automotive industry's resilience is evident in its rapid recovery from the pandemic-induced slump. Light vehicle sales are projected to increase by *** percent in 2024 compared to the previous year, with further growth of *** percent expected in 2025. This positive trend is supported by the rebounding sales in China, the world's largest automotive market, and the growing demand for electric vehicles. The global production of motor vehicles reached ** million units in 2023. Electric vehicles driving growth The shift towards electric vehicles is playing a crucial role in the industry's growth. In 2023, plug-in electric light vehicle sales reached an estimated **** million units globally. This surge in demand is particularly noticeable in China and Europe's largest markets. Despite the challenges posed by the pandemic and semiconductor shortages, the electric car market experienced record growth, with market share increasing significantly. However, as government subsidies for electric vehicles begin to be rolled back in some countries, the industry may face new challenges in maintaining this growth momentum.
Motor vehicle sales grew by some **** percent worldwide between 2022 and 2023. Passenger vehicles increased by around **** percent compared to the previous year when some **** million cars were sold worldwide. The current state of the market In 2023, motor vehicle sales reached over **** million units worldwide. China was the largest automobile market worldwide, making up close to **** million of the new car registrations that same year. The United States and Europe ranked second and third, with light vehicle sales reaching approximately **** million units in the U.S. market. The German-based Volkswagen Group and Japanese Toyota Motor were the global leading automakers, with revenues reaching around ***** and ***** billion U.S. dollars respectively as of May 2024. The path to recovery The automotive chip shortage led to around **** million vehicles being cut from worldwide production in 2021, and forecasts estimate that these disruptions in the automotive supply chain will contribute to the removal of another ***** million units from production in 2022. However, despite these challenges, the demand for passenger cars increased in 2021 and 2022, as car sales slowly started to increase. This is partly due to consumers' interest in electric vehicles. Autonomous,electrified, and battery electric vehicles are also forecast to gain popularity in the next decades. Electrified vehicles are projected to make up close to ********* of car sales worldwide by 2025. By 2040, China is forecast to be one of the largest market for autonomous vehicle sales.
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Key information about Spain Motor Vehicle Sales: Passenger Cars
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Key information about Italy Motor Vehicle Sales: Passenger Cars
Worldwide motor vehicle production amounted to more than 92.5 million units in 2024. Some 73 percent of the motor vehicle production was generated by the passenger cars segment, amounting to almost 67.7 million units. Chinese market recovery China is the world’s largest producer and consumer of passenger cars. This means that any change in production and sales in the Chinese automotive market will be noticeable in global figures. The Chinese economy has grown in tandem with vehicle production and sales. However, between 2016 and 2019, this growth slowed. Motorists in China have been unable to afford new cars due to lower employment levels and higher prices that came as a result of higher tariffs. Between December 2019 and March 2020, the economy was hit hard by the outbreak of the coronavirus pandemic. The automotive market cratered in February but rebounded soon thereafter. Chinese motorists purchased about 26 million passenger cars and more than four million commercial vehicles in 2023. COVID-19 and the motor vehicle industry The coronavirus outbreak brought many nations and their economies to a grinding halt in 2020. The effect on the motor vehicle industry was particularly noticeable. Many manufacturing facilities across the world were shut down to prevent the spreading of the virus. However, the industry has partially recovered since, showing an upward production output trend, which remains below the pre-pandemic levels.
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Key information about Israel Motor Vehicle Sales: Passenger Cars
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Key information about Argentina Motor Vehicle Sales: Commercial Cars
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Key information about Peru Motor Vehicle Sales: Passenger Cars
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Key information about Libya Motor Vehicle Sales: Passenger Cars
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Key information about Mexico Motor Vehicle Sales: Passenger Cars
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Automotive Interior Ambient Lighting System Market size was valued at USD 3.77 Billion in 2024 and is projected to reach USD 7.87 Billion by 2032, growing at a CAGR of 9.65% from 2026 to 2032.
Global Automotive Interior Ambient Lighting System Market Drivers
Increasing Consumer Demand for Premium and Luxury Vehicles: The rising popularity of high-end vehicles with innovative features is pushing up demand for ambient lighting systems. According to the International Organization of Motor Vehicle Manufacturers (OICA), global passenger car production reached roughly 57 million units in 2020, with a major share falling into the premium and luxury segments.
Rising Focus on Enhancing In-vehicle Experience and Comfort: Automobile manufacturers are increasingly using ambient lighting to improve the entire driving experience. According to a 2019 J.D. Power survey, 73% of consumers prioritize interior illumination when purchasing a vehicle.
Technological Advancements in LED Lighting: The development of energy-efficient and adaptable LED lighting solutions is driving market expansion. According to the US Department of Energy, LED lighting is expected to account for 84% of all lighting sales by 2030, suggesting a strong trend toward LED adoption in various industries, including automotive.
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Key information about Libya Motor Vehicle Sales: Commercial Cars
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Key information about Portugal Motor Vehicle Sales: Passenger Cars
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Key information about United States Motor Vehicle Production
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Key information about Bolivia Motor Vehicle Sales: Passenger Cars
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Key information about Argentina Motor Vehicle Sales: Passenger Cars
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Key information about Netherlands Motor Vehicle Sales: Passenger Cars
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Key information about Angola Motor Vehicle Sales: Passenger Cars
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Key information about China Motor Vehicle Sales: Passenger Cars
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Key information about Austria Motor Vehicle Sales: Passenger Cars
Global vehicle sales have experienced significant fluctuations over the past two decades, with 2023 marking a return to pre-pandemic levels. The industry saw a sharp decline in 2020 due to the COVID-19 pandemic, followed by a gradual recovery. However, the semiconductor shortage in 2022 led to inventory issues and a slight decrease in sales. Despite these challenges, the market rebounded strongly in 2023, surpassing ** million units sold worldwide. Recovery and future outlook The automotive industry's resilience is evident in its rapid recovery from the pandemic-induced slump. Light vehicle sales are projected to increase by *** percent in 2024 compared to the previous year, with further growth of *** percent expected in 2025. This positive trend is supported by the rebounding sales in China, the world's largest automotive market, and the growing demand for electric vehicles. The global production of motor vehicles reached ** million units in 2023. Electric vehicles driving growth The shift towards electric vehicles is playing a crucial role in the industry's growth. In 2023, plug-in electric light vehicle sales reached an estimated **** million units globally. This surge in demand is particularly noticeable in China and Europe's largest markets. Despite the challenges posed by the pandemic and semiconductor shortages, the electric car market experienced record growth, with market share increasing significantly. However, as government subsidies for electric vehicles begin to be rolled back in some countries, the industry may face new challenges in maintaining this growth momentum.