What is the outlook for the automotive industry in 2024?

The auto industry weathered a volatile environment in recent years but has settled into a positive trend in 2024 . While challenges remain from higher interest rates and supply chain disruptions, the outlook for sales is upbeat and the industry is prepared to adapt to changing consumer preferences in coming years.

How much is the car industry worth worldwide?

The Global Automotive Industry Market Size was valued at USD 3,564.67 Billion in 2023 and the Worldwide Automotive Industry Market Size is expected to reach USD 6,861.45 Billion by 2033, according to a research report published by Spherical Insights & Consulting.

What is the outlook for the automotive industry in 2025?

Several car industry experts say that sales of cars worth more than $100k were outselling lower-priced cars 3 to 1 in the first quarter of 2022. They predict that sales gains of this magnitude will continue through the end of 2025 .

What is the highest selling car brand in the world 2024?

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%).

Who is the richest car company in the world?

Most valuable automotive brands worldwide by brand value 2024. The Tesla marque was ranked as the world's most valuable car brand in 2024, with a brand value of roughly 71.9 billion U.S. dollars. Toyota, 2020's leader, is now the runner-up, followed by BMW.

How will the car market be in 2024?

California's pace of improvement is expected to ease overall in 2024 compared to last year . While registrations are predicted to exceed 1.8M units, the increase will likely remain in the single digits.

What is the world's largest auto market?

China is the largest automobile market worldwide , both in terms of demand and supply. China's automobile registrations climbed to approximately 25.8 million units in 2023, representing a rise of around 11 percent.

What is the size of the global automotive market?

The global automotive industry size is calculated at USD 4,359.98 billion in 2024 and is expected to reach around USD 6,678.28 billion by 2032, growing at a CAGR of 5.66% from 2024 to 2032.

Who sells the most cars worldwide?

For the fourth year in a row, Toyota is the world's best-selling automaker. We've been waiting for Toyota to release sales data for 2023 ever since the Volkswagen Group announced it sold 9.24 million cars.

What is the most profitable automotive company in the world?

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.

What will the car market look like in 2025?

By 2025, 25% of cars sold will have electric engines , up from 5% today. But most of those will be hybrids, and 95% of cars will still rely on fossil fuels for at least part of their power. That means automakers will need to make internal combustion engines more efficient to comply with new standards.

What are the predictions for the automotive industry?

The Used Car Market Takes Center Stage In 2023, it saw a 3-4% increase, with sales of 94-96 million vehicles, and is projected to grow by 5-6% in 2024 . The B2C segment is becoming more dominant, and it is expected to exceed 50% market share in APAC and North America, indicating a shift towards a more organized market.

What is the global automotive demand forecast?

Our base case forecast is for global automotive sales to fall by -15.4% in 2020 . To put that in context, that is almost twice the magnitude of the -8% fall after the financial crash of 2008/2009. Severe and not recovering to 2019 volumes until 2023. Population growth of ~1 billion by 2025.

Who is the largest car company in the world?

Ranking of motor vehicle manufacturers worldwide by global sales 2023. At around 11.2 million units, the Toyota Motor Corporation remained above its largest rival, the Volkswagen Group, as the world's largest manufacturer of motor vehicles. Both manufacturers sell motor vehicles under various brands.

What is Toyota ranked in 2024?

PLANO, Texas (May 14, 2024) — Fair360, formerly DiversityInc, has named Toyota North America* one of its 2024 Top 50 Companies, ranking fourth among the 160 companies participating in the survey.

Market cap of carmakers globally 2024 | Statista (2024)

Table of Contents

Global market value of carmakers as of March 12, 2024 by market cap (in billion U.S. dollars) Statistics on " Automotive industry in the Asia-Pacific region " Other statistics that may interest you Automotive industry in the Asia-Pacific region Statistics Topics FAQs

Premium

Premium statistics

Industry-specific and extensively researched technical data (partially from exclusive partnerships).

A paid subscription is required for full access.

Published by

Mathilde Carlier,

Mar 12, 2024

Tesla was the most valuable carmaker worldwide with a market cap of nearly 566.2 billion U.S. dollars. In terms of market capitalization, the electric automaker zoomed past Toyota in the summer of 2020 and now dwarfs all other competitors. Tesla stock soared to record heights in October 2021, after a volatile beginning of the calendar year.