Motor vehicle sales contracted by five percent worldwide between 2020 and 2021. Passenger vehicles increased by 5 percent compared to the previous year when some 53.92 million cars were sold worldwide.
The current state of the market
In 2020, motor vehicle sales reached just under 78 million units worldwide. China was the largest automobile market worldwide, making up close to 20 million of the new car registrations that same year. The United States and Europe ranked second and third, with light vehicle sales reaching approximately 15 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 250 billion U.S. dollars in 2020. These companies were both impacted by the economic downturn linked with the COVID-19 pandemic, with Toyota’s revenue falling by nine percent.
The path to recovery
There are already strong signs of improvement as of the third quarter of 2020. Ford Motor's global vehicle wholesales were higher in this quarter than in the first quarter of that same year. November 2020 showed the highest level of monthly automobile sales in China in 12 months. Light vehicle sales are further projected to recover from the 2020 crisis, growing by nine percent in 2021 and five in 2022. 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 a quarter of car sales worldwide by 2025. By 2040, China is forecast to be one of the largest market for autonomous vehicle sales.
Worldwide motor vehicle sales by type from 2016 to 2021
(in million units)
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OICA. (April 11, 2022). Worldwide motor vehicle sales by type from 2016 to 2021 (in million units) [Graph]. In Statista. Retrieved August 16, 2022, from https://www.statista.com/statistics/1097326/worldwide-motor-vehicle-sales-by-type/
OICA. "Worldwide motor vehicle sales by type from 2016 to 2021 (in million units)." Chart. April 11, 2022. Statista. Accessed August 16, 2022. https://www.statista.com/statistics/1097326/worldwide-motor-vehicle-sales-by-type/
OICA. (2022). Worldwide motor vehicle sales by type from 2016 to 2021 (in million units). Statista. Statista Inc.. Accessed: August 16, 2022. https://www.statista.com/statistics/1097326/worldwide-motor-vehicle-sales-by-type/
OICA. "Worldwide Motor Vehicle Sales by Type from 2016 to 2021 (in Million Units)." Statista, Statista Inc., 11 Apr 2022, https://www.statista.com/statistics/1097326/worldwide-motor-vehicle-sales-by-type/
OICA, Worldwide motor vehicle sales by type from 2016 to 2021 (in million units) Statista, https://www.statista.com/statistics/1097326/worldwide-motor-vehicle-sales-by-type/ (last visited August 16, 2022)