In 2021, the ranking of the world’s largest car brands was topped by Toyota with a market share of around 10.5 percent. The Toyota brand is owned by Japan's Toyota Motor Corporation, the world's largest motor vehicle manufacturer, surpassing the 2020 incumbent, the Volkswagen Group.
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 at the vanguard of the trend towards electrification, while peer Californian companies such as Google and Apple may follow suit. Tesla delivered some 936,000 vehicles in 2021, meaning that Volkswagen Group's sales tally is over nine times as much. Tesla is believed to have a U.S. automobile market share of around two percent.
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. By the end of 2021, China was the largest automobile market based on new passenger car registrations, recording close to 20 million units sold. It was followed by the United States and Europe. China was also the leading passenger car producing country that same year.
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Statista. (April 4, 2022). Global automotive market share in 2021, by brand [Graph]. In Statista. Retrieved October 02, 2022, from https://www.statista.com/statistics/316786/global-market-share-of-the-leading-automakers/
Statista. "Global automotive market share in 2021, by brand." Chart. April 4, 2022. Statista. Accessed October 02, 2022. https://www.statista.com/statistics/316786/global-market-share-of-the-leading-automakers/
Statista. (2022). Global automotive market share in 2021, by brand. Statista. Statista Inc.. Accessed: October 02, 2022. https://www.statista.com/statistics/316786/global-market-share-of-the-leading-automakers/
Statista. "Global Automotive Market Share in 2021, by Brand." Statista, Statista Inc., 4 Apr 2022, https://www.statista.com/statistics/316786/global-market-share-of-the-leading-automakers/
Statista, Global automotive market share in 2021, by brand Statista, https://www.statista.com/statistics/316786/global-market-share-of-the-leading-automakers/ (last visited October 02, 2022)