
Global passenger vehicle sales 2005-2023
Global passenger car sales reached 65.3 million units in 2023, marking a significant 11.3 percent increase from the previous year. This rebound in the automotive market comes after several years of fluctuations, including a sharp decline in 2020 due to the COVID-19 pandemic. China maintained its position as the world's largest regional market for automobiles, with sales of nearly 26.1 million units in 2023.
European market dynamics and electrification trends
In the European Union, Volkswagen emerged as the top-selling brand in 2024. The shift towards electrified vehicles gained momentum. This trend is driven by policies such as the EU's ban on new fossil-fuel car sales from 2035. Norway, despite experiencing a sluggish increase in overall passenger car sales, maintained its leadership in electric vehicle adoption.
Global industry leaders and market challenges
Toyota and Volkswagen continue to dominate the global automotive industry in terms of revenue and vehicle sales. The industry has faced significant challenges in recent years, including the global automotive chip shortage and raw material price increases. China has emerged as a key player, both as a major market and as a source of competition for established manufacturers. The trend towards electric and autonomous vehicles is reshaping the industry, with companies like Tesla delivering 1.81 million vehicles in 2023, though still far behind traditional automakers like Volkswagen Group.