In recent years, the environmental impact of fuel combustion by motor vehicles has garnered increased attention, and a growing number of governments have started implementing regulations to curb emissions from these vehicles. As a result, the market share of electric vehicles is rising, especially in passenger cars, light-duty commercial vehicles, and two-wheelers. Medium- and heavy-duty vehicles face challenges, including long charging times and inaccessible charging infrastructure, leading to a slower development of the new energy commercial fleet.
This shift to more sustainability is echoed by growing technological disruption. Advancements and investments in Artificial Intelligence and new connectivity features are projected to impact safety features and pave the way for a new generation of vehicles. While innovation plays a key part in market development, the socio-political context, geographical factors, and consumer preferences also impact the industry.
Revenue in the Passenger Cars market for different segments Worldwide from 2016 to 2029 (in billion U.S. dollars)
Further details: Visit original statistic Revenue in the Passenger Cars market for different segments Worldwide from 2016 to 2029 (in billion U.S. dollars)
Passenger cars comprise most of the automotive sector’s sales and grew between 2022 and 2023, reaching 75.3 million units sold. This was the first year since the onset of the COVID-19 pandemic when the global sales volume surpassed pre-pandemic levels. The passenger car market size also increased during that period, boosted by the revenue generated from sport-utility vehicles. In contrast, commercial vehicle revenue experienced a slower sales volume growth.
Automotive industry worldwideEstimated plug-in electric light vehicle sales worldwide from 2015 to 2023 (in million units)
Further details: Visit original statistic Estimated plug-in electric light vehicle sales worldwide from 2015 to 2023 (in million units)
Important industry segments include commercial vehicles, passenger cars, and two-wheelers such as bicycles and motorcycles. Within the passenger vehicle segment, two vehicle types have gained market shares in the past years: sport utility vehicles (SUVs) and plug-in electric vehicles (PEVs). By 2023, PEV sales were over four times higher than their 2020 volume, soaring to nearly 14 million units. Used cars are also steadily gaining popularity, partly due to their lower price point.
Worldwide motor vehicle sales by typeResearch and development expenses and intensity of selected global automotive manufacturers in 2022 (in million euros and percent)
Increased environmental consciousness and regulations on fossil fuel vehicles in many countries are changing how the industry operates. Global automotive research and development (R&D) spending has steadily risen, boosted by manufacturers’ interest in new technologies. This race to investments leads to a soaring electric vehicle market, while consumers also turned towards active mobility, such as cycling, to lower their carbon footprint.
Global transportation sector GHG emissions, by countryToyota Motor Corporation's net revenue from FY 2012 to FY 2024 (in trillion Japanese yen)
Further details: Visit original statistic Toyota Motor Corporation's net revenue from FY 2012 to FY 2024 (in trillion Japanese yen)
Given the frequent challenges and innovation in the field, the automotive sector is a highly competitive market. Toyota and Volkswagen are the most popular brands with the highest global market shares. Manufacturers focusing solely on producing and selling electric vehicles have yet to rank among the best-selling brands worldwide. However, Tesla is one of the most valuable automotive brands, with its Model Y ranked the best-selling car worldwide in 2023.
Most valuable automotive brands worldwideNumber of passenger cars sold in the Asia-Pacific region from 2014 to 2023 (in millions)
Further details: Visit original statistic Number of passenger cars sold in the Asia-Pacific region from 2014 to 2023 (in millions)
The Asia-Pacific region is the largest passenger car market due to the car sales volume in China. This leads to the Asia-Pacific region dominating the overall motor vehicle market, though the Americas record higher volumes of commercial vehicle sales. Commercial vehicles are most popular in the United States, followed by China. Asia-Pacific is once again the leading region in the two-wheeler market, boosted by China’s demand for motorcycles and bicycles.
Regional passenger car sales
Statista’s vehicle and road traffic coverage provides data insights on passenger cars, commercial vehicles, and motorcycles, as well as on bicycles and other micro-mobility and non-motorized transportation modes. These insights include key performance indicators such as vehicle use, sales, and revenue. Statistics also focus on a wide range of topics, such as traffic safety, infrastructure, sustainable and active mobility, consumer behavior, and connected and autonomous vehicles. Reports further give context to the latest trends and challenges in the industry on global, regional, and national levels. Statista also analyzes the performance of various original equipment manufacturers (OEMs), comprised of brand rankings and company deep dives.
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