Global passenger car sales by region 2022-2023

China is the world's largest automotive market: Chinese motorists purchased around 26.06 million passenger cars in 2023. India was the second-largest market for passenger cars in Asia.

Hit by the pandemic

The global automotive industry was severely affected by the coronavirus pandemic in 2020. Seemingly led by pent-up demand for cars when lockdowns were lifted, vehicle sales in the U.S. and other large markets worldwide have been showing signs of improvement since the third quarter of 2020. However, this was not enough to offset a decline in global car sales by the end of 2020. According to the source, passenger cars are motor vehicles with at least four wheels, used for the transport of passengers, and comprising no more than eight seats in addition to the driver's seat. Global car sales declined overall in 2020. The global automotive semiconductor shortage further impacted vehicle inventory in 2021 and 2022, as supply chain disruptions led to 11.3 million vehicles being removed from production worldwide.

Short-range outlook

Worldwide light vehicle sales are projected to increase by 2.6 percent in 2024. Several factors could lead to a downturn in sales - among them, price inflation and raw material shortages due to Russia's war on Ukraine. Additionally, the steady rise in autonomous and electric vehicle sales and related changes in the supply chain are likely to affect the industry in the next years.