Mathilde Carlier
Research Expert covering transportation and logistics
Toyota Motor Corporation in the United States - Statistics & Facts
Toyota and Lexus drivers in the United States were among the most satisfied consumers with their car brand, based on a 2023 index score. What are the factors behind this success? Toyota, a subsidiary of the Toyota Motor Corporation, was the second most valuable automotive brand worldwide as of June 2024, with around 30.2 billion U.S. dollars in market value. Out of the Toyota Motor Corp’s 11.2 million retail vehicle sales in 2023, around 1.89 million were Toyota-branded vehicles sold in the United States. This sales volume made Toyota the second best-selling passenger car brand in the U.S. that year, which led to the Toyota Motor Corporation remaining the manufacturer with the second largest market share in the U.S., behind General Motors.
The U.S. motor vehicle and parts retail trade reported revenue of nearly 1.59 trillion U.S. dollars in 2023, an increase compared to 2022. As the U.S. slowly recovers from a depleted vehicle supply as the result of the global semiconductor shortage, the Toyota Motor Corporation brands remain among those with the lowest inventory. In November 2023, both Toyota and Lexus—Toyota Motor Corp’s luxury brand—were among the five brands with the lowest days of vehicle supply in the U.S., while General Motors‘ brands faired better.
The manufacturer had also been increasing its research and development expenses between its 2023 and 2024 fiscal years, investing in new technologies such as powertrains and advanced mobility solutions, including integrated vehicle systems.
Consumer satisfaction with the brands was also one of the highest in the country. In 2024, Toyota was one of the four brands with the highest satisfaction index score, at 83, while Lexus ranked as the close second, sharing the spot with Honda and Cadillac. Both Japanese brands have improved consumer satisfaction since 2021. Despite the slight decline recorded in 2024, this still suggests that Toyota Motor Corp remains a safe bet for U.S. drivers. This popularity is reflected in Toyota Motor Corp’s regional revenue distribution, with North America representing around 31.1 percent of the company’s total revenue. However, this previous success is mitigated by a global output in freefall since 2024. Following an investigation into Toyota Motor Corporation's subsidiary Daihatsu by the Japanese transport ministry due to safety test irregularities in December 2023, the group had to halt the shipment of some of its key models, including from its eponymous Toyota brand. This scandal is set to impact the company's 2025 fiscal year and its 2024 performance in many markets.
The U.S. motor vehicle and parts retail trade reported revenue of nearly 1.59 trillion U.S. dollars in 2023, an increase compared to 2022. As the U.S. slowly recovers from a depleted vehicle supply as the result of the global semiconductor shortage, the Toyota Motor Corporation brands remain among those with the lowest inventory. In November 2023, both Toyota and Lexus—Toyota Motor Corp’s luxury brand—were among the five brands with the lowest days of vehicle supply in the U.S., while General Motors‘ brands faired better.
Toyota Motor Corp brands are among the U.S. market leaders
Toyota is one of the market leaders in North America. Its RAV4 model was the best-selling sport utility vehicle in the United States in 2023. Furthermore, the most popular passenger car in the U.S. that year was the Toyota Camry, with its sales adding up to close to 290,700 units. The Toyota Motor Corp not only competes within the traditional internal combustion engine car market but also reports a strong presence in the electric vehicle market, particularly through its hybrid and plug-in hybrid models. Between the first quarter of 2020 and the second quarter of 2022, Toyota consistently ranked as the best-selling hybrid and plug-in hybrid electric vehicle brand in the U.S.. Its Lexus brand, which recorded good levels of consumer satisfaction, also climbed back into the top three luxury car brands in the U.S. in 2023, edging out Mercedes-Benz.The manufacturer had also been increasing its research and development expenses between its 2023 and 2024 fiscal years, investing in new technologies such as powertrains and advanced mobility solutions, including integrated vehicle systems.
A strong consumer satisfaction across brands
Toyota’s eponymous brand and its luxury marque Lexus recorded a year-over-year growth in U.S. sales in 2023. This increase in cars sold is linke with the brands' consistent high scores in many consumer perception rankings. Toyota and Lexus came in second and first as the most reliable car brands in the U.S. as of December 2023, awarded scores of 76 and 79 percent reliability.Consumer satisfaction with the brands was also one of the highest in the country. In 2024, Toyota was one of the four brands with the highest satisfaction index score, at 83, while Lexus ranked as the close second, sharing the spot with Honda and Cadillac. Both Japanese brands have improved consumer satisfaction since 2021. Despite the slight decline recorded in 2024, this still suggests that Toyota Motor Corp remains a safe bet for U.S. drivers. This popularity is reflected in Toyota Motor Corp’s regional revenue distribution, with North America representing around 31.1 percent of the company’s total revenue. However, this previous success is mitigated by a global output in freefall since 2024. Following an investigation into Toyota Motor Corporation's subsidiary Daihatsu by the Japanese transport ministry due to safety test irregularities in December 2023, the group had to halt the shipment of some of its key models, including from its eponymous Toyota brand. This scandal is set to impact the company's 2025 fiscal year and its 2024 performance in many markets.
