In 2023, approximately 94 million motor vehicles were produced worldwide. While this production volume was some three million off the production peak recorded in 2018, this marked the third consecutive year of growth for the automotive manufacturing market. While this market expansion is a sign that vehicle demand and business conditions are improving, the industry still faces various external challenges that impact manufacturers’ profits.
Vehicle manufacturing is also undergoing structural changes, offering challenges and opportunities alike. A shift towards electrification and automation mainly drives this change, while the sector has started to invest in Artificial Intelligence and other innovations. Though production volumes are on the rise, auto suppliers’ profit margins are still lower than automakers’ margins, despite the latter being impacted by market fluctuations.
Value added of the global automotive product manufacturing between 2018 and 2023, with a forecast through 2029 (in trillion U.S. dollars)
The automotive product manufacturing industry generated a total value added around 0.9 trillion U.S. dollars worldwide in 2023.
Motor vehicle and trailer manufacturing is the backbone of this industry, representing nearly 81 percent of this value added. Auto suppliers, fundamental to the production of road vehicles, had a mitigated financial performance, with their profit margin below automakers for the third consecutive year.
Estimated worldwide motor vehicle production between 2019 and 2023, by type (in 1,000 units)
Further details: Visit original statistic Estimated worldwide motor vehicle production between 2019 and 2023, by type (in 1,000 units)
Passenger cars are by far the biggest segment within the vehicle manufacturing industry. In 2023, over three times as many cars as light commercial vehicles were manufactured worldwide. This larger production volume interacts with the passenger car demand, which caters to consumers' motorization needs.
Production and demand are shifting towards more environmentally-friendly options, leading to increased electric vehicle manufacturing.
Largest patent owners in autonomous driving worldwide from 2013 to 2022, by number of active patent families
Further details: Visit original statistic Largest patent owners in autonomous driving worldwide from 2013 to 2022, by number of active patent families
Autonomous driving was one of the main trends in the industry, with patents from some of the largest automakers in this area steadily increasing through 2022. Electric vehicles were also a popular investment avenue for manufacturers, with battery making startups attracting most venture capital investments in battery technology.
More recently, automakers have been funding Artificial Intelligence projects, which has the potential to improve safety and enhance the driver experience.
The leading global automotive suppliers in 2023, based on revenue (in billion euros)
Further details: Visit original statistic The leading global automotive suppliers in 2023, based on revenue (in billion euros)
Bosch, headquartered in Germany, was the leading automotive supplier worldwide in 2023. Three of the five main auto suppliers were from Germany, with the other two located in the Asia-Pacific region. This prevalence of Asia and Europe was also present among automakers, with the Toyota Motor Corporation and Volkswagen Group topping the best-seller rankings in 2023.
Bosch
The vehicle manufacturing industry comprises the production of passenger cars, commercial light vehicles, trucks, and two-wheelers. Within this sector, Statista provides information about the various technologies driving the market forward and the business activities of suppliers and original equipment manufacturers. Further data insights on vehicle components and accessories and an analysis of the automotive aftermarket are available. Statista focuses its research on the global, regional, and national levels while also providing up-to-date information on industry trends as well as supplier and manufacturer rankings.
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