Motor vehicle sales contracted by some 10.5 percent worldwide between 2021 and 2022. Passenger vehicles increased by nearly two percent compared to the previous year when some 56.44 million cars were sold worldwide.
The current state of the market
In 2022, motor vehicle sales reached just over 81.6 million units worldwide. China was the largest automobile market worldwide, making up close to 23 million of the new car registrations that same year. The United States and Europe ranked second and third, with light vehicle sales reaching approximately 14 million units in the U.S. market. The German-based Volkswagen Group and Japanese Toyota Motor were the global leading automakers, with revenues reaching around 296 and 282 billion U.S. dollars respectively in 2021. These companies were both impacted by the economic downturn linked with the COVID-19 pandemic, with Toyota’s revenue falling by nine percent. The global automotive semiconductor shortage in 2021 and 2022 further impacted manufacturers, leading to a drop in inventory and longer waiting times to purchase a new vehicle.
The path to recovery
The automotive chip shortage led to around 11.3 million vehicles being cut from worldwide production in 2021, and forecasts estimate that these disruptions in the automotive supply chain will contribute to the removal of another seven million units from production in 2022. However, despite these challenges, the demand for passenger cars increased in 2021 and 2022, as car sales slowly started to increase. This is partly due to consumers' interest in electric vehicles. Autonomous,electrified, and battery electric vehicles are also forecast to gain popularity in the next decades. Electrified vehicles are projected to make up close to a quarter of car sales worldwide by 2025. By 2040, China is forecast to be one of the largest market for autonomous vehicle sales.
Global motor vehicle sales by type from 2016 to 2022
(in million units)
Characteristic
Passenger cars
Commercial vehicles
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OICA. (May 24, 2023). Global motor vehicle sales by type from 2016 to 2022 (in million units) [Graph]. In Statista. Retrieved July 03, 2024, from https://www.statista.com/statistics/1097326/worldwide-motor-vehicle-sales-by-type/
OICA. "Global motor vehicle sales by type from 2016 to 2022 (in million units)." Chart. May 24, 2023. Statista. Accessed July 03, 2024. https://www.statista.com/statistics/1097326/worldwide-motor-vehicle-sales-by-type/
OICA. (2023). Global motor vehicle sales by type from 2016 to 2022 (in million units). Statista. Statista Inc.. Accessed: July 03, 2024. https://www.statista.com/statistics/1097326/worldwide-motor-vehicle-sales-by-type/
OICA. "Global Motor Vehicle Sales by Type from 2016 to 2022 (in Million Units)." Statista, Statista Inc., 24 May 2023, https://www.statista.com/statistics/1097326/worldwide-motor-vehicle-sales-by-type/
OICA, Global motor vehicle sales by type from 2016 to 2022 (in million units) Statista, https://www.statista.com/statistics/1097326/worldwide-motor-vehicle-sales-by-type/ (last visited July 03, 2024)
Global motor vehicle sales by type from 2016 to 2022 (in million units) [Graph], OICA, May 24, 2023. [Online]. Available: https://www.statista.com/statistics/1097326/worldwide-motor-vehicle-sales-by-type/