Mercedes-Benz Group's revenue by region 2020 & 2023

In the fiscal year of 2023, Mercedes-Benz Group experienced a growth in revenues across Europe and North America segments. In particular, the European market generated a revenue of nearly 61.9 billion euros. That same year, the total revenue of the German automotive manufacturer amounted to just above 153 billion euros.

Mercedes-Benz Group’s key markets

Mercedes-Benz Group’s passenger car business sold just above two million automobiles worldwide in 2023. The most important markets for the company in 2023 were China and Europe with 737,200 and 659,600 vehicle sales, respectively. The German manufacturer further announced that its 2022 strategy was to increase focus on high sales, sales margin, and sales channels. In particular, the company intends to promote its Chinese operations; the Chinese passenger car market has been recovering from the COVID-19 pandemic faster than the German and American markets. China was one of the largest passenger car markets worldwide in 2021.

European competitors in the Chinese market

The luxury car industry in China is highly condensed, with only a few companies dominating the market: Audi, Mercedes-Benz, and BMW. The initiatives taken by the Chinese government to enhance the automotive market allowed luxury car manufacturers to increase their sales in China.