Revenue of leading carmakers worldwide 2024
In terms of revenue, Toyota and Volkswagen were the leading automakers worldwide as of May 2024. In terms of vehicle sales, Toyota and Volkswagen are also counted among the most successful automakers worldwide.
The emergence of China as an exceptional market
Before the coronavirus crisis of 2019-2020, the global automotive industry was hit hard by the financial crisis of 2008-2009, and General Motors declared its roughly 91 billion U.S. dollar bankruptcy following the crisis. In 2009, passenger car sales slumped in most markets, except for China, which emerged as the key sales market for passenger cars.
The return of the crisis
Chinese manufacturers cut the cord from their joint venture partners from other parts of Asia and the Western world a long time ago, and the global automotive industry has begun to feel the impact Chinese motor vehicles and parts manufacturers have. In 2020, the car market was in free-fall again. However, China was also affected this time. The global automotive chip shortage further impacted the industry in 2021 and 2022, leading to a slump in vehicle inventory despite rising demand. By 2023, some improvements were recorded on the global level.
