Ranking of motor vehicle manufacturers worldwide by global sales 2024
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Toyota Motor Corporation maintained its position as the world's largest manufacturer of motor vehicles in 2024, with sales of approximately 10.8 million units. This figure surpassed its closest competitor, the Volkswagen Group, which delivered 9.03 million vehicles. Despite facing challenges in recent years, these automotive giants have shown resilience in a rapidly evolving industry.
Brand value and revenue shifts
While Toyota leads in sales volume, Tesla has emerged as the most valuable car brand globally. In 2024, Tesla's brand value reached roughly 71.9 billion U.S. dollars, surpassing Toyota, which now holds the runner-up position. This shift reflects the growing importance of electric vehicles in the automotive market. However, when considering overall revenue, the Volkswagen Group remains the industry leader, with global sales of around 293.47 billion U.S. dollars, outpacing Toyota Motor.
Adapting to market challenges
Automakers have faced significant hurdles in recent years, including production and sales contractions due to the coronavirus outbreak. China, a key market, experienced sales slumps in 2020 and 2022 amid pandemic-related lockdowns. Despite these challenges, companies like Hyundai have shown resilience. Hyundai reported sales revenue of 162.7 trillion South Korean won (about 125.6 billion U.S. dollars) in 2022, surpassing its 2019 performance. To remain competitive, especially in markets like China, Hyundai and other manufacturers are investing heavily in sustainable technologies and expanding their offerings of electric and hydrogen-powered vehicles.
