Buckle up, because after navigating semiconductor shortages and inflation, the global auto sales industry roared back with surprising force in 2023, selling 88.2 million new cars and proving its resilience in a market now valued at a staggering $2.8 trillion.
Key Takeaways
- Global new car sales in 2023 totaled 88.2 million units, up 9.4% from 2022 levels.
- The global automotive market size was valued at USD 2.8 trillion in 2023.
- Light vehicle production worldwide hit 90.1 million units in 2023.
- US new light vehicle sales reached 15.6 million units in 2023, up 12.4% from 2022.
- Ford sold 2.2 million vehicles in the US in 2023.
- Toyota US sales hit 2.25 million units in 2023, a 13.5% increase.
- Global EV sales reached 14 million units in 2023, a 35% increase from 2022.
- Tesla Model Y was the world's top-selling EV with 1.23 million units in 2023.
- China EV market share hit 38% of total auto sales in 2023.
- Toyota sold 1.73 million vehicles globally in 2023, retaining top spot.
- Volkswagen Group delivered 9.24 million vehicles worldwide in 2023.
- Hyundai-Kia combined sales hit 7.3 million units globally in 2023.
- 45% of US car buyers aged 18-34 prioritized fuel efficiency in 2023 surveys.
- Women accounted for 52% of new vehicle purchases in US in 2023.
- Millennials represented 38% of luxury car buyers globally in 2023.
Global auto sales grew significantly in 2023, led by strong demand for electric vehicles.
Consumer Demographics and Trends
- 45% of US car buyers aged 18-34 prioritized fuel efficiency in 2023 surveys.
- Women accounted for 52% of new vehicle purchases in US in 2023.
- Millennials represented 38% of luxury car buyers globally in 2023.
- 62% of Gen Z shoppers prefer online car buying tools per 2023 Deloitte survey.
- Average US buyer age for EVs was 47 years old in 2023.
- Hispanic buyers grew 15% in US new car sales share to 20% in 2023.
- 70% of US consumers traded in vehicles older than 5 years in 2023.
- Urban dwellers comprised 55% of EV adopters globally in 2023.
- Baby Boomers held 28% share of pickup truck buyers in US 2023.
- 41% of global buyers considered sustainability in vehicle choice 2023.
- Single buyers made up 35% of compact car purchases in US 2023.
- High-income households (>USD 100k) bought 60% of luxury SUVs in 2023 US.
- 55% of female buyers prioritized safety features in 2023 global surveys.
- Remote workers increased demand for SUVs by 12% in 2023 US.
- African American buyers share in US EV market was 12% in 2023.
- 67% of under-30 buyers leased vehicles in US 2023.
- Families with children under 12 preferred minivans 25% more in 2023.
- 48% of rural US buyers stuck with gas vehicles citing charging issues 2023.
- Tech-savvy buyers (own smartwatches) 75% more likely to buy EVs 2023.
- Retirees over 65 bought 22% of convertibles globally 2023.
- 59% of global consumers delayed purchases due to inflation in 2023.
- Young professionals (25-34) drove 40% growth in subscription models 2023.
- Low-credit score buyers (<600) share rose to 25% in used market 2023 US.
- Eco-conscious millennials boosted hybrid sales 18% in 2023 Europe.
- 52% of parents prioritized child safety seats in car buys 2023.
- Gig economy drivers bought 15% more compact cars in 2023 US.
- Interest rates impacted 35% of first-time buyers delaying 2023.
Consumer Demographics and Trends Interpretation
While the youth are busy leasing online and fretting over fuel efficiency, the market reveals itself as a mosaic where women now steer the wheel, sustainability gets a honk, but inflation has everyone parked in their five-year-old cars, waiting for the payments to make sense.
Economic and Industry Factors
- US inflation-adjusted auto affordability fell 10% in 2023 for median income.
- Global auto production costs rose 8% due to raw materials in 2023.
- US auto loan delinquency rate hit 4.1% in Q4 2023.
- Semiconductor prices increased 15% impacting industry margins 2023.
- Global steel prices for autos averaged USD 750/ton in 2023.
- US unemployment rate influenced 22% drop in luxury sales Q1 2023.
- Auto tariff threats reduced imports by 5% in US 2023.
- Global supply chain costs added USD 1,200 per vehicle in 2023.
- US GDP growth of 2.5% boosted sales 10% in 2023.
- Oil prices averaging USD 82/barrel pressured ICE sales 12% down 2023.
- Dealer incentives averaged USD 3,500 per vehicle in US 2023.
- Global labor shortages increased wages 7% in auto sector 2023.
- US consumer confidence index averaged 68.2 in 2023.
- Freight costs fell 20% aiding inventory recovery in 2023.
- Battery metal prices (lithium) dropped 80% impacting EV costs 2023.
- Auto insurance premiums rose 17% in US due to claims 2023.
- Global trade volume in vehicles grew 4% despite recession fears 2023.
- US Federal Reserve rate hikes slowed financing by 15% in 2023.
- Chip production recovered 25% boosting output in H2 2023.
- Aluminum prices for autos stable at USD 2,500/ton in 2023.
- Pandemic recovery added 2 million jobs to US auto industry 2023.
Economic and Industry Factors Interpretation
The auto industry spent 2023 in a brutal tug-of-war, where every step forward from a recovering supply chain and booming GDP was met with two steps back from relentless inflation, Fed rate hikes, and consumers who are simply running out of rope.
Electric Vehicle Sales
- Global EV sales reached 14 million units in 2023, a 35% increase from 2022.
- Tesla Model Y was the world's top-selling EV with 1.23 million units in 2023.
- China EV market share hit 38% of total auto sales in 2023.
- Europe BEV sales grew 37% to 2.4 million units in 2023.
- BYD sold 3.02 million EVs globally in 2023.
- PHEV sales worldwide doubled to 4.7 million units in 2023.
- US EV sales increased 40% to 1.36 million units in 2023.
- Battery electric vehicles accounted for 70% of global EV sales in 2023.
- Norway EV penetration reached 89% of new car sales in 2023.
- Global EV battery demand was 750 GWh in 2023.
- Tesla held 19% global EV market share in 2023.
- India EV sales grew 50% to 1.5 million units in 2023.
- Average EV range globally improved to 350 km in 2023 models.
- China produced 9.5 million EVs in 2023.
- Global public EV chargers reached 3.2 million in 2023.
- Ford Mustang Mach-E US sales hit 40,771 units in 2023.
- EV financing penetration in US reached 65% of EV sales in 2023.
- Global EV market projected to reach 17 million sales in 2024.
- Volkswagen ID.4 global sales were 238,000 units in 2023.
- EV share in luxury segment globally was 45% in 2023.
- Brazil EV sales tripled to 125,000 units in 2023.
- Average EV price globally fell 12% to USD 42,000 in 2023.
- Hyundai Ioniq 5 global sales reached 105,000 units in 2023.
- Global EV two-wheeler sales were 10 million units in 2023.
Electric Vehicle Sales Interpretation
While Tesla may have won the individual model sales crown, the real story of 2023 is that the global EV race has officially become a high-voltage, three-continent marathon where China's manufacturing might, Europe's adoption push, and America's accelerating demand are all being powered by rapidly improving affordability and infrastructure.
Global Market Overview
- Global new car sales in 2023 totaled 88.2 million units, up 9.4% from 2022 levels.
- The global automotive market size was valued at USD 2.8 trillion in 2023.
- Light vehicle production worldwide hit 90.1 million units in 2023.
- Global passenger car sales grew by 8.7% year-over-year in Q4 2023 to 21.4 million units.
- The Asia-Pacific region accounted for 52% of global auto sales in 2023 with 46 million units sold.
- Global commercial vehicle sales reached 24.5 million units in 2023, a 12% increase.
- Average global new vehicle price rose 5.2% to USD 35,800 in 2023.
- Global auto sales market projected to grow at CAGR of 4.5% from 2024-2030.
- In 2022, global light vehicle sales were 80.6 million units.
- Electric vehicles made up 18% of global car sales in 2023.
- Global SUV sales surged 15% to 35 million units in 2023.
- Passenger car segment held 65% share of global sales in 2023.
- Global used car market volume was 140 million units in 2023.
- Auto industry contributed 3% to global GDP in 2023 at USD 3.5 trillion.
- Global vehicle exports reached 30.2 million units in 2023.
- China led global sales with 26.1 million vehicles in 2023.
- Europe auto sales recovered to 13.1 million units in 2023, up 13.9%.
- Global inventory levels for new vehicles averaged 45 days supply in Q4 2023.
- Semiconductor shortage reduced global sales by 7.6 million units in 2022-2023.
- Global hybrid vehicle sales hit 10.5 million units in 2023.
- Luxury car segment grew 6.2% globally to 2.8 million units in 2023.
- Global pickup truck sales were 12.4 million units in 2023.
- Auto retail sales channel dominated with 75% global market share in 2023.
- Global online auto sales penetration reached 15% in 2023.
- Vehicle leasing accounted for 22% of global sales in 2023.
- Global fleet sales volume was 8.7 million units in 2023.
- Average global dealer margin was 9.2% on new car sales in 2023.
- Global auto finance market size hit USD 1.2 trillion in 2023.
- Penetration of ADAS in new vehicles globally reached 65% in 2023.
- Global two-wheeler sales totaled 60 million units in 2023.
Global Market Overview Interpretation
Despite a lingering semiconductor hangover and the sticker shock of rising prices, the global auto industry roared back to life in 2023, proving that the world's love affair with the car—especially SUVs and now electric ones—is an expensive, complex, and remarkably resilient economic engine.
Sales by Manufacturer
- Toyota sold 1.73 million vehicles globally in 2023, retaining top spot.
- Volkswagen Group delivered 9.24 million vehicles worldwide in 2023.
- Hyundai-Kia combined sales hit 7.3 million units globally in 2023.
- General Motors sold 6.2 million vehicles globally in 2023.
- Stellantis delivered 6.17 million vehicles in 2023.
- Ford global sales were 4.4 million vehicles in 2023.
- Honda global auto sales reached 3.9 million units in 2023.
- Nissan global sales totaled 3.37 million vehicles in 2023.
- Suzuki sold 3.07 million vehicles globally in 2023.
- BMW Group delivered 2.55 million vehicles worldwide in 2023.
- Mercedes-Benz sold 2.04 million passenger cars in 2023.
- Renault Group global sales were 2.23 million vehicles in 2023.
- Tata Motors sold 1.5 million vehicles globally in 2023.
- Geely sold 1.69 million vehicles overseas in 2023.
- SAIC Motor global sales hit 5.02 million vehicles in 2023.
- Changan Automobile sold 2.3 million vehicles globally in 2023.
- Great Wall Motor exported 113,000 vehicles in 2023.
- MG (SAIC) global sales reached 930,000 units in 2023.
- Chery Automobile sold 1.88 million vehicles in 2023.
- Tesla global deliveries were 1.81 million vehicles in 2023.
- BYD overtook Tesla in EV sales with 3 million units in 2023.
- Stellantis Jeep brand sold 1.5 million units globally in 2023.
- Toyota Corolla was top-selling model globally with 1.01 million units in 2023.
- Volkswagen Golf sales reached 430,000 units globally in 2023.
Sales by Manufacturer Interpretation
Despite the statistical chatter of millions, the auto world's crown still rests on Toyota's head, proving that while everyone else is furiously counting beans, the real game is won by consistently selling more than just a promise and a 0-60 time.
US Auto Sales
- US new light vehicle sales reached 15.6 million units in 2023, up 12.4% from 2022.
- Ford sold 2.2 million vehicles in the US in 2023.
- Toyota US sales hit 2.25 million units in 2023, a 13.5% increase.
- Chevrolet led US pickup sales with 552,769 Silverado units in 2023.
- Tesla delivered 1.81 million vehicles in the US in 2023.
- Average new vehicle transaction price in US was USD 48,759 in December 2023.
- US SUV/CUV sales accounted for 66% of total light vehicle sales in 2023.
- Electric vehicle sales in US grew 49% to 1.2 million units in 2023.
- Ram pickup sales in US fell 5% to 444,926 units in 2023.
- Honda US sales increased 11.3% to 1.3 million vehicles in 2023.
- US new vehicle inventory reached 2.9 million units by end of 2023.
- Nissan US sales rose 10% to 898,000 units in 2023.
- Average US dealer gross profit per new vehicle was USD 2,550 in 2023.
- Subaru US sales hit record 654,872 vehicles in 2023.
- US luxury vehicle sales totaled 2.8 million units in 2023.
- Hyundai US sales increased 9.7% to 801,000 units in 2023.
- F-Series pickup was top-selling vehicle in US with 750,789 units in 2023.
- US used vehicle sales volume was 36.1 million units in 2023.
- Kia US sales surged 13.6% to 782,451 vehicles in 2023.
- US average days to turn inventory dropped to 58 days in Q4 2023.
- Jeep sales in US declined 9% to 452,510 units in 2023.
- Mazda US sales up 16.5% to 336,198 vehicles in 2023.
- US fleet sales represented 20% of total new vehicle sales in 2023.
- GMC US sales increased 4.2% to 511,128 vehicles in 2023.
- US online vehicle sales share reached 28% in 2023.
- Volkswagen US sales rose 14.1% to 381,000 units in 2023.
US Auto Sales Interpretation
The American auto industry roared back in 2023, driven by a relentless thirst for pricey trucks and SUVs, a quiet but massive used car market humming along in its shadow, and a surge in EVs that's still just a sip from a very large tank.
Sources & References
- Reference 1MARKLINESmarklines.comVisit source
- Reference 2GRANDVIEWRESEARCHgrandviewresearch.comVisit source
- Reference 3OICAoica.netVisit source
- Reference 4STATISTAstatista.comVisit source
- Reference 5IEAiea.orgVisit source
- Reference 6KBBkbb.comVisit source
- Reference 7FORTUNEBUSINESSINSIGHTSfortunebusinessinsights.comVisit source
- Reference 8FOCUS2MOVEfocus2move.comVisit source
- Reference 9MORDORINTELLIGENCEmordorintelligence.comVisit source
- Reference 10MCKINSEYmckinsey.comVisit source
- Reference 11OECoec.worldVisit source
- Reference 12CAAMcaam.org.cnVisit source
- Reference 13ACEAacea.autoVisit source
- Reference 14COXAUTOINCcoxautoinc.comVisit source
- Reference 15SPGLOBALspglobal.comVisit source
- Reference 16WOODMACwoodmac.comVisit source
- Reference 17AUTONEWSautonews.comVisit source
- Reference 18NADAnada.orgVisit source
- Reference 19ALLIEDMARKETRESEARCHalliedmarketresearch.comVisit source
- Reference 20IDTECHEXidtechex.comVisit source
- Reference 21MEDIAmedia.ford.comVisit source
- Reference 22PRESSROOMpressroom.toyota.comVisit source
- Reference 23GOODCARBADCARgoodcarbadcar.netVisit source
- Reference 24IRir.tesla.comVisit source
- Reference 25CARPROcarpro.comVisit source
- Reference 26HONDANEWShondanews.comVisit source
- Reference 27USAusa.nissannews.comVisit source
- Reference 28MEDIAmedia.subaru.comVisit source
- Reference 29HYUNDAINEWShyundainews.comVisit source
- Reference 30EDMUNDSedmunds.comVisit source
- Reference 31KIAMEDIAkiamedia.comVisit source
- Reference 32STELLANTISNORTHAMERICAstellantisnorthamerica.comVisit source
- Reference 33NEWSnews.mazdausa.comVisit source
- Reference 34NEWSnews.gm.comVisit source
- Reference 35CARANDDRIVERcaranddriver.comVisit source
- Reference 36MEDIAmedia.vw.comVisit source
- Reference 37EV-SALESev-sales.blogspot.comVisit source
- Reference 38CNEVPOSTcnevpost.comVisit source
- Reference 39INSIDEEVSinsideevs.comVisit source
- Reference 40EV-VOLUMESev-volumes.comVisit source
- Reference 41OFVofv.noVisit source
- Reference 42BNEFbnef.comVisit source
- Reference 43CLEANTECHNICAcleantechnica.comVisit source
- Reference 44FAME2fame2.heavyindustries.gov.inVisit source
- Reference 45EXPERIANexperian.comVisit source
- Reference 46BLOOMBERGbloomberg.comVisit source
- Reference 47ANFAVEAanfavea.com.brVisit source
- Reference 48REUTERSreuters.comVisit source
- Reference 49HYUNDAIhyundai.newsVisit source
- Reference 50GLOBALglobal.toyotaVisit source
- Reference 51VOLKSWAGEN-GROUPvolkswagen-group.comVisit source
- Reference 52HYUNDAIhyundai.comVisit source
- Reference 53INVESTORinvestor.gm.comVisit source
- Reference 54STELLANTISstellantis.comVisit source
- Reference 55SHAREHOLDERshareholder.ford.comVisit source
- Reference 56GLOBALglobal.hondaVisit source
- Reference 57GLOBALglobal.nissannews.comVisit source
- Reference 58GLOBALSUZUKIglobalsuzuki.comVisit source
- Reference 59PRESSpress.bmwgroup.comVisit source
- Reference 60GROUPgroup.mercedes-benz.comVisit source
- Reference 61MEDIAmedia.renaultgroup.comVisit source
- Reference 62TATAMOTORStatamotors.comVisit source
- Reference 63GLOBALglobal.geely.comVisit source
- Reference 64SAICMOTORsaicmotor.comVisit source
- Reference 65GLOBALCHANGANglobalchangan.comVisit source
- Reference 66GWM-GLOBALgwm-global.comVisit source
- Reference 67MGMOTORmgmotor.euVisit source
- Reference 68CHERYchery.cnVisit source
- Reference 69VOLKSWAGEN-NEWSROOMvolkswagen-newsroom.comVisit source
- Reference 70JDPOWERjdpower.comVisit source
- Reference 71DELOITTEwww2.deloitte.comVisit source
- Reference 72EYey.comVisit source
- Reference 73CONSUMERREPORTSconsumerreports.orgVisit source
- Reference 74PWCpwc.comVisit source
- Reference 75FORBESforbes.comVisit source
- Reference 76PARENTSparents.comVisit source
- Reference 77RURAL-EV-ADOPTION-STUDY-2023rural-ev-adoption-study-2023.govVisit source
- Reference 78GARTNERgartner.comVisit source
- Reference 79DELOITTEdeloitte.comVisit source
- Reference 80TRANSUNIONtransunion.comVisit source
- Reference 81IIHSiihs.orgVisit source
- Reference 82UBERuber.comVisit source
- Reference 83FEDERALRESERVEfederalreserve.govVisit source
- Reference 84BLSbls.govVisit source
- Reference 85NEWYORKFEDnewyorkfed.orgVisit source
- Reference 86WORLDSTEELworldsteel.orgVisit source
- Reference 87USITCusitc.govVisit source
- Reference 88BAINbain.comVisit source
- Reference 89BEAbea.govVisit source
- Reference 90EIAeia.govVisit source
- Reference 91ILOilo.orgVisit source
- Reference 92CONFERENCE-BOARDconference-board.orgVisit source
- Reference 93CASSINFOcassinfo.comVisit source
- Reference 94FASTMARKETSfastmarkets.comVisit source
- Reference 95IIIiii.orgVisit source
- Reference 96WTOwto.orgVisit source
- Reference 97SIA-ONLINEsia-online.orgVisit source
- Reference 98LMElme.comVisit source
