With passenger car sales accelerating past 65 million units globally in 2023 and SUVs now commanding nearly half the market, the automotive industry's recovery is steering into high gear with electrification in the fast lane.
Key Takeaways
- In 2023, global passenger car sales reached 65.5 million units, marking a 9.4% increase from 2022
- Global commercial vehicle sales in 2023 totaled 23.2 million units, up 12.1% year-over-year
- In 2022, the top-selling vehicle globally was the Toyota RAV4 with 1.02 million units sold
- In 2023, US new vehicle sales totaled 15.5 million units, up 12.4% from 2022
- US light truck sales in 2023 reached 11.2 million units, 72% of total sales
- Ford F-Series sold 750,789 units in US in 2023, top-selling vehicle
- In 2023, EU new car registrations totaled 10.5 million units, up 6.4% from 2022
- Germany led EU sales in 2023 with 2.9 million units, up 7.4%
- Tesla Model Y was Europe's top seller in 2023 with 251,327 registrations
- China auto sales in 2023: 30.1 million units, up 11.5% YoY
- China's NEV sales 2023: 9.5 million units, 31.6% market share
- Toyota Corolla China 2023 sales: 1.1 million units
- In 2023, global EV sales reached 14 million units, up 35% from 2022
- Tesla delivered 1.81 million EVs globally in 2023, up 38%
- BYD EV and PHEV sales 2023: 3.02 million units worldwide
Auto sales grew globally in 2023, led by increasing SUV and electric vehicle demand.
Asia
- China auto sales in 2023: 30.1 million units, up 11.5% YoY
- China's NEV sales 2023: 9.5 million units, 31.6% market share
- Toyota Corolla China 2023 sales: 1.1 million units
- India passenger vehicle sales 2023: 4.1 million units, up 8.9%
- BYD sold 3.02 million vehicles in China 2023, up 62%
- Japan new car sales 2023: 4.2 million units, down 7.5%
- Wuling Hongguang Mini EV China 2023: 421,189 units
- South Korea sales 2023: 1.68 million units, down 6.2%
- Tesla Model Y China 2023: 433,000 units, up 50%
- Hyundai Sonata China 2023 sales via local brands
- Indonesia sales 2023: 888,000 units, down 5%
- Geely sales China 2023: 1.69 million units, up 20%
- Thailand pickup sales 2023: 220,000 units, down 15%
- Chery sales China 2023: 1.88 million units, up 38%
- Vietnam sales 2023: 302,000 units, up 22%
- Aion (GAC) China NEV sales 2023: 482,000 units
- Malaysia sales 2023: 690,000 units, up 5%
- Li Auto China 2023 sales: 376,000 units, up 236%
- Philippines sales 2023: 410,000 units, up 10%
- Nio China 2023 deliveries: 160,038 units, up 41%
Asia Interpretation
In a year where China's auto market surged to a staggering 30.1 million vehicles—with electric cars like the Wuling Mini swarming the streets and BYD alone outselling entire nations—the world witnessed not just a sales report, but the definitive, thunderous shift of the automotive industry's center of gravity to the East.
Electric Vehicles
- In 2023, global EV sales reached 14 million units, up 35% from 2022
- Tesla delivered 1.81 million EVs globally in 2023, up 38%
- BYD EV and PHEV sales 2023: 3.02 million units worldwide
- Europe's BEV sales 2023: 1.5 million units, 14.6% share
- China BEV sales 2023: 6.3 million units, 20% of total sales
- US EV market share 2023: 7.6% with 1.18 million sales
- PHEV global sales 2023: 3.7 million units, up 50%
- Volkswagen ID.4 global sales 2023: 187,000 units
- Wuling Air EV China 2023: over 600,000 units sold
- BMW EV sales 2023: 375,000 units globally, up 75%
- Hyundai Ioniq 5 global 2023: 95,000 units
- Global two-wheeler EV sales 2023: 10 million units
- Kia EV6 2023 global sales: 80,000 units
- Ford Mustang Mach-E US 2023: 40,771 units, down 8%
- Mercedes EQE global 2023: 38,000 units
- Global EV battery demand 2023: 750 GWh, up 40%
- Polestar 2 sales 2023: 44,851 units globally
- Rivian R1T/R1S US 2023: 50,122 units, up 86%
- Volvo EX30 global deliveries began 2023 end, 10,000+ in Q4
- Global EV sales forecast 2024: 17 million units, 18% share
- MG4 EV Europe 2023: 55,000 units
- Lucid Air US 2023: 6,001 units, up 110%
- Fisker Ocean deliveries 2023: 4,849 units globally
- Q1 2024 global EV sales: 3.5 million units, up 25%
Electric Vehicles Interpretation
The electric revolution is no longer a polite suggestion from a few elite carmakers, but a global street fight where China leads the charge, Tesla and BYD battle for the crown, and even your scooter is now whispering "I told you so" from the garage.
Europe
- In 2023, EU new car registrations totaled 10.5 million units, up 6.4% from 2022
- Germany led EU sales in 2023 with 2.9 million units, up 7.4%
- Tesla Model Y was Europe's top seller in 2023 with 251,327 registrations
- EU battery electric vehicle share in 2023: 14.6%, up from 11.9%
- Volkswagen Golf sales in Europe 2023: 227,998 units, down 2%
- France new car sales 2023: 1.77 million units, up 9.5%
- EU hybrid sales 2023: 2.1 million units, 20% market share
- Dacia Sandero Europe's top affordable car 2023: 198,511 units
- Italy sales 2023: 1.55 million units, up 10.6%
- Peugeot 208 sales Europe 2023: 152,349 units
- EU SUV registrations 2023: 5.2 million, 50% of market
- Renault Clio Europe 2023: 143,068 units, down 3%
- Spain new car sales 2023: 1.08 million, up 13.1%
- Skoda Octavia Europe 2023: 131,684 units
- UK sales 2023: 1.9 million units, up 17.5%
- Fiat Panda Europe 2023: 124,436 units, down 5%
- EU diesel share 2023: 13.4%, down from 17.2%
- Kia Sportage Europe 2023: 120,345 units, up 15%
- January 2024 EU sales: 993,068 units, down 0.3%
- Seat Leon Europe 2023: 112,567 units
- EU PHEV registrations 2023: 1.1 million, up 25%
- Toyota Yaris Cross Europe 2023: 108,234 units, up 40%
- February 2024 EU sales: 957,227 units, down 1.9%
- Opel Corsa Europe 2023: 105,678 units, down 8%
Europe Interpretation
Even as Europe's overall auto market shows a gentle, gas-powered pulse with marginal 2024 dips, its heart is clearly undergoing a serious and witty electrification, seeing Tesla crowned as king while the continent accelerates—albeit at varying speeds—towards an electric future, with stubborn SUVs refusing to yield the road.
Global Market
- In 2023, global passenger car sales reached 65.5 million units, marking a 9.4% increase from 2022
- Global commercial vehicle sales in 2023 totaled 23.2 million units, up 12.1% year-over-year
- In 2022, the top-selling vehicle globally was the Toyota RAV4 with 1.02 million units sold
- Global light vehicle sales in Q4 2023 hit 22.8 million units, a 10.2% rise from Q4 2022
- In 2023, Asia accounted for 52% of global auto sales with 46.8 million units
- Global new car sales in January 2024 were 6.3 million units, down 1.5% from January 2023
- In 2023, Toyota Group led global sales with 10.3 million units
- Global SUV sales in 2023 reached 38.7 million units, comprising 47% of total light vehicle sales
- In 2023, global pickup truck sales were 3.1 million units, up 8% from 2022
- Global auto sales forecast for 2024 is 90.1 million units, a 2.5% growth
- In 2023, Volkswagen Group sold 9.2 million vehicles globally, down 1.2% YoY
- Global hatchback sales in 2023 fell to 12.4 million units, a 5.3% decline
- In Q1 2024, global sales increased 4.8% to 20.1 million units
- Global sedan sales in 2023 were 18.9 million units, down 7.1% from 2022
- In 2023, Hyundai-Kia sold 7.3 million vehicles worldwide, up 6.5%
- Global used car sales in 2023 estimated at 140 million units
- In 2023, Stellantis Group achieved 6.2 million sales globally, up 5.1%
- Global crossover sales surged 15% to 25.6 million units in 2023
- In February 2024, global new car sales were 6.1 million units, flat YoY
- General Motors sold 6.1 million vehicles globally in 2023, down 0.8%
- Global minivan sales in 2023 dropped 10% to 2.8 million units
- In 2023, Renault-Nissan-Mitsubishi alliance sold 6.5 million units, up 3.2%
- Global sales of compact cars in 2023 were 22.3 million units, down 4%
- In March 2024, global light vehicle sales rose 5.2% to 7.2 million units
- Ford sold 4.4 million vehicles globally in 2023, up 1.3%
- Global luxury car sales in 2023 reached 2.9 million units, up 8.7%
- In 2023, Honda sold 3.9 million vehicles worldwide, down 2.1%
- Global full-size SUV sales grew 12% to 4.1 million units in 2023
- Suzuki achieved 3.1 million global sales in 2023, up 7.8%
- Global sports car sales in 2023 were 0.45 million units, up 3.5%
Global Market Interpretation
While the auto industry's 2023 report card reveals a global love affair with high-riding SUVs and crossovers is accelerating faster than a sports car, leaving traditional sedans and hatchbacks sputtering in the dust, it’s clear that consumer taste is shifting gears toward bulk, but not without a few manufacturers stalling along the way.
United States
- In 2023, US new vehicle sales totaled 15.5 million units, up 12.4% from 2022
- US light truck sales in 2023 reached 11.2 million units, 72% of total sales
- Ford F-Series sold 750,789 units in US in 2023, top-selling vehicle
- US EV sales in 2023 were 1.18 million units, 7.6% market share
- Chevrolet Silverado sales in US 2023: 555,148 units, up 6.1%
- US passenger car sales in 2023: 4.1 million units, down 1.2% YoY
- Tesla Model Y was top US EV with 385,900 sales in 2023
- Ram Pickup US sales 2023: 444,926 units, down 5.4%
- US SUV sales in 2023: 8.9 million units, up 14%
- Toyota RAV4 US sales 2023: 434,943 units, best-selling SUV
- US used car sales in 2023: 36.4 million units, up 2%
- Honda CR-V US sales 2023: 361,457 units, up 5.8%
- US January 2024 sales: 1.16 million units, down 1.2% YoY
- Jeep Wrangler US sales 2023: 194,807 units, up 10%
- US luxury vehicle sales 2023: 1.2 million units, 8% share
- Toyota Camry US sales 2023: 290,649 units, down 1%
- US February 2024 sales: 1.39 million units, up 7.5%
- Nissan Rogue US sales 2023: 271,458 units, up 8.2%
- US hybrid sales 2023: 1.3 million units, 22% growth
- GMC Sierra US sales 2023: 295,737 units, up 11%
- US March 2024 sales: 1.51 million units, up 6%
- Tesla Model 3 US sales 2023: 189,903 units
- US pickup sales 2023: 2.9 million units, 19% of total
- Hyundai Tucson US sales 2023: 197,675 units, up 18%
- US Q1 2024 sales: 3.82 million units, up 5.4%
- Subaru Outback US sales 2023: 162,961 units, up 7%
United States Interpretation
In 2023, America's auto market proved we'll gladly embrace a greener future, so long as we can get there in a hulking pickup truck or SUV, with a used car lot serving as our backup plan.
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