From overcoming chip shortages to embracing an electric future, the global auto industry roared back in 2023, with production nearing pre-pandemic highs and electric vehicles accelerating toward a mainstream tipping point.
Key Takeaways
- Global light vehicle production in 2023 totaled 90.1 million units, a 9.1% increase from 2022 driven by recovery from supply chain disruptions.
- Toyota produced 10.3 million vehicles in 2023, maintaining its position as the world's largest automaker by volume.
- Volkswagen Group delivered 9.24 million vehicles worldwide in 2023, down 1.1% due to weak demand in China.
- Global automotive market revenue reached $2.9 trillion in 2023.
- North American auto industry revenue hit $1.1 trillion in 2023, driven by truck sales.
- Tesla's revenue grew 19% to $96.8 billion in 2023, with automotive at $82.4 billion.
- Global EV market revenue exceeded $385 billion in 2023, growing 35% YoY.
- Battery electric vehicles (BEVs) accounted for 70% of EV sales in Europe in 2023.
- China produced 9.5 million NEVs (new energy vehicles) in 2023, 60% of global total.
- Global auto industry employed 14.2 million people directly in 2023.
- US automotive manufacturing supported 4.9 million jobs in 2023.
- Germany's auto sector employed 835,000 people in 2023, down 2% YoY.
- Global ADAS (Advanced Driver Assistance Systems) market reached $40 billion in 2023.
- Level 2+ autonomy featured in 25% of new vehicles sold globally in 2023.
- Automotive semiconductor market hit $59 billion in 2023, up 10%.
The auto industry rebounded in 2023 with increased production and a major shift to electric vehicles.
Electric Vehicles and Sustainability
- Global EV market revenue exceeded $385 billion in 2023, growing 35% YoY.
- Battery electric vehicles (BEVs) accounted for 70% of EV sales in Europe in 2023.
- China produced 9.5 million NEVs (new energy vehicles) in 2023, 60% of global total.
- US EV sales reached 1.18 million units in 2023, 7.6% of total sales.
- Global EV battery capacity reached 760 GWh in 2023, up 40% from 2022.
- Plug-in hybrid sales globally hit 3.7 million units in 2023.
- Europe's EV market share rose to 22% of new car sales in 2023.
- India's EV sales grew 50% to 1.5 million units in FY2023-24.
- Global CO2 emissions from road transport fell 3.2% in 2023 due to EV adoption.
- Over 40 million EVs were on roads worldwide by end of 2023.
- Global EV sales share projected 18% in 2023 actualized.
- Norway EV penetration 89% of new car sales in 2023.
- Battery costs fell to $139/kWh for EV packs in 2023.
- US incentives under IRA boosted EV sales by 40% in 2023.
- Global public EV chargers reached 3.2 million in 2023.
- Hydrogen fuel cell vehicles sold 15,000 units globally in 2023.
- EU fleet CO2 emissions averaged 108 g/km for new cars in 2023.
- BYD sold 3 million NEVs in 2023, surpassing Tesla.
- Fast charger power >150kW deployed in 500,000 points globally 2023.
- Global recycling of EV batteries recovered 20% of lithium in 2023.
Electric Vehicles and Sustainability Interpretation
The global EV revolution, now with over 40 million cars silently judging your old gas guzzler, has finally shifted from an expensive science experiment into a full-blown economic and environmental juggernaut, led by China's sheer production force, falling battery costs, and Norway's near-total conversion, all while finally making a measurable dent in global transport emissions.
Employment and Workforce
- Global auto industry employed 14.2 million people directly in 2023.
- US automotive manufacturing supported 4.9 million jobs in 2023.
- Germany's auto sector employed 835,000 people in 2023, down 2% YoY.
- China's auto industry workforce exceeded 5 million in 2023.
- Toyota employed 370,870 people globally in 2023.
- Ford had 173,000 employees worldwide at end of 2023.
- GM employed 163,000 people in 2023.
- India's auto sector generated 37 million jobs including indirect in 2023.
- Auto parts manufacturing employed 5.5 million in Mexico in 2023.
- EV transition projected to create 10 million net new jobs by 2030 globally.
- US auto dealers employed 1.1 million in 2023.
- Japan's auto industry workforce was 5.5 million including suppliers in 2023.
- Brazil auto sector employed 1.3 million in 2023.
- Women represented 22% of global auto manufacturing workforce in 2023.
- Auto R&D spending globally $140 billion in 2023.
- Michigan auto cluster employed 700,000 in 2023.
- France auto industry 400,000 direct jobs in 2023.
- Stellantis workforce 272,000 globally in 2023.
- Supplier jobs 7 million worldwide in auto sector 2023.
- UK auto manufacturing 168,000 employees in 2023.
- Automation reduced manufacturing jobs by 5% in 2023 globally.
- Skilled labor shortage affected 70% of auto plants in 2023.
- Canada auto sector 550,000 jobs in 2023.
- Average auto worker wage $28/hour in US 2023.
Employment and Workforce Interpretation
While the global auto industry's 14.2 million direct jobs showcase its immense role as an economic engine, the simultaneous pressures of automation, a skilled labor shortage, and a historic electric transition reveal an industry at a crossroads, desperately trying to rebuild its engine while still driving at full speed.
Innovation and Technology
- Global ADAS (Advanced Driver Assistance Systems) market reached $40 billion in 2023.
- Level 2+ autonomy featured in 25% of new vehicles sold globally in 2023.
- Automotive semiconductor market hit $59 billion in 2023, up 10%.
- Connected car shipments reached 150 million units cumulatively by 2023.
- V2X (Vehicle-to-Everything) communication deployed in 5 million vehicles in 2023.
- Automotive cybersecurity market grew to $4.5 billion in 2023.
- Software-defined vehicles accounted for 15% of premium segment sales in 2023.
- LiDAR shipments for autos reached 1.2 million units in 2023.
- In-car infotainment systems generated $35 billion revenue in 2023.
- Autonomous trucking pilots covered 50 million miles in 2023.
- 5G in vehicles enabled 10 million connected units in 2023.
- OTA software updates delivered to 40% of new cars in 2023.
- AR HUD market size $1.2 billion in automotive 2023.
- Digital cockpit penetration 35% in new vehicles 2023.
- Robotaxi services operated 50 million passenger miles in 2023.
- Automotive AI chip market $15 billion in 2023.
- Wireless charging for EVs piloted in 100 sites globally 2023.
- Biometric authentication in cars used by 8% premium models 2023.
- Synthetic fuel production for autos 10,000 tons in 2023.
- Global vehicle telematics subscribers 120 million in 2023.
Innovation and Technology Interpretation
Global cars are rapidly becoming supercomputers on wheels, with one in four now offering semi-autonomous driving and 40% receiving over-the-air brain surgery, but this colossal $60 billion silicon-powered nervous system has sparked a $4.5 billion arms race to keep it all from getting hacked.
Market Size and Revenue
- Global automotive market revenue reached $2.9 trillion in 2023.
- North American auto industry revenue hit $1.1 trillion in 2023, driven by truck sales.
- Tesla's revenue grew 19% to $96.8 billion in 2023, with automotive at $82.4 billion.
- Ford Motor Company's revenue was $176.2 billion in 2023, up 11% YoY.
- General Motors revenue reached $171.8 billion in 2023, boosted by EV segment.
- Stellantis generated €189.5 billion in revenue in 2023, Europe's largest by sales.
- Hyundai Motor Group revenue stood at KRW 162.7 trillion ($120 billion) in 2023.
- BMW Group's revenue increased 9.5% to €155.5 billion in 2023.
- Mercedes-Benz Group AG revenue was €153.2 billion in 2023, up 1.5%.
- Global auto aftermarket size estimated at $488 billion in 2023.
- Auto industry EBITDA margins averaged 8.2% globally in 2023.
- Chinese automakers revenue share reached 25% of global total in 2023.
- Honda Motor revenue was ¥20.4 trillion ($136 billion) in FY2023.
- Nissan revenue fell to ¥12.6 trillion in FY2023 due to price cuts.
- Porsche AG revenue surged 12% to €40.5 billion in 2023.
- Ferrari revenue hit €5.97 billion in 2023, up 17.3%.
- Global truck market revenue was $650 billion in 2023.
- Aftermarket parts revenue in Europe $120 billion in 2023.
- US used car market revenue $1.2 trillion in 2023.
Market Size and Revenue Interpretation
While the traditional giants fight for inches on a trillion-dollar field, the real race is being won by those electrifying their fleets, courting China's booming market, and quietly thriving in the lucrative shadows of aftermarket repairs and used-car lots.
Production and Sales
- Global light vehicle production in 2023 totaled 90.1 million units, a 9.1% increase from 2022 driven by recovery from supply chain disruptions.
- Toyota produced 10.3 million vehicles in 2023, maintaining its position as the world's largest automaker by volume.
- Volkswagen Group delivered 9.24 million vehicles worldwide in 2023, down 1.1% due to weak demand in China.
- US new vehicle sales reached 15.5 million units in 2023, up 12.4% from pandemic lows.
- China's passenger car sales hit 26.1 million units in 2023, accounting for over 30% of global total.
- Electric vehicle sales globally surged to 14 million units in 2023, representing 18% of total car sales.
- India's automobile production grew 8.5% to 25.9 million units in FY2023-24.
- Japan exported 4.38 million vehicles in 2023, led by Toyota and Honda.
- Europe (EU+EFTA+UK) produced 15.7 million cars in 2023, down 2% from 2022.
- Brazil's vehicle production rose 17.4% to 2.34 million units in 2023.
- Global auto production in 2022 was 85 million units after 80.5 million in 2021.
- Hyundai-Kia produced 7.3 million vehicles in 2023.
- Renault-Nissan-Mitsubishi alliance output was 6.5 million units in 2023.
- Pickup truck sales in US hit 2.3 million in 2023.
- SUV/Crossover sales dominated 47% of global passenger car market in 2023.
- Global commercial vehicle production rose to 24 million units in 2023.
- Thailand produced 1.84 million vehicles in 2023, Asia's Detroit.
- South Korea's auto output was 4.2 million units in 2023.
- Russia produced 740,000 vehicles in 2023 amid sanctions.
- Global luxury car sales grew 5% to 2.8 million units in 2023.
- European new car registrations totaled 10.5 million in 2023.
Production and Sales Interpretation
The auto industry’s global rebound in 2023 was a story of resilient giants, charging electric ambitions, and regional shake-ups, proving that even amid shifting demand, the world's love affair with the car, from pickups to EVs, is still very much in drive.
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