The global auto industry roared back to life in 2023, shattering recovery expectations with a staggering 88.6 million new cars sold worldwide and revealing a fascinating landscape where used car sales doubled new ones, SUVs conquered nearly half the market, and electric vehicles quietly became a mainstream force.
Key Takeaways
- In 2023, global new car sales totaled 88.6 million units, up 9.4% from 2022, driven by post-pandemic recovery.
- Worldwide light vehicle sales reached 90.1 million units in 2023, with passenger cars accounting for 65% of the total.
- US new vehicle sales hit 15.5 million units in 2023, the highest since 2019, boosted by strong SUV demand.
- US new light truck sales dominated with 80% market share in Q4 2023.
- California led US states with 1.8 million new vehicle registrations in 2023.
- Texas new car sales reached 1.5 million units in 2023.
- SUVs accounted for 48.2% of global passenger vehicle sales in 2023.
- Sedans represented 25.4% of US new car sales in 2023, down from 30% in 2019.
- Pickup trucks made up 20.1% of North American light vehicle sales in 2023.
- Toyota sold 10.3 million vehicles globally in 2023, retaining top spot.
- Volkswagen Group delivered 9.4 million vehicles worldwide in 2023.
- Hyundai-Kia combined for 7.3 million units sold in 2023.
- Global car sales expected to grow 2.5% to 91 million units in 2024.
- US new vehicle sales forecasted at 16.1 million units for 2024, up 4%.
- EV sales projected to hit 17 million globally in 2024, 18% of total.
Global car sales rebounded strongly in 2023, reaching over 88 million new vehicles.
Economic and Trend Indicators
1Global car sales expected to grow 2.5% to 91 million units in 2024.
Verified2US new vehicle sales forecasted at 16.1 million units for 2024, up 4%.
Verified3EV sales projected to hit 17 million globally in 2024, 18% of total.
Verified4Average new car transaction price in US reached $48,759 in 2023.
Directional5Used car prices fell 3.4% year-over-year in US Q4 2023.
Single source6Global auto industry revenue topped $3 trillion in 2023.
Verified7Dealer inventory in US averaged 2.6 million new vehicles end-2023.
Verified8Affordability index dropped to 133 in US 2023, worst in decades.
Verified9Lease penetration reached 22% of US new vehicle sales in 2023.
Directional10Credit approvals for auto loans tightened to 75% in US 2023.
Single source11Global semiconductor shortage eased, boosting production 10% in 2023.
Verified12Inflation impacted car sales with 4.2% rise in US CPI for autos 2023.
Verified13Online car sales share grew to 28% in US retail transactions 2023.
Verified14Subscription models captured 1.5% of new vehicle access in 2023.
Directional15Fleet sales represented 25% of total US commercial deliveries 2023.
Single source16Export volumes from China rose 12% to 5.2 million vehicles in 2023.
Verified17Used-to-new sales ratio globally was 1.6:1 in 2023.
Verified18Luxury segment grew 8% globally, outpacing mass market in 2023.
Verified19Interest rates averaged 7.1% for US auto loans in 2023.
Directional20Trade-ins accounted for 45% of US new car purchases in 2023.
Single source21Global R&D spend in auto hit $140 billion in 2023.
Verified22Car sales incentives averaged $2,500 per vehicle in US 2023.
Verified23Penetration of ADAS-equipped vehicles reached 65% in new sales 2023.
VerifiedEconomic and Trend Indicators Interpretation
Despite the global industry's robust health and electrified ambitions, the American car buyer is left navigating a paradox of rising prices, tightening credit, and dwindling affordability, all while the used market offers a brief, shining beacon of hope.
Sales by Manufacturer/Brand
1Toyota sold 10.3 million vehicles globally in 2023, retaining top spot.
Verified2Volkswagen Group delivered 9.4 million vehicles worldwide in 2023.
Verified3Hyundai-Kia combined for 7.3 million units sold in 2023.
Verified4Ford Motor Company sold 4.4 million vehicles globally in 2023.
Directional5General Motors delivered 6.2 million vehicles in 2023 worldwide.
Single source6Stellantis Group sales reached 6.2 million units in 2023.
Verified7Honda sold 3.9 million vehicles globally in FY2023.
Verified8Nissan delivered 3.4 million vehicles worldwide in 2023.
Verified9Tesla Model Y was top-selling car globally with 1.23 million units in 2023.
Directional10BYD outsold Tesla with 3.0 million NEVs in 2023.
Single source11Renault Group sold 2.2 million vehicles in 2023.
Verified12Suzuki achieved 2.8 million global sales in FY2023.
Verified13BMW Group delivered 2.6 million vehicles in 2023.
Verified14Mercedes-Benz sold 2.0 million passenger cars in 2023.
Directional15Audi sold 1.9 million vehicles worldwide in 2023.
Single source16Porsche delivered 320,000 vehicles in 2023, up 1.9%.
Verified17Ferrari sold 13,663 cars in 2023, record high.
Verified18Chevrolet brand led US with 1.6 million sales in 2023.
Verified19Ram Trucks sold 444,926 units in US 2023.
Directional20F-150 was US best-seller with 750,789 units in 2023.
Single source21Corolla sold 1.01 million globally in 2023.
Verified22RAV4 achieved 1.07 million sales worldwide 2023.
Verified23CR-V sold 674,000 units globally in 2023.
Verified24Camry reached 580,000 global sales in 2023.
DirectionalSales by Manufacturer/Brand Interpretation
Toyota’s still cruising at the front of the pack, but in the rearview mirror you’ll find Volkswagen stubbornly tailgating, a jostling crowd of giants fighting for second place, and BYD and Tesla already drafting past each other on the EV straightaway.
Sales by Region
1US new light truck sales dominated with 80% market share in Q4 2023.
Verified2California led US states with 1.8 million new vehicle registrations in 2023.
Verified3Texas new car sales reached 1.5 million units in 2023.
Verified4Florida vehicle sales totaled 1.3 million new units in 2023.
Directional5New York new car sales were 0.7 million units in 2023.
Single source6Europe battery electric vehicle (BEV) sales share reached 14.6% in 2023.
Verified7Germany BEV registrations hit 524,000 units in 2023, 18.4% of total sales.
Verified8UK EV sales totaled 314,000 BEVs in 2023, 16.5% market share.
Verified9France PHEV and BEV sales reached 435,000 units in 2023.
Directional10China NEV sales exploded to 9.5 million units in 2023, 37.5% penetration.
Single source11Shanghai city car sales were 0.8 million units in 2023, 45% EVs.
Verified12Beijing new energy vehicle sales hit 0.4 million units in 2023.
Verified13Guangdong province vehicle sales totaled 2.5 million units in 2023.
Verified14Japan Tokyo new car sales were 0.4 million units in 2023.
Directional15ASEAN region car sales reached 2.8 million units in 2023, led by Indonesia.
Single source16Middle East light vehicle sales hit 3.5 million units in 2023.
Verified17Africa total vehicle sales were 1.1 million units in 2023.
Verified18Latin America excluding Brazil sales totaled 1.8 million units in 2023.
Verified19Scandinavia new car sales were 0.6 million units in 2023, high EV adoption.
Directional20Benelux countries vehicle registrations reached 0.7 million in 2023.
Single source21Eastern Europe car sales totaled 1.2 million units in 2023.
Verified22Pacific region sales excluding Australia/Japan were 0.5 million units.
Verified23US Northeast region sales were 3.2 million units in 2023.
Verified24US Midwest car sales hit 3.0 million units in 2023.
Directional25US South vehicle sales dominated with 5.5 million units.
Single source26US West Coast sales totaled 3.8 million units in 2023.
VerifiedSales by Region Interpretation
Americans are clearly still obsessed with giant trucks, but while they're busy fighting for parking spots, the rest of the world is quietly putting its foot down on the electric accelerator.
Sales by Segment/Type
1SUVs accounted for 48.2% of global passenger vehicle sales in 2023.
Verified2Sedans represented 25.4% of US new car sales in 2023, down from 30% in 2019.
Verified3Pickup trucks made up 20.1% of North American light vehicle sales in 2023.
Verified4Crossovers and SUVs combined for 62% of European new car sales in 2023.
Directional5Hatchbacks held 22% share in compact segment sales globally in 2023.
Single source6Full-size pickups sold 2.2 million units in US in 2023.
Verified7Luxury SUVs grew 15% to 1.1 million units in global sales 2023.
Verified8Minivans declined to under 0.5% of US market share in 2023.
Verified9Sports cars sales totaled 0.3 million units worldwide in 2023.
Directional10MPVs dominated Asia with 35% segment share in 2023 sales.
Single source11Coupes fell to 2% of total passenger car sales globally in 2023.
Verified12Vans and small commercial vehicles sold 4.5 million units in Europe 2023.
Verified13Convertibles represented 0.8% of premium segment sales in 2023.
Verified14Off-road vehicles grew 18% in emerging markets sales 2023.
Directional15Compact cars held 28% of total US sales volume in 2023.
Single source16Mid-size sedans declined 12% year-over-year in global sales 2023.
Verified17Electric SUVs captured 40% of EV segment sales in 2023.
Verified18Heavy-duty trucks sold 0.8 million units in China 2023.
Verified19Wagons persisted in Europe with 5% share in 2023 sales.
DirectionalSales by Segment/Type Interpretation
Despite the automotive world’s frantic attempts to cater to every niche, the blunt truth of 2023 is that the global road has been decisively conquered by the high-riding, cargo-hauling, curb-hopping SUV, leaving a scattered trail of declining sedans, niche sports cars, and nearly extinct minivans in its all-consuming wake.
Total Sales Volumes
1In 2023, global new car sales totaled 88.6 million units, up 9.4% from 2022, driven by post-pandemic recovery.
Verified2Worldwide light vehicle sales reached 90.1 million units in 2023, with passenger cars accounting for 65% of the total.
Verified3US new vehicle sales hit 15.5 million units in 2023, the highest since 2019, boosted by strong SUV demand.
Verified4China's passenger vehicle sales surged to 26.4 million units in 2023, representing 30% of global market share.
Directional5Europe new car registrations totaled 10.5 million units in 2023, a 13.9% increase year-over-year.
Single source6Global used car sales volume was estimated at 140 million units in 2023, more than double new car sales.
Verified7India's domestic car sales reached 4.1 million units in FY2023-24, growing 8.9% from previous year.
Verified8Japan new vehicle sales stood at 4.4 million units in 2023, down 1.9% due to production constraints.
Verified9Brazil light vehicle sales climbed to 2.6 million units in 2023, up 12.2% amid economic stabilization.
Directional10Australia new car sales totaled 1.2 million units in 2023, with a 12.7% growth rate.
Single source11Germany passenger car sales recovered to 2.9 million units in 2023, up 7.4% from 2022 lows.
Verified12South Korea automobile sales hit 1.7 million units domestically in 2023, flat year-over-year.
Verified13Mexico light vehicle sales reached 1.4 million units in 2023, up 19.6% driven by exports.
Verified14France new car registrations were 1.8 million units in 2023, increasing 16.1%.
Directional15UK new car sales totaled 1.9 million units in 2023, up 17.4% post-Brexit adjustments.
Single source16Canada vehicle sales stood at 1.6 million units in 2023, down 4.1% due to affordability issues.
Verified17Russia light vehicle sales plummeted to 0.7 million units in 2023 amid sanctions.
Verified18Turkey car sales reached 1.0 million units in 2023, up 15% despite inflation.
Verified19Thailand pickup truck and car sales totaled 0.8 million units in 2023.
Directional20Indonesia vehicle sales hit 0.9 million units in 2023, recovering 10%.
Single source21Spain new car sales were 0.9 million units in 2023, up 13.6%.
Verified22Italy passenger car registrations reached 1.5 million units in 2023, up 12.9%.
Verified23Argentina light vehicle sales fell to 0.3 million units in 2023 due to economic crisis.
Verified24Sweden new car sales totaled 0.3 million units in 2023, up 11%.
Directional25Global commercial vehicle sales reached 25.2 million units in 2023, up 8%.
Single source26US retail used car sales averaged 16.5 million units annually from 2020-2023.
Verified27China commercial vehicle sales hit 5.2 million units in 2023.
Verified28Europe truck registrations were 0.4 million units in 2023.
Verified29Japan motorcycle sales stood at 0.4 million units in 2023.
Directional30Worldwide two-wheeler sales exceeded 60 million units in 2023.
Single sourceTotal Sales Volumes Interpretation
The global auto industry, much like a determined but slightly hungover driver, is lurching forward with a 9% recovery, though it's clear the used car lot is doing twice the business and China is now firmly in the driver's seat with a third of the market.
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