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
- 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.
- Average new car transaction price in US reached $48,759 in 2023.
- Used car prices fell 3.4% year-over-year in US Q4 2023.
- Global auto industry revenue topped $3 trillion in 2023.
- Dealer inventory in US averaged 2.6 million new vehicles end-2023.
- Affordability index dropped to 133 in US 2023, worst in decades.
- Lease penetration reached 22% of US new vehicle sales in 2023.
- Credit approvals for auto loans tightened to 75% in US 2023.
- Global semiconductor shortage eased, boosting production 10% in 2023.
- Inflation impacted car sales with 4.2% rise in US CPI for autos 2023.
- Online car sales share grew to 28% in US retail transactions 2023.
- Subscription models captured 1.5% of new vehicle access in 2023.
- Fleet sales represented 25% of total US commercial deliveries 2023.
- Export volumes from China rose 12% to 5.2 million vehicles in 2023.
- Used-to-new sales ratio globally was 1.6:1 in 2023.
- Luxury segment grew 8% globally, outpacing mass market in 2023.
- Interest rates averaged 7.1% for US auto loans in 2023.
- Trade-ins accounted for 45% of US new car purchases in 2023.
- Global R&D spend in auto hit $140 billion in 2023.
- Car sales incentives averaged $2,500 per vehicle in US 2023.
- Penetration of ADAS-equipped vehicles reached 65% in new sales 2023.
Economic 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
- 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.
- Ford Motor Company sold 4.4 million vehicles globally in 2023.
- General Motors delivered 6.2 million vehicles in 2023 worldwide.
- Stellantis Group sales reached 6.2 million units in 2023.
- Honda sold 3.9 million vehicles globally in FY2023.
- Nissan delivered 3.4 million vehicles worldwide in 2023.
- Tesla Model Y was top-selling car globally with 1.23 million units in 2023.
- BYD outsold Tesla with 3.0 million NEVs in 2023.
- Renault Group sold 2.2 million vehicles in 2023.
- Suzuki achieved 2.8 million global sales in FY2023.
- BMW Group delivered 2.6 million vehicles in 2023.
- Mercedes-Benz sold 2.0 million passenger cars in 2023.
- Audi sold 1.9 million vehicles worldwide in 2023.
- Porsche delivered 320,000 vehicles in 2023, up 1.9%.
- Ferrari sold 13,663 cars in 2023, record high.
- Chevrolet brand led US with 1.6 million sales in 2023.
- Ram Trucks sold 444,926 units in US 2023.
- F-150 was US best-seller with 750,789 units in 2023.
- Corolla sold 1.01 million globally in 2023.
- RAV4 achieved 1.07 million sales worldwide 2023.
- CR-V sold 674,000 units globally in 2023.
- Camry reached 580,000 global sales in 2023.
Sales 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
- 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.
- Florida vehicle sales totaled 1.3 million new units in 2023.
- New York new car sales were 0.7 million units in 2023.
- Europe battery electric vehicle (BEV) sales share reached 14.6% in 2023.
- Germany BEV registrations hit 524,000 units in 2023, 18.4% of total sales.
- UK EV sales totaled 314,000 BEVs in 2023, 16.5% market share.
- France PHEV and BEV sales reached 435,000 units in 2023.
- China NEV sales exploded to 9.5 million units in 2023, 37.5% penetration.
- Shanghai city car sales were 0.8 million units in 2023, 45% EVs.
- Beijing new energy vehicle sales hit 0.4 million units in 2023.
- Guangdong province vehicle sales totaled 2.5 million units in 2023.
- Japan Tokyo new car sales were 0.4 million units in 2023.
- ASEAN region car sales reached 2.8 million units in 2023, led by Indonesia.
- Middle East light vehicle sales hit 3.5 million units in 2023.
- Africa total vehicle sales were 1.1 million units in 2023.
- Latin America excluding Brazil sales totaled 1.8 million units in 2023.
- Scandinavia new car sales were 0.6 million units in 2023, high EV adoption.
- Benelux countries vehicle registrations reached 0.7 million in 2023.
- Eastern Europe car sales totaled 1.2 million units in 2023.
- Pacific region sales excluding Australia/Japan were 0.5 million units.
- US Northeast region sales were 3.2 million units in 2023.
- US Midwest car sales hit 3.0 million units in 2023.
- US South vehicle sales dominated with 5.5 million units.
- US West Coast sales totaled 3.8 million units in 2023.
Sales 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
- 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.
- Crossovers and SUVs combined for 62% of European new car sales in 2023.
- Hatchbacks held 22% share in compact segment sales globally in 2023.
- Full-size pickups sold 2.2 million units in US in 2023.
- Luxury SUVs grew 15% to 1.1 million units in global sales 2023.
- Minivans declined to under 0.5% of US market share in 2023.
- Sports cars sales totaled 0.3 million units worldwide in 2023.
- MPVs dominated Asia with 35% segment share in 2023 sales.
- Coupes fell to 2% of total passenger car sales globally in 2023.
- Vans and small commercial vehicles sold 4.5 million units in Europe 2023.
- Convertibles represented 0.8% of premium segment sales in 2023.
- Off-road vehicles grew 18% in emerging markets sales 2023.
- Compact cars held 28% of total US sales volume in 2023.
- Mid-size sedans declined 12% year-over-year in global sales 2023.
- Electric SUVs captured 40% of EV segment sales in 2023.
- Heavy-duty trucks sold 0.8 million units in China 2023.
- Wagons persisted in Europe with 5% share in 2023 sales.
Sales 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
- 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.
- China's passenger vehicle sales surged to 26.4 million units in 2023, representing 30% of global market share.
- Europe new car registrations totaled 10.5 million units in 2023, a 13.9% increase year-over-year.
- Global used car sales volume was estimated at 140 million units in 2023, more than double new car sales.
- India's domestic car sales reached 4.1 million units in FY2023-24, growing 8.9% from previous year.
- Japan new vehicle sales stood at 4.4 million units in 2023, down 1.9% due to production constraints.
- Brazil light vehicle sales climbed to 2.6 million units in 2023, up 12.2% amid economic stabilization.
- Australia new car sales totaled 1.2 million units in 2023, with a 12.7% growth rate.
- Germany passenger car sales recovered to 2.9 million units in 2023, up 7.4% from 2022 lows.
- South Korea automobile sales hit 1.7 million units domestically in 2023, flat year-over-year.
- Mexico light vehicle sales reached 1.4 million units in 2023, up 19.6% driven by exports.
- France new car registrations were 1.8 million units in 2023, increasing 16.1%.
- UK new car sales totaled 1.9 million units in 2023, up 17.4% post-Brexit adjustments.
- Canada vehicle sales stood at 1.6 million units in 2023, down 4.1% due to affordability issues.
- Russia light vehicle sales plummeted to 0.7 million units in 2023 amid sanctions.
- Turkey car sales reached 1.0 million units in 2023, up 15% despite inflation.
- Thailand pickup truck and car sales totaled 0.8 million units in 2023.
- Indonesia vehicle sales hit 0.9 million units in 2023, recovering 10%.
- Spain new car sales were 0.9 million units in 2023, up 13.6%.
- Italy passenger car registrations reached 1.5 million units in 2023, up 12.9%.
- Argentina light vehicle sales fell to 0.3 million units in 2023 due to economic crisis.
- Sweden new car sales totaled 0.3 million units in 2023, up 11%.
- Global commercial vehicle sales reached 25.2 million units in 2023, up 8%.
- US retail used car sales averaged 16.5 million units annually from 2020-2023.
- China commercial vehicle sales hit 5.2 million units in 2023.
- Europe truck registrations were 0.4 million units in 2023.
- Japan motorcycle sales stood at 0.4 million units in 2023.
- Worldwide two-wheeler sales exceeded 60 million units in 2023.
Total 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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