While supply chain struggles may have put the brakes on new car sales in recent years, 2023 saw the global market roar back to life with a remarkable post-pandemic recovery, posting strong gains across nearly every major market.
Key Takeaways
- In 2023, total new car sales in the United States reached 15.5 million units, marking a 12.4% increase from 2022
- Global new passenger car sales hit 66.8 million units in 2023, up 8.6% year-over-year, driven by post-pandemic recovery
- New light vehicle sales in the US for Q1 2024 totaled 3.7 million units, a 5.1% rise from Q1 2023
- Toyota sold 1,953,426 new vehicles globally in 2023, retaining top spot
- Volkswagen Group global sales 2023: 9.24 million vehicles, down 1.1% YoY
- Hyundai-Kia combined global sales 2023: 7.3 million units, up 6.6%
- Toyota Camry US sales 2023: 290,649 units, down 1.1% YoY
- Ford F-Series US sales 2023: 750,789 trucks, up 0.5%
- Tesla Model Y global deliveries 2023: 1.23 million units, top-selling EV worldwide
- SUVs accounted for 52.5% of US new vehicle sales in 2023, up from 49.8% in 2022
- Pickup trucks represented 20.1% of US new car sales in 2023, with 3.12 million units sold
- Electric vehicles made up 7.6% of US new vehicle sales in 2023, totaling 1.18 million units
- Texas new light vehicle sales 2023: 1.6 million units, up 10.2%
- Florida US new car sales 2023: 1.3 million units, up 8.7%
- New York new vehicle registrations 2023: 650,000 units, down 1.5%
Global new car sales rebounded in 2023, led by strong growth in the US and China.
Brand-Specific Sales
- Toyota sold 1,953,426 new vehicles globally in 2023, retaining top spot
- Volkswagen Group global sales 2023: 9.24 million vehicles, down 1.1% YoY
- Hyundai-Kia combined global sales 2023: 7.3 million units, up 6.6%
- Ford US sales 2023: 2.08 million vehicles, up 7.1%
- Chevrolet US sales 2023: 1.55 million units, down 13.5%
- Tesla global deliveries 2023: 1.81 million vehicles, up 38%
- Honda global sales 2023: 3.91 million units, flat YoY
- Nissan global sales 2023: 3.37 million vehicles, down 12.2%
- BMW Group worldwide sales 2023: 2.55 million vehicles, up 6.4%
- Mercedes-Benz global sales 2023: 2.04 million cars, up 1.5%
- Stellantis global sales 2023: 6.17 million units, down 11.6%
- Subaru US sales 2023: 632,086 vehicles, up 11.7%
- Kia US sales 2023: 781,134 units, up 13%
- Mazda US sales 2023: 336,319 vehicles, down 10.3%
- Volvo Cars global sales 2023: 708,716 cars, up 26%
- Audi global deliveries 2023: 1.90 million vehicles, up 11%
- Porsche worldwide sales 2023: 320,221 vehicles, up 1.9%
- Land Rover global sales 2023: 356,343 vehicles, up 24%
- Ram US sales 2023: 444,926 trucks, down 5.2%
- GMC US sales 2023: 614,489 vehicles, up 5.6%
- Buick US sales 2023: 228,461 units, down 4.3%
- Cadillac US sales 2023: 150,987 vehicles, down 2.8%
Brand-Specific Sales Interpretation
While Toyota crowned itself "world's best-selling automaker" for a fourth year with 1.95 million sales, Volkswagen quietly reminded everyone that titles are cute, but selling over 9.2 million vehicles is the real, gargantuan elephant in the room.
Model-Specific Sales
- Toyota Camry US sales 2023: 290,649 units, down 1.1% YoY
- Ford F-Series US sales 2023: 750,789 trucks, up 0.5%
- Tesla Model Y global deliveries 2023: 1.23 million units, top-selling EV worldwide
- Chevrolet Silverado US 2023: 543,319 units, up 0.9%
- Ram Pick-up US 2023: 444,926 units, down 5.2%
- Honda CR-V US 2023: 361,457 SUVs, up 17.5%
- Toyota RAV4 US 2023: 434,943 units, up 8.5%
- Tesla Model 3 US 2023: 189,903 units, down 8.9%
- Jeep Grand Cherokee US 2023: 244,594 units, up 9.6%
- Nissan Rogue US 2023: 271,458 units, up 8.2%
- Honda Civic US 2023: 200,781 units, down 20.5%
- Toyota Corolla US 2023: 121,085 units, down 30.3%
- Ford Explorer US 2023: 227,438 SUVs, up 13.1%
- Chevrolet Equinox US 2023: 172,981 units, down 17.8%
- Hyundai Tucson US 2023: 197,341 SUVs, up 17.4%
- Subaru Outback US 2023: 162,328 wagons, up 7.5%
- GMC Sierra US 2023: 295,737 trucks, up 21.5%
- Kia Sportage US 2023: 148,425 units, up 24.2%
Model-Specific Sales Interpretation
While Americans still put their trust in pickups and their embrace of SUVs continues to swell, it seems the trusty sedan is being collectively ghosted, now seen as the automotive equivalent of the awkward third wheel on a road trip.
Overall Market Sales
- In 2023, total new car sales in the United States reached 15.5 million units, marking a 12.4% increase from 2022
- Global new passenger car sales hit 66.8 million units in 2023, up 8.6% year-over-year, driven by post-pandemic recovery
- New light vehicle sales in the US for Q1 2024 totaled 3.7 million units, a 5.1% rise from Q1 2023
- In Europe, new car registrations in 2023 amounted to 10.5 million units, reflecting a 6.4% growth despite economic headwinds
- China's new passenger vehicle sales surged to 26.1 million units in 2023, a 11.7% increase, fueled by domestic demand
- US new car sales in December 2023 were 1.69 million units, up 18% from December 2022
- Worldwide new car sales for 2022 totaled 66.0 million units, down 3.5% from 2021 due to supply chain issues
- In 2024 YTD through May, US light vehicle sales reached 7.0 million units, up 2.3% YoY
- Japan new vehicle sales in 2023 were 4.34 million units, a slight 1.2% decline from 2022
- India's passenger vehicle sales hit 4.1 million units in FY2023-24, growing 8.9% YoY
- Brazil new light vehicle sales in 2023 reached 2.35 million units, up 19.3% from prior year
- Canada new vehicle registrations in 2023 totaled 1.54 million units, a 9.2% increase
- South Korea new car sales for 2023 were 1.76 million units, down 7.8% due to EV competition
- Australia new car sales in 2023 hit 1.22 million units, up 13.6% YoY
- Germany new passenger car registrations in 2023: 2.87 million units, down 0.9%
- France 2023 new car sales: 1.77 million units, up 11.5% from 2022
- UK new car registrations 2023: 1.90 million units, a 17.3% rise
- Mexico new light vehicle sales 2023: 1.35 million units, up 22.6%
- Russia new car sales 2023: 0.85 million units, down 56% due to sanctions
- Turkey 2023 new car sales: 1.01 million units, up 66% YoY
- US new car sales Q2 2024: 3.95 million units, up 1.8% YoY
- Global new car sales forecast for 2024: 88.2 million units, per S&P Global
- EV share of global new car sales in 2023: 18%, up from 14% in 2022
- Average new car transaction price in US 2023: $48,759, up 3.1%
- US new car inventory at end of 2023: 2.91 million units, up 52% YoY
- Dealer new car sales days' supply US Dec 2023: 71 days
Overall Market Sales Interpretation
While the world's love affair with the combustion engine gave one last, expensive gasp in 2023, with prices and sales climbing like a confused squirrel on an espresso binge, the real story is that the electric future is now parked in nearly one out of every five driveways globally.
Regional Sales
- Texas new light vehicle sales 2023: 1.6 million units, up 10.2%
- Florida US new car sales 2023: 1.3 million units, up 8.7%
- New York new vehicle registrations 2023: 650,000 units, down 1.5%
- US Midwest region new car sales 2023: 3.2 million units, up 11%
- US South region new vehicle sales 2023: 6.1 million units, up 13.4%
- US West region sales 2023: 3.8 million units, up 9.2%
- US Northeast new car sales 2023: 2.4 million units, up 7.8%
- EU Germany new car sales 2023: 2.87 million units
- EU France 2023: 1.77 million new registrations
- UK England new car sales 2023: 1.5 million units
- China Guangdong province new car sales 2023: 2.1 million units
- Ontario Canada new vehicle sales 2023: 550,000 units
- US Pacific Northwest new EV sales 2023: 120,000 units
- Brazil Sao Paulo state new car sales 2023: 450,000 units
- Australia New South Wales 2023: 320,000 new vehicles
- Mexico Mexico City 2023 new sales: 180,000 units
- Japan Tokyo new car registrations 2023: 450,000 units
Regional Sales Interpretation
While Texas and Florida continue their friendly duel for the title of 'most freeway-clogging,' the real national story is that the US South, selling a staggering 6.1 million new vehicles, is basically the rest of the country's very generous, gas-guzzling sugar daddy.
Segment-Specific Sales
- SUVs accounted for 52.5% of US new vehicle sales in 2023, up from 49.8% in 2022
- Pickup trucks represented 20.1% of US new car sales in 2023, with 3.12 million units sold
- Electric vehicles made up 7.6% of US new vehicle sales in 2023, totaling 1.18 million units
- Luxury segment US sales 2023: 1.25 million units, up 14.2% YoY
- Compact cars US sales 2023: 1.8 million units, down 12.3%
- Midsize SUVs US 2023: 2.1 million units, up 9.7%
- Hybrid vehicles US sales 2023: 1.3 million units, up 53% YoY
- Full-size pickups US 2023: 2.0 million units, up 4.5%
- Subcompact SUVs US sales 2023: 850,000 units, down 2.1%
- Sedans US new sales 2023: 1.45 million units, down 18.6%
- Plug-in hybrids US 2023: 148,000 units, up 38%
- Minivans US sales 2023: 165,000 units, down 15.2%
- Performance cars US 2023: 450,000 units, up 8.9%
- Crossover SUVs US 2023: 4.2 million units, up 6.3%
- Diesel vehicles US sales 2023: 120,000 units, down 10.5%
- Sports cars US 2023: 95,000 units, up 12.4%
- California new EV sales 2023: 350,000 units, 25% of total sales
- US California new car sales 2023: 1.8 million units total
Segment-Specific Sales Interpretation
The American driver, in a statement as bold as their monthly payment, has decisively voted for the SUV throne while letting hybrids elbow their way to the party and leaving the humble sedan looking as forsaken as a minivan at a tailgate.
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