From overcoming a pandemic-induced slump to witnessing the electric revolution firsthand, the global auto industry roared back to life in 2023, producing a staggering 93.5 million vehicles and setting the stage for a transformative future.
Key Takeaways
- In 2023, global motor vehicle production reached 93.5 million units, a 9.4% increase from 85.4 million in 2022.
- Worldwide passenger car production in 2023 totaled 66.2 million units, up 11.2% year-over-year.
- Global commercial vehicle production hit 27.3 million units in 2023, reflecting a 4.8% growth.
- China produced 30.16 million vehicles in 2023, leading the world with 32% market share.
- United States vehicle production totaled 10.6 million units in 2023.
- Japan manufactured 8.99 million vehicles in 2023, down 6.5% from 2022.
- Toyota produced 10.3 million vehicles globally in FY2023.
- Volkswagen Group output was 9.4 million units in 2023.
- Hyundai-Kia combined production reached 7.3 million vehicles in 2023.
- Passenger car production worldwide was 66.2 million units in 2023.
- Light commercial vehicle global production reached 20.1 million in 2023.
- Heavy truck production totaled 3.2 million units globally in 2023.
- Global EV production is projected to reach 17 million units in 2024.
- Worldwide vehicle production expected to hit 96 million units in 2024.
- China's vehicle output forecast for 2024: 31.5 million units.
Global vehicle production rebounded strongly in 2023, reaching nearly ninety-four million units.
Country/Region Production
- China produced 30.16 million vehicles in 2023, leading the world with 32% market share.
- United States vehicle production totaled 10.6 million units in 2023.
- Japan manufactured 8.99 million vehicles in 2023, down 6.5% from 2022.
- Germany produced 4.11 million passenger cars in 2023.
- India vehicle production reached 25.9 million units in FY2023-24.
- South Korea produced 4.24 million vehicles in 2023.
- Mexico output was 3.51 million light vehicles in 2023.
- Brazil produced 2.34 million vehicles in 2023.
- Spain manufactured 2.72 million vehicles in 2023.
- Thailand produced 1.84 million vehicles in 2023, Asia's Detroit.
- Canada vehicle production was 1.52 million units in 2023.
- France output totaled 1.75 million vehicles in 2023.
- Indonesia produced 1.37 million vehicles in 2023.
- UK production reached 775,000 vehicles in 2023.
- Turkey manufactured 1.31 million vehicles in 2023.
- Russia produced 0.69 million vehicles in 2023 amid sanctions.
- Czech Republic output was 1.24 million vehicles in 2023.
- Slovakia produced 1.01 million cars in 2023.
- Iran vehicle production hit 1.48 million units in 2023.
- Argentina output was 0.47 million vehicles in 2023.
- South Africa produced 0.56 million vehicles in 2023.
- Malaysia manufactured 0.58 million vehicles in 2023.
- Vietnam production reached 0.42 million vehicles in 2023.
- Hungary output was 0.45 million vehicles in 2023.
- Poland produced 0.44 million vehicles in 2023.
- China's passenger car production was 23.85 million in 2023.
- US light truck production totaled 5.8 million in 2023.
- Japan's EV production was 0.55 million units in 2023.
- Germany's commercial vehicle output was 0.38 million in 2023.
- India's two-wheeler production exceeded 20 million in FY2023.
- Asia-Pacific region produced 59.2 million vehicles in 2023.
Country/Region Production Interpretation
While China's factories hum to the tune of nearly one car per second, collectively, the rest of the world's auto industry appears to be running on a slightly more relaxed schedule.
Global Production
- In 2023, global motor vehicle production reached 93.5 million units, a 9.4% increase from 85.4 million in 2022.
- Worldwide passenger car production in 2023 totaled 66.2 million units, up 11.2% year-over-year.
- Global commercial vehicle production hit 27.3 million units in 2023, reflecting a 4.8% growth.
- In 2022, world vehicle production was 85.4 million units, down 3.1% from 2021 due to supply chain issues.
- Global light vehicle production in 2023 was approximately 80.1 million units.
- Total global automobile production from 2018-2023 averaged 88.7 million units annually.
- In 2021, global vehicle output stood at 88.1 million units before pandemic recovery.
- World production of passenger cars and light commercial vehicles combined was 91.8 million in 2023.
- Global heavy truck production reached 3.2 million units in 2023.
- From 2019 to 2023, global vehicle production fluctuated between 77.6 and 93.5 million units.
- Global bus production in 2023 was 0.42 million units, steady from prior year.
- In 2020, pandemic-hit global vehicle production dropped to 77.6 million units, a 15% decline.
- Worldwide motorcycle production exceeded 60 million units in 2023.
- Global production of vehicles excluding two-wheelers was 93.0 million in 2023.
- In Q4 2023, global vehicle production was 24.1 million units.
- Global electric vehicle production reached 14.2 million units in 2023.
- From 2008-2023, global car production grew from 52.9 to 66.2 million units.
- Global SUV production segment hit 28.5 million units in 2023.
- World vehicle production per capita is approximately 12 vehicles per 1,000 people in 2023.
- Global production capacity utilization for automakers averaged 75% in 2023.
- In 2023, Asia accounted for 62% of global vehicle production at 58.0 million units.
- Europe's share of world vehicle production was 17% or 15.9 million units in 2023.
- Global production of zero-emission vehicles surpassed 10 million units in 2023.
- World LDV production in 2023 was 79.8 million units.
- Global vehicle production growth rate 2023 vs 2022: +9.4%.
- In 2019 pre-pandemic peak, global production was 91.3 million units.
- Global pickup truck production was 2.8 million units in 2023.
- World minivan production declined to 0.9 million units in 2023.
- Global production of luxury vehicles reached 2.1 million units in 2023.
- In 2023, semiconductor shortages reduced global production by an estimated 7 million units cumulatively.
Global Production Interpretation
Despite a year of impressive 9.4% global growth to 93.5 million vehicles—driven by passenger cars and SUVs and making up for pandemic losses—the auto industry, still recovering from semiconductor shortages and operating at only 75% capacity, managed to put the pedal to the metal while simultaneously hitting the brakes.
Manufacturer Production
- Toyota produced 10.3 million vehicles globally in FY2023.
- Volkswagen Group output was 9.4 million units in 2023.
- Hyundai-Kia combined production reached 7.3 million vehicles in 2023.
- Stellantis manufactured 6.2 million vehicles in 2023.
- Ford produced 4.4 million vehicles worldwide in 2023.
- General Motors output totaled 6.1 million units in 2023.
- Honda produced 3.9 million vehicles in FY2023.
- Nissan manufactured 3.4 million vehicles in FY2023.
- Renault Group produced 2.2 million vehicles in 2023.
- BMW Group output was 2.5 million vehicles in 2023.
- Mercedes-Benz Cars produced 2.0 million units in 2023.
- Tesla delivered 1.81 million vehicles in 2023, all electric.
- Suzuki produced 3.0 million vehicles in FY2023.
- Geely (including Volvo) output reached 2.1 million in 2023.
- Tata Motors produced 1.5 million vehicles in FY2023-24.
- SAIC Motor manufactured 5.0 million vehicles in 2023.
- Changan Automobile produced 2.6 million units in 2023.
- BYD produced 3.02 million new energy vehicles in 2023.
- Chery Automobile output was 1.85 million vehicles in 2023.
- Great Wall Motor produced 1.23 million vehicles in 2023.
- FAW Group manufactured 3.2 million vehicles in 2023.
- Dongfeng Motor produced 2.3 million units in 2023.
- Mahindra & Mahindra output was 0.78 million vehicles in FY2023.
- Isuzu Motors produced 0.45 million vehicles globally in 2023.
- Subaru manufactured 0.85 million vehicles in FY2023.
- Mitsubishi Motors produced 0.92 million units in FY2023.
- Kia produced 3.1 million vehicles in 2023.
- Audi produced 1.9 million vehicles in 2023.
- Porsche output was 0.32 million vehicles in 2023.
- Rivian produced 57,000 electric vehicles in 2023.
- Lucid Motors manufactured 8,428 luxury EVs in 2023.
Manufacturer Production Interpretation
The global auto industry is a vast, tiered arena where Toyota remains the undisputed heavyweight champion, Volkswagen is its relentless challenger, and a swarm of determined contenders—from the volume-focused giants to the nimble electric upstarts—are all jostling for a piece of the road.
Trends and Forecasts
- Global EV production is projected to reach 17 million units in 2024.
- Worldwide vehicle production expected to hit 96 million units in 2024.
- China's vehicle output forecast for 2024: 31.5 million units.
- Global BEV sales to grow 25% to 10.8 million in 2024.
- EV share of global car sales projected at 20% by 2025.
- World light vehicle production forecast: 89 million in 2024.
- Toyota plans to produce 10.5 million vehicles in FY2024.
- Global semiconductor supply to enable 5% production growth in 2024.
- US vehicle production forecast: 11.2 million units in 2024.
- Europe's car production to recover to 15 million in 2024.
- India's vehicle production projected at 28 million in FY2024-25.
- Global PHEV production to double to 9 million by 2025.
- Autonomous vehicle production to reach 1 million by 2025.
- Hydrogen fuel cell vehicle production forecast: 0.1 million in 2025.
- Global SUV production to grow 4% annually to 2030.
- Pickup truck market production steady at 3 million through 2025.
- Commercial vehicle production forecast: 29 million in 2025.
- Global capacity to exceed 120 million vehicles by 2025.
- EV battery production to hit 3,500 GWh in 2025.
- China's NEV production share to reach 50% by 2025.
- Tesla Gigafactory output to contribute 2 million EVs in 2024.
- Global two-wheeler electric share to 20% by 2025.
- Software-defined vehicle production to 50% by 2030.
- Asia vehicle production CAGR 5% through 2030.
- Decline in ICE vehicle production to 70% share by 2025.
- Luxury EV production to triple to 0.5 million in 2024.
- Global bus electrification: 25% share by 2025.
- Truck production shift: 10% electric by 2030.
- Vehicle production in Mexico to grow 6% to 3.7 million in 2024.
- World car production historical CAGR 2.5% 2010-2023.
- Post-2025, global production to stabilize at 100 million annually.
Trends and Forecasts Interpretation
Even though the internal combustion engine is clinging to its throne with a 70% share for now, the electric revolution is no longer a polite guest at the automotive party but rather a boisterous heir apparent rapidly rearranging the furniture, as EVs are projected to claim one in five global sales by 2025 while battery production absolutely skyrockets.
Vehicle Type Production
- Passenger car production worldwide was 66.2 million units in 2023.
- Light commercial vehicle global production reached 20.1 million in 2023.
- Heavy truck production totaled 3.2 million units globally in 2023.
- SUV/crossover production hit 31.4 million units in 2023.
- Pickup truck production worldwide was 2.9 million in 2023.
- Global bus production was 420,000 units in 2023.
- Sedan production declined to 18.7 million units in 2023.
- Hatchback production was 12.5 million units globally in 2023.
- Electric passenger car production reached 9.5 million in 2023.
- Hybrid vehicle production surged to 10.8 million units in 2023.
- Medium and heavy commercial vehicles produced 4.1 million in 2023.
- Global two-wheeler (motorcycle) production was 60.5 million in 2023.
- Minivan/van production totaled 4.2 million units in 2023.
- Coupe and convertible production was 0.8 million globally in 2023.
- Battery electric vehicle (BEV) production hit 7.3 million in 2023.
- Plug-in hybrid (PHEV) production was 4.7 million units in 2023.
- Off-road vehicle production reached 1.2 million in 2023.
- Luxury sedan production was 1.1 million units worldwide in 2023.
- Compact car production totaled 22.3 million in 2023.
- Full-size truck production was 2.1 million units in 2023.
- Sports utility vehicles over 5 meters produced 8.4 million in 2023.
- Three-wheeler production globally was 1.1 million in 2023.
- Armored vehicle production for civilian use was 0.15 million in 2023.
- Ambulance and special purpose vehicle production hit 0.3 million.
- Global low-emission vehicle production share reached 18% in 2023.
- Mid-size SUV production was 15.2 million units in 2023.
- Heavy-duty bus production totaled 0.18 million in 2023.
- Electric bus production surged to 0.45 million units in 2023.
- Global forklift production was 1.2 million units in 2023.
- Agricultural tractor production reached 2.3 million worldwide in 2023.
Vehicle Type Production Interpretation
In 2023, the world's roads were overwhelmingly claimed by SUVs and crossovers, as the humble sedan continued its quiet retreat into niche status, while electric and hybrid vehicles finally began to muscle their way out of the slow lane.
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