H. Yoo
Research expert covering South Korea
Motor vehicle production - Statistics & Facts
Global motor vehicle production has generally recovered to pre-pandemic levels following the contraction triggered by the COVID-19 pandemic. The outbreak caused output to decline by more than fifteen percent year-on-year in 2020 alone as manufacturing plants halted operations and consumer demand collapsed across major markets. By 2024, total production volumes had not only recovered but surpassed that of 2019, with global vehicle sales also posting steady growth between 2023 and 2024.
Passenger cars and commercial vehicles
Passenger cars constitute the dominant segment of global motor vehicle production, representing roughly three-quarters of all vehicles manufactured worldwide as of 2024. Commercial vehicles constitute the remaining share, with light commercial vehicles accounting for most of that segment's output. The United States is the standout producer in the light commercial vehicle category, generating well over two-fifths of global light truck production.
Leading brands in sales and value
Among vehicle manufacturers, Toyota Motor Corporation maintained its position as the world's top-selling automaker in 2024, holding roughly a tenth of the global new car market, while the Volkswagen Group followed closely as the runner-up. The rivalry between the two groups for market leadership has remained intense, with both consistently ranking at the top of global sales and revenue charts. Despite ranking far below these established giants in terms of units sold, Tesla has carved out a distinctive position by holding the top ranking among the world's most valuable automotive brands.
Growing demand for electric vehicles
Investors and consumers are now placing a premium on the electric vehicle sector, with electric vehicles now representing a growing share of total passenger car sales worldwide. The Chinese automaker BYD claimed the top position in global plug-in electric vehicle sales in 2024, overtaking Tesla, which held the second position. Indeed, China's presence has increased to dominate both the production and consumption of electric vehicles. Underpinning this expansion is a sustained and significant decline in lithium-ion battery pack costs over the past decade, alongside near-universal government policy support for zero-emission vehicles.
