28 global auto sales statistics: industry, stocks and more
The global auto industry is a dynamic and influential sector that attracts significant attention from investors. Understanding the key statistics and trends within this industry is essential for making informed investment decisions. In this article, we will delve into 18 relevant statistics that provide valuable insights into global auto sales, focusing on both the industry as a whole and public companies in the automotive sector.
Auto sales stats: editor’s picksCopy link to section
Before we dive into the statistics, let’s highlight four key takeaways from the data:
- Global auto sales experienced a steady growth trajectory over the past few years, driven by emerging markets and increasing demand for electric vehicles (EVs).
- The COVID-19 pandemic had a significant impact on the automotive industry, causing a temporary decline in sales due to supply chain disruptions and reduced consumer spending.
- Traditional automakers are facing intensified competition from tech giants and start-ups entering the EV market, leading to increased innovation and investment in electric and autonomous vehicles.
- Geographically, Asia-Pacific remains the largest and fastest-growing market for automotive sales, driven by countries like China and India.
General automotive industry statisticsCopy link to section
Now let’s delve into the 20 statistics that investors should know:
1. Global auto sales increased 1.7% in 2022Copy link to section
In 2022, global auto sales reached 75.23 million units, showing a 1.7% increase compared to the previous year.
2. Global shipments will hit 85 million in 2023Copy link to section
The auto industry is expected to ship 85.5 million vehicles worldwide in 2023. The global vehicle sales are expected to increase by 5.1% this year.
3. U.S., China and Japan lead in auto salesCopy link to section
The United States, China, and Japan were the top three countries in terms of total auto sales in 2022.
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4. EV sales increased by about 76% in 2022Copy link to section
Electric vehicle (EV) sales accounted for 5.4% of total global auto sales in 2022, demonstrating a substantial growth of nearly 76% compared to the previous year.
5. EVs market share will increase to 10% in 2023Copy link to section
A continued shift to sustainable transportation will see electric vehicles notch up 10% share in the global automotive market in 2023.
6. Global EV market will grow at a CAGR of 22.6%Copy link to section
The global electric vehicle market is projected to reach a value of $803.81 billion by 2027, growing at a compound annual growth rate (CAGR) of 22.6% from 2020 to 2027.
7. Toyota is the largest automaker in the world by revenueCopy link to section
Toyota Motor Corporation retained its position as the largest automaker by revenue in 2022, generating $303.19 billion in sales.
8. U.S. new vehicle prices increased 5.5% in 2022Copy link to section
The average selling price of new vehicles in the United States increased to $42,602 in 2022, reflecting a year-over-year growth of 5.5%.
9. Car loans and insurance are worth nearly $700 billion in U.S.Copy link to section
Americans spend $698 million annually on automobile loans and insurance. There were 291 million registered vehicles in the country last year.
Company specific auto industry statsCopy link to section
10. Tesla delivered nearly 1 million EVs in 2022Copy link to section
Tesla Inc (NASDAQ: TSLA) reported global deliveries of 936,182 electric vehicles in 2022, marking a significant increase of 47.8% compared to the previous year.
11. Volkswagen Group dominated global auto sales in 2022Copy link to section
Volkswagen Group emerged as the leading automotive manufacturer worldwide in 2022, with global vehicle sales of approximately 10.86 million units.
12. General Motors brought in $122.48 Billion in revenue in 2022Copy link to section
General Motors Company (NYSE: GM) reported revenue of $122.48 billion in 2022, solidifying its position as one of the top players in the global automotive industry.
13. Ford generated $127.14 billion of revenue in 2022Copy link to section
Ford Motor Company generated $127.14 billion in revenue in 2022, establishing itself as a key player in the global auto market.
14. Tesla is the best performing automotive stock in 2023Copy link to section
Shares of Tesla have outperformed not just the S&P 500 but also its peers in the automotive industry by a massive margin. The stock is up 125% for the year at writing.
15. General Motors to become a pure-play EV companyCopy link to section
Legacy automakers are investing heavily in electric vehicles to phase out internal combustion engines. General Motors, for one, expects to be a pure-play electric vehicles company by 2035.
Other interesting auto sales statisticsCopy link to section
16. Light trucks make up 76% of U.S. vehicle salesCopy link to section
In the United States, light truck sales surpassed passenger car sales, accounting for 76.4% of total vehicle sales in 2022.
17. China leads in terms of EV salesCopy link to section
China remained the largest market for electric vehicles in 2022, with sales reaching 2.52 million units, representing a growth rate of 43.4% compared to the previous year.
18. Global automotive aftermarket to surpass $700 billionCopy link to section
The global automotive aftermarket industry is projected to reach $722.8 billion by 2026, driven by the increasing average age of vehicles and the demand for replacement parts and accessories.
19. COVID resulted in a decline in auto salesCopy link to section
The COVID-19 pandemic caused a temporary decline in global auto sales, with a significant drop in demand due to supply chain disruptions and reduced consumer spending.
20. Intensified competition in the EV marketCopy link to section
Traditional automakers face intensified competition from tech giants and start-ups entering the electric vehicle (EV) market, leading to increased innovation and investment in electric and autonomous vehicles.
21. Asia-Pacific: largest and fastest-growing auto marketCopy link to section
Geographically, Asia-Pacific remains the largest and fastest-growing market for automotive sales, driven by countries like China and India.
22. Shift towards SUVs and CrossoversCopy link to section
SUVs and crossovers continue to gain popularity worldwide, accounting for a significant portion of global auto sales and reflecting changing consumer preferences.
23. Automotive industry employs over 8 million worldwideCopy link to section
The global automotive industry employs more than 8 million people, encompassing various sectors such as manufacturing, sales, and research and development.
24. EV market has grown about four folds since 2020Copy link to section
EV shipments are expected at 12.7 million in 2023 – a 17.8% annualised increase that will make the consumer EV market close to 4 times as large as in 2020.
25. Auto industry accounts for 3.0% of the U.S. GDPCopy link to section
Auto industry is the largest exporter and creates more jobs than any other industry in the United States. It makes up about 3.0% of the total U.S. GDP.
26. AV investments will hit a record in 2023Copy link to section
Globally, spending on autonomous vehicle technology and related research is expected to reach $110 billion this year – a new high.
27. EV battery production capacity will hit 800 GWh in 2023Copy link to section
Continued investments from tech and auto companies will push global battery production capacity for electric vehicles this year to over 800 gigawatt-hours.
28. Automotive semiconductor market to be valued at $67 billionCopy link to section
In 2023, the use of advanced electronics is expected to see the automotive semiconductor market hit $67 billion in valuation.
ConclusionCopy link to section
The global auto industry remains a dynamic and evolving sector with significant implications for investors. In this article, we have explored a range of statistics that shed light on the industry as a whole, as well as key public companies in the automotive sector.
Investors should consider these statistics as they navigate the complex landscape of the global auto industry. The rise of EVs presents both opportunities and challenges, with companies like Tesla leading the charge in EV deliveries, while established players such as Volkswagen and Toyota continue to dominate the market. Furthermore, market trends like the shift towards SUVs and crossovers should be taken into account.
It is crucial for investors to closely monitor global auto sales, keeping an eye on market leaders, revenue figures, and emerging markets. The projected growth of the EV market and the expanding automotive aftermarket also present potential investment avenues. As the industry continues to evolve, staying informed and adaptable will be key to making informed investment decisions in the global auto sector.