Top automakers in the world 2024

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Over the past five years, Volkswagen and Toyota have been top contenders for global automotive leader. Toyota sales comprised more than 10 million of the roughly 86 million cars sold worldwide in 2023. Toyota’s lead is in large part due to its popularity in Asia and the U.S. However, Volkswagen leads the pack in terms of revenue, surpassing Toyota by over $32 billion as of June 2023.

Key insights

An estimated 86 million cars were sold worldwide in 2023, an increase of 8.9% from 2022. More than 15 million of these were sold in the U.S.

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Volkswagen leads the global auto industry with over $318 billion in revenue as of June 30, 2023, whereas Toyota leads the global market in terms of units sold, exceeding over 10 million units sold in 2023.

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Toyota’s market share reached 11.5% of the global automotive market in 2022.

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Car company statistics

An estimated 86 million cars were sold worldwide in 2023, an increase of 8.9% from 2022. Sales in the U.S. accounted for roughly 15.5 million of these. And it’s projected that 88.3 million units will be sold in 2024.

According to year-end 2023 sales figures, GM led the U.S. automotive market with 2.6 million units sold, edging out long-time competitor Toyota, which sold 2.25 million units.

Although, Toyota North America fell short in the U.S. market, with 2,248,477 units sold in 2023, it is projected to surpass over 10 million units sold globally, making it the most popular automotive brand worldwide. Until 2023 figures are tallied, Toyota was most recently named the leader of the global automotive industry, with an 11.5% market share.

The top 10 car companies worldwide

In terms of revenue, Volkswagen is considered the top automotive company in the world, with over $318 billion in revenue as of June 30, 2023. However, Toyota is the top car company in terms of vehicles sold, with 10.5 million units sold in 2022, and over 10 million projected sold in 2023. Stellantis, Ford and GM also made the top five global automotive companies, touting strong sales figures and revenues.

The top 10 car companies worldwide by revenue detailed below.

Top car companies, 2017-2022

Since 2017, the top global automotive seller has rotated between a few key companies: predominantly Toyota and Volkswagen. Both companies are competitors in terms of units sold and annual revenue. However, Toyota took over as No. 1 in 2020 following Volkswagen’s 2018-19 reign and has remained at the top ever since.

Prior to Volkswagen, Renault-Nissan was the top automotive seller globally in 2017. Despite the changing rankings, the number of cars remained fairly unchanged, barring an automotive production dip and a stagnant market in 2020.

FAQ

What is the largest car company worldwide by revenue?

Volkswagen is the largest car company, per revenue updates as of June 30, 2023.

What is the No. 1 selling car in the world?

The top-selling car in 2023 globally was the Toyota RAV4, followed by the Tesla Model Y.

Which country sells the most cars in the world?

As of 2022, Chinese brands sell the most cars worldwide, accounting for 49.9% of the global auto market.

What is the most profitable car company in the world?

Mercedes-Benz Group is the most profitable car company in the world, amassing over $27 billion in profits in 2022.


References

  1. “S&P Global Mobility Forecasts 88.3M auto sales in 2024.“ S&P Global. Evaluated Jan. 6, 2024. Link Here
  2. “U.S. Auto Sales bounced back in 2023.” Wall Street Journal. Evaluated Jan. 6, 2024. Link Here
  3. “GM leads US auto sales as industry concludes best year since pandemic.“ Reuters. Evaluated Jan. 6, 2024. Link Here
  4. “Toyota Motor North America Reports 2023 U.S. Sales Results.” Toyota. Evaluated Jan. 6, 2024. Link Here
  5. “Toyota's global output surges to record in November on strong demand.” Reuters. Evaluated Jan. 6, 2024. Link Here
  6. “Global automotive market share in 2022, by brand.” Statista. Evaluated Jan. 6, 2024. Link Here
  7. “A compact crossover is coming for America’s pickup trucks. Here are the top-selling cars of 2023.” CNBC. Evaluated Jan. 6, 2024. Link Here
  8. “Top 20 Biggest Car Manufacturers by 2023 Revenue.” Yahoo!Finance. Evaluated Jan. 7, 2024. Link Here
  9. “Worldwide Car Sales by Revenue.” Factory Warranty List. Evaluated Jan. 7, 2024. Link Here
  10. “2022 Toyota Worldwide.” Factory Warranty List. Evaluated Jan. 8, 2024. Link Here
  11. “SAIC Motor makes new breakthroughs in 2022.” SAIC. Evaluated Jan. 7, 2024. Link Here
  12. “Toyota defends title as world's top-selling automaker in 2022.” Reuters. Evaluated Jan. 8, 2024. Link Here
  13. “Toyota remains world's biggest car seller, widens lead on VW.” Reuters. Evaluated Jan. 8, 2024. Link Here
  14. “Toyota beats Volkswagen to become World’s No.1 car seller in 2020.” Reuters. Evaluated Jan. 8, 2024. Link Here
  15. “Toyota’s 2019 global vehicle sales trail Volkswagen’s.” Associated Press. Evaluated Jan. 8, 2024. Link Here
  16. “Renault-Nissan beats Volkswagen AG to become the world's top-selling automaker for 2017.” Business Insider. Evaluated Jan. 8, 2024. Link Here

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