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Worldwide motor vehicle production amounted to more than 92.5 million units in 2024. Some 73 percent of the motor vehicle production was generated by the passenger cars segment, amounting to almost 67.7 million units. 

Chinese market recovery

China is the world’s largest producer and consumer of passenger cars. This means that any change in production and sales in the Chinese automotive market will be noticeable in global figures. The Chinese economy has grown in tandem with vehicle production and sales. However, between 2016 and 2019, this growth slowed. Motorists in China have been unable to afford new cars due to lower employment levels and higher prices that came as a result of higher tariffs. Between December 2019 and March 2020, the economy was hit hard by the outbreak of the coronavirus pandemic. The automotive market cratered in February but rebounded soon thereafter. Chinese motorists purchased over 27 million passenger cars and more than 3.8 million commercial vehicles in 2023. 

COVID-19 and the motor vehicle industry

The coronavirus outbreak brought many nations and their economies to a grinding halt in 2020. The effect on the motor vehicle industry was particularly noticeable. Many manufacturing facilities across the world were shut down to prevent the spreading of the virus. However, the industry has partially recovered since, showing an upward production output trend that remains below the pre-pandemic levels.