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Motor vehicle sales grew by some percent worldwide between 2023 and 2024. Passenger vehicles increased by around *** percent compared to the previous year, when some **** million cars were sold worldwide. 

The current state of the market

In 2024, motor vehicle sales reached over **** million units worldwide. China was the largest automobile market worldwide, making up close to **** million of the new car registrations in 2023. The United States and Europe ranked second and third, with light vehicle sales reaching approximately **** million units in the U.S. market. The German-based Volkswagen Group and Japanese Toyota Motor were the global leading automakers, with revenues reaching around and billion U.S. dollars respectively as of May 2024. 

The path to recovery

The automotive chip shortage led to around **** million vehicles being cut from worldwide production in 2021, and forecasts estimate that these disruptions in the automotive supply chain will contribute to the removal of another million units from production in 2022. However, despite these challenges, the demand for passenger cars increased in 2021 and 2022, as car sales slowly started to increase. This is partly due to consumers' interest in electric vehicles. Autonomous,electrified, and battery electric vehicles are also forecast to gain popularity in the next decades. Electrified vehicles are projected to make up close to **** of car sales worldwide by 2025. By 2040, China is forecast to be one of the largest market for autonomous vehicle sales.