ÌÇÐÄÆƽâ°æ

The Asia-Oceania and the Middle East region was the world's largest market for passenger and commercial vehicles, with sales amounting to nearly **** million units in 2022. The region dwarfed all other markets, with China representing more than half of the regional sales that year.

China leads the way in the electrification of the market

The Asia-Oceania and the Middle East market was dominated by automobile sales. Passenger car sales contributed to percent of the sales in the region in 2022, and were also the leading motor vehicle segment worldwide in that same year.

China, the main market in the region, led the way in the electric mobility sector. In 2022, it is estimated that over **** million plug-in electric vehicles were in use in the country, with sales of this type of vehicles reaching an all-time high in that same year. The electric vehicle market worldwide is tipped to reach revenues over * billion U.S. dollars by 2028.

Leading automakers in close competition

Globally, Volkswagen Group and Toyota Motor are the leading carmakers in terms of revenue. The Japanese auto giant generated almost trillion Japanese yen in revenue in its 2023 fiscal year. The U.S.-based Tesla has also recorded a steep growth throughout 2022, as the brand with the highest brand value growth worldwide across sectors. Tesla was the second market leader in plug-in electric vehicle sales, with worldwide market shares close to ** percent in 2022. The brand was however edged out by China-based BYD, which surpassed Tesla due to its large sales volume of plug-in hybrid electric vehicles.