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With approximately **** million motor vehicles produced in 2024, China once again led the global ranking, doing so with a difference of more than ** million over the second largest automobile manufacturer, the United States. Japan, meanwhile, completed the podium. Together, these three nations were responsible for more than half of the global production in the sector, which is not surprising considering that some of the most relevant companies were born within their borders.

Industry Leaders

Japanese Toyota has solidified itself in recent years as the star manufacturer in the automotive industry. In 2024 alone, it sold around ** million cars and held a market share of nearly ** percent. Meanwhile, BYD and Tesla are the undisputed leaders when it comes to electric cars. The Chinese company, in fact, experienced a remarkable increase last year that allowed it to maintain the top spot it had taken from the company founded by Elon Musk in 2023, recording sales of over *** million compared to nearly two million for the American company. That said, Tesla remains by far the most valuable brand in the sector.

The Move Toward Electromobility

It is no secret that the demand for electric vehicles has not stopped growing in the last decade, reaching a new high in 2024. Specifically, more than **** million of these types of cars were sold worldwide, with a significant portion of them sold in China, which explains BYD’s rise. The latest forecasts indicate that interest in these alternative vehicles will only increase in the coming years. In fact, it is estimated that by 2035 nearly ** percent of total light vehicle sales will be electric cars. Given these data, there is no doubt that the future of the industry lies in electromobility.