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Between January and June 2023, Toyota was the leading automaker in terms of global vehicle sales with around **** million units sold. This figure represents a year-over-year rise of around *** percent.

Global shortages impact the industry

Worldwide car sales dipped to **** million units in 2020, before slowly rebounding in 2021 and 2022. The market for light vehicles entered a downward trend in 2019. In light of an ongoing economic slump and the coronavirus outbreak, a growing number of people is expected to hold on to their vehicles for longer. As demand picked up in 2021, the global automotive semiconductor shortage impacted the leading manufacturers, resulting in production cuts and halts.

Competitive landscape

Toyota was the best-selling automotive brand in 2022, with a global market share above ** percent. However, while Volkswagen held a smaller market share than its Japanese competitor, its parent company—the Volkswagen Group—reported the highest global revenue in 2022, at nearly ** billion U.S. dollars more than Toyota Motor. The Volkswagen Group was also the automotive brand investing the most in its research and development, while Toyota Motor ranked third.