Global Automobile Industry Production and Consumption Market Report - Edition 2023

Global Automobile Industry Production and Consumption Market Report - Edition 2023

Executive Summary

The automotive industry stands as one of the largest global sectors, making substantial contributions to GDP, employment, and trade across numerous nations. Its intricate value chain encompasses vehicle manufacturers, suppliers, distributors, dealerships, and post-sales services.

Prominent automakers hailing from diverse nations, including the United States, Japan, Germany, South Korea, and China, exert their dominance within the industry. Notable automotive hubs are distributed across North America, Europe, and Asia, each showcasing distinctive strengths.

The trajectory of vehicle sales has maintained a consistent upward trend, culminating in a global total of 85.5 million shipments by the end of 2022. In the same year, the worldwide production of motor vehicles reached 85.4 million, signifying a remarkable 5.7% surge compared to 2021 figures.

Key Nations Participating in Trade

Leading exporting nations, such as Germany, Japan, the United States, and South Korea, exemplify their robust automotive industries through their active engagement in the global market. Conversely, major importers, including the United States, Germany, China, and the United Kingdom, fulfil their domestic demand with imported vehicles and components.

Germany is renowned for its strong automotive industry, home to manufacturers like Volkswagen, BMW, Mercedes-Benz, and Audi. It is one of the world's largest automotive exporters, producing a range of vehicles from luxury cars to commercial vehicles and components.

On the opposite end of the spectrum, the United States emerges as a substantial importer, capitalizing on its vibrant automotive market to accommodate a varied consumer base. Although the nation boasts a robust domestic automotive sector, it supplements this strength by importing vehicles and components.

The global automotive landscape is also characterized by the dynamic interplay between major producers and consumers. China's ascent as a significant player in both production and consumption underscores its pivotal role in shaping the industry. Similarly, countries like the United States, Japan, Germany, and South Korea wield substantial influence in the realms of production and consumption. The industry's trajectory remains positive, guided by technological breakthroughs, evolving consumer preferences, and the intricate dynamics of the global market.

Key Developments

• The electric car market is experiencing exponential growth, with sales surpassing 10 million in 2022. The percentage of electric vehicles in overall sales has increased significantly from 4% in 2020 to 14% in 2022, representing a more than quadrupled growth within just three years. The upward trend in global EV sales continued in 2023, driven by a growing focus on decarburization in advanced economies and supported by various regulations and incentives.
• In the realm of electric vehicles (EVs), China has emerged as a frontrunner despite navigating challenges such as real estate crises, COVID-19 outbreaks, and lockdowns. Impressively, China's New Energy Vehicle (NEV) sales experienced an 82% year-on-year surge in 2022, solidifying its position as a leader in the EV market.
• The global supply chain issues, particularly the chip shortage, have dramatically increased car prices in 2022, impacting production in the auto industry. Although semiconductor supply is expected to improve in 2023, new car prices may remain elevated due to inflationary input costs.
• In May 2023, global semiconductor industry sales reached USD 40.7 billion, showing a 1.7% increase compared to the previous month's total of USD 40 billion. However, it was a significant decline of 21.1% compared to May 2022's total of USD51.7 billion.

Growth Prospects of Global Automobile Industry

The global automotive industry is undergoing a transformative phase driven by technological advancements, regulatory changes, and evolving consumer preferences. The convergence of electric powertrains, autonomous capabilities, and connected services will reshape the industry's landscape in the coming years. Sustainability, innovation, and adaptability will be key for companies aiming to thrive in this rapidly changing environment.

Projections indicate that sales of passenger vehicles will increase by up to 7.5% in 2023 compared to the record-high levels seen in 2022. Despite the uncertain financial environment, the automotive sector is expected to continue expanding in the coming years. Global auto sales are anticipated to reach 69 million in 2023, with growth driven by increased market penetration in emerging economies, a rise in electric vehicle usage, and China's economic reopening following the removal of COVID-19 restrictions.

Makreo research has published study on “Global Automobile Industry Production and Consumption Market Report : Edition 2023”. Market assessment has been carried out using qualitative and quantitative methods and have combined the production and consumption scenario. The market has witnessed many shifts in recent past after the COVID-19 outburst & Russia & Ukraine war. The report also covers major automobile exporting and importing countries. Future outlook has been assessed keeping various influencing factors into consideration and also to assess the expected opportunities in the market.

Market assessment has been carried out on the basis of

• Major Automotive Exporting Countries
• Major Automotive Importing Countries
• Major Automotive Consuming Countries
• Major Automotive-Producing Countries

Key Question Answered

1. How is the global economy performing?

2. What is the impact of Russia-Ukraine war on Automobile Industry?

3. How global automobile industry has performed in the past and what is the expected future growth prospects?

4. How the Electric Vehicle Industry is performing and which country is driving majority of the demand?

5. What is the production and consumption scenario of Global Automotive Industry market?

6. Who are the major importers of Automotive and how these countries are positioned in the Global Automotive market?

7. Who are the major exporter of Automotive and how these countries are positioned in the Global Automotive market?

8. Who are the major producers of Automobile and what is the production scenario?

9. Who are the major consumers of Automobile and what is the consumption scenario?

10. What is the expected future of the Global Automotive Industry?