In this article, we will be covering the 15 countries with the most car exports in the world. If you want to skip our detailed analysis of the global motor vehicles market, you can go directly to 5 Countries with Most Car Exports in the World.
An Analysis of the Global Motor Vehicles Market
According to a report by The Business Research Company, the global motor vehicles market was estimated to have reached a value of $2.58 trillion in 2023. Looking forward, the market is expected to grow at a compound annual growth rate (CAGR) of 8% from 2024 to 2028 to reach a value of $3.81 trillion by the end of the forecasted period. In 2023, the Asia-Pacific region was the largest market while the North American region was the second largest.
The automotive industry is witnessing a surge in the sales and adoption of electric and hybrid vehicles globally. On January 9, Bloomberg reported that the global sales of electric vehicles (EVs), including both battery-electric and plug-in hybrids, are expected to rise 21% in 2024 to reach 16.7 million units. Among these, 70% are expected to be fully electric cars. This year, the share of EVs in total global vehicle sales is projected to reach around 20%, up from about 17% in 2023. The automotive industry is witnessing a significant increase in the sales and adoption of electric vehicles globally, which is creating a positive outlook for the global motor vehicles market.
Rapid innovation combined with rising disposable incomes is expected to augment growth in the global motor vehicles market. Automakers are focusing on incorporating digital technologies into vehicles, leading to the development of innovative automotive software and digital systems to enhance the driving experience and address evolving consumer needs. The introduction of new models with new functionalities and features is also expected to influence the market positively during the forecast period.
Major Players in the Global Motor Vehicles Market
Some of the most prominent names operating in the global motor vehicles market include General Motors Company (NYSE:GM), Toyota Motor Corporation (NYSE:TM), and Ford Motor Company (NYSE:F).
General Motors Company (NYSE:GM) is an American multinational automotive manufacturing company that owns and operates various brands including Chevrolet, GMC, Buick, and Cadillac. It ranks high among the biggest car manufacturers by revenue. On January 30, General Motors Company (NYSE:GM) reported strong earnings for the fiscal fourth quarter of 2023. The company reported earnings per share (EPS) of $1.24, surpassing EPS estimates by $0.1. General Motors Company (NYSE:GM) reported a revenue of $42.98 billion and outperformed revenue estimates by $3.51 billion.
Ford Motor Company (NYSE:F) is an American multinational automobile manufacturer. It is known for its diverse range of vehicles, including trucks, commercial cars, vans, SUVs, and luxury vehicles under the Ford and Lincoln brand names. Ford Motor Company (NYSE:F) is one of the best car stocks to buy right now. On January 19, Ford Motor Company (NYSE:F) announced that it plans to introduce close to 900 new jobs through the establishment of a third crew at the Michigan Assembly Plant in Wayne. This move aims to meet the rising demand for the popular Bronco and Bronco Raptor and the all-new Ranger and Ranger Raptor models. The company is strategically expanding its workforce globally to take advantage of its diverse vehicle lineup, catering to customers with a mix of gas-powered, hybrid, and electric vehicles while also enhancing financial performance. Ford Motor Company (NYSE:F) is adding additional staff this summer to support planned future volume increases for vehicle lines assembled at the Michigan Assembly Plant, which will transition to producing vehicles 7 days a week from the current 5 days, with three crews operating in two shifts.
Major automotive manufacturing companies are taking steps to stay ahead of emerging trends like the rise of electric vehicles to meet evolving consumer demands. Toyota Motor Corporation (NYSE:TM) is a Japanese multinational automotive manufacturer. Producing millions of vehicles each year, it is one of the world’s largest automobile manufacturers. On February 6, Toyota Motor Corporation (NYSE:TM) announced a $1.3 billion investment for its flagship Kentucky facility to support its future electrification efforts, including assembly of a new three-row battery electric SUV tailored for the US market. This initiative brings the total investment in the plant to almost $10 billion, underlining the company’s commitment to producing high-quality vehicles. A battery pack assembly line will also be added to the Kentucky facility, with batteries being sourced from Toyota Battery Manufacturing North Carolina.
Now that we have discussed what’s going on in the motor vehicles market, let’s take a look at the 15 countries with the most car exports in the world.
An overhead view of a factory floor, teeming with robotic arms assembling cars.
Methodology
In this article, we have listed 15 countries with the most car exports in the world. To rank the top car-exporting countries in the world, we consulted The United Nations Comtrade Database. This database provided us with a list of countries and the dollar value of their total exports for “Motor cars and other motor vehicles; principally designed for the transport of persons (other than those of heading no. 8702), including station wagons and racing cars. We used this data to rank the countries that export the most cars in the world.
Please note that heading no. 8702 refers to “Vehicles; public transport passenger type”, which are not to be confused with cars and are rightfully excluded.
We used data obtained for the year 2022 and ranked the countries based on the total value of their car exports. The 15 countries with the most car exports in the world are listed below in ascending order.
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15 Countries with Most Car Exports in the World
15. Hungary
Value Of Motor Car Exports (2022): $12.17 Billion
Hungary is a landlocked country in Central Europe that ranks among the top 15 countries with the most car exports in the world. Automotive production is a major manufacturing sector in Hungary. In 2022, the total value of motor car exports by Hungary reached a value of $12.17 billion.
14. Italy
Value Of Motor Car Exports (2022): $16.26 Billion
Italy is one of the top car-exporting countries. Italy’s automotive sector is a major industry that is also a large employer in the country. Italy’s motor car exports in 2022 amounted to $16.26 billion.
13. France
Value Of Motor Car Exports (2022): $20.85 Billion
France is a developed country and one of Europe’s largest automobile manufacturing nations. Renault SA (EPA:RNO) is one of the biggest car manufacturing companies in the country. In 2022, the total value of motor car exports by France reached a value of $20.85 billion. France also ranks high among the countries that import the most cars in the world.
12. Belgium
Value Of Motor Car Exports (2022): $22.88 Billion
Belgium is a country in Northwestern Europe that ranks 12th on our list of countries with the most car exports in the world. According to reported data, Belgium’s motor car exports in 2022 amounted to $22.88 billion.
11. Czech Republic
Value Of Motor Car Exports (2022): $25.2 Billion
The Czech Republic, also known as Czechia, is a country in Central Europe where the automotive industry is one of the most important industries. It plays a crucial role in the Czech economy. In 2022, the total value of motor car exports by the Czech Republic reached a value of $25.2 billion.
10. Slovakia
Value Of Motor Car Exports (2022): $26.18 Billion
Slovakia is a landlocked country in Central Europe that ranks among the top 10 countries with the most car exports in the world. Slovakia has become an important hub for car manufacturing, which is an important economic sector for the country. Slovakia’s motor car exports in 2022 amounted to $26.18 billion.
9. United Kingdom
Value Of Motor Car Exports (2022): $29.38 Billion
The United Kingdom is one of the top car-exporting countries in the world. In 2022, the total value of motor car exports by the UK reached a value of $29.38 billion. The auto manufacturing sector contributes greatly to the country’s economy. The UK is home to several premium and sports automakers including Aston Martin Lagonda Global Holdings plc (LSE:AML), Bentley Motors, Jaguar, McLaren Group, and Rolls-Royce Motor Cars.
8. Canada
Value Of Motor Car Exports (2022): $29.44 Billion
Canada ranks 8th on our list of countries with the most car exports in the world. Automotive manufacturing is a major industrial sector in Canada. It is also one of the world’s biggest auto-exporting nations in the world. Canada’s motor car exports in 2022 amounted to $29.44 billion.
7. Spain
Value Of Motor Car Exports (2022): $32.9 Billion
Spain is one of the largest automakers in Europe and the automotive industry is a strategic sector for the country’s economy. In 2022, the total value of motor car exports by Spain reached a value of $32.9 billion.
6. China
Value Of Motor Car Exports (2022): $44.68 Billion
China is home to one of the world’s largest automotive industries in terms of automobile unit production. However, China is also one of the world’s largest and most populated countries and much of the cars manufactured are sold within the country. China’s motor car exports in 2022 amounted to $44.68 billion. China ranks 6th on our list of the countries with the most car exports in the world.
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Disclosure: None. 15 Countries with Most Car Exports in the World is published on Insider Monkey.