In this article, we will be taking a look at the biggest Asian car company by sales. If you want to see our extensive list, you can check out the 15 Biggest Asian Car Companies by Sales.
Global Automotive Market: Growth Trends and Projections (2023-2030)
The global passenger car market was valued at around $1.66 trillion in 2022, with an expected compound annual growth rate (CAGR) of 6.1% from 2023 to 2030, reaching $2.67 trillion by 2030. The United States is one of the largest automotive markets globally. In 2023, around 15.5 million new light vehicles were sold in the US. Additionally, the used car market in the US is substantial, with an estimated 40 million used vehicles sold annually. Regarding vehicle ownership, nearly 92% of households in the US owned at least one vehicle in 2022, with an average of 1.9 vehicles per household.
The United States is one of the largest automotive markets in the world. As of 2022, there were approximately 278,870,463 vehicles registered in the US. The global automotive industry was severely impacted by the COVID-19 pandemic, with sales plummeting in 2020. However, the market has shown signs of recovery. In 2023, global new car sales grew by almost 10% after remaining stable in 2022. The US car market experienced robust growth, with sales increasing by over 14% in 2023. China’s car market stalled in the first three quarters of 2023 but still grew by 4.5% for the full year.
Global car sales are projected to grow at a Compound Annual Growth Rate (CAGR) of 2.7% between 2023 and 2030, reaching 88.3 million annual vehicle shipments by 2030. In 2024, global car sales are expected to reach around 76.1 million units. Talking about vehicles, the electric vehicle market is also prospering with the global sales of electric vehicles projected to reach $951.9 billion by 2030, rising at a compound annual growth rate (CAGR) of 13.7%, from a value of $388.1 billion in 2023, according to a report by Markets and Markets.
Biggest Players in the Automotive Industry
When it comes to the automotive industry, companies like Tesla, Inc. (NASDAQ:TSLA), Toyota, Honda Motor Co., Ltd. (NYSE:HMC), Mercedez, and Ford Motor Company (NYSE:F), among others. Tesla’s most significant contribution has been its role in popularizing electric vehicles (EVs) on a global scale. Through its Gigafactories, Tesla, Inc. (NASDAQ:TSLA) has made significant advancements in lithium-ion battery production, increasing energy density and reducing costs. In Q1 2024, Their revenue was $21.3 billion, a 9% decrease year-over-year, missing estimates of $22.34 billion. Tesla, Inc. (NASDAQ:TSLA)’s automotive revenue declined 13% year-over-year to $17.38 billion due to lower vehicle deliveries and pricing adjustments.
Similarly, Ford Motor Company (NYSE:F) is one of the world’s largest and most influential automotive companies. In the 2024 election cycle, the company and its employees contributed $273,497 to political campaigns, with individuals accounting for 100% of the contributions. Additionally, Ford spent $1,420,354 on lobbying efforts in 2024, demonstrating its active engagement in shaping policies that impact the automotive sector. In 2022, the Ford Motor Company (NYSE:F) Fund donated $10,000 to charities chosen by the honorees, further amplifying the company’s philanthropic impact. In Q1 2024, their revenue was $42.8 billion, up 3% year-over-year despite slightly lower vehicle shipments.
Honda Motor Co., Ltd. (NYSE:HMC) also never fails to impress us with its amazing contributions to the automotive industry. The company currently operates 9 manufacturing plants in the United States, producing a diverse range of Honda and Acura automobiles, engines, transmissions, power equipment, and Powersports products. Honda Motor Co., Ltd. (NYSE:HMC) is making efforts to establish a global BEV (Battery Electric Vehicle) production system, to achieve 100% EV and FCV (Fuel Cell Vehicle) sales by 2040. In Q1 2024 operating profit grew 172.2 billion yen year-over-year to 394.4 billion yen, a quarterly record with an 8.5% operating margin.
An overhead view of a factory floor, teeming with robotic arms assembling cars.
Our Methodology
For our methodology, we have ranked the biggest Asian car companies by sales based on the total vehicles these brands sold in 2023.
The Biggest Asian Car Company by Sale
1. Toyota
Total Units Sold in 2023: 11,230,000
Toyota tops our list of the biggest Asian car companies by sales. Toyota’s most popular vehicles include the Toyota Camry, Toyota Corolla, Toyota RAV4, and Toyota RAV4 which is Toyota’s best-selling model in many markets. Toyota’s operating income for Q1 FY2024 was 542.2 billion yen, an increase of 52.2 billion yen compared to Q1 FY2023. Toyota is the most sold sold car brand in Asia. Toyota’s automotive sales revenues increased by 22.0% to 41,266.2 billion yen and Toyota’s capital expenditures were 1,313.7 billion yen in Q1 2024. Moreover, Toyota is forecasting sales revenues of 46,000.0 billion yen for FY2025, an increase of 2.0% compared to FY2024.
If you want to find out which other car companies are referred as the biggest, head straight to our full list on 15 Biggest Asian Car Companies by Sales. At Insider Monkey, we delve into a variety of topics, ranging from the biggest car manufacturers to investment implications; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure, None: The 15 Biggest Asian Car Companies by Sales is originally published on Insider Monkey.