Performance of Global Auto Industry in 2024
The Automotive industry plays a pivotal role in driving global economic growth, supporting a vast supply chain, and generating substantial employment opportunities.
Sales Performance of Passenger Vehicles: Global Passenger Vehicle sales reached approximately 82 million units in 2024, marking a 3% increase over 2023. Notably, around 65% of passenger vehicle sales were concentrated in key markets such as China, USA, India, Japan, and Germany. The top 5 countries accounted for a significant share, with China leading at 34% of global passenger vehicle sales, followed by USA at 18%, India at 5.2%, Japan at 4.6%, and Germany at 3%. India continues to hold the position of the third-largest passenger vehicle market globally, behind China and the USA.
Sales Performance of Commercial Vehicles: Global Commercial Vehicle sales in 2024 stood at approximately 13.4 million units, representing a 2% decline compared to 2023. Notably, 70% of global sales were concentrated in 10 key markets: China, USA, India, Japan, Brazil, France, UK, Germany, Australia, and Turkey. Among these,the top 5 countries accounted for a significant share, with China leading at 29% of global sales, followed by the USA at 10%, India at 7%, and Japan and Brazil each contributing 5%.
Sales Performance of Two Wheelers: Two-wheelers offer a convenient and affordable mode of transportation, widely used by the masses in developing economies for personal mobility. Globally, an estimated 63.4 million units were sold in 2024. Notably, close to 88% of global sales were concentrated in IO key markets: India, China, Indonesia, Vietnam, Philippines, Brazil, Thailand, Mexico, Pakistan and Taiwan. India emerged as one of the largest two-wheeler markets worldwide, with a share of close to 31% in global Two-Wheeler sales, followed by China (27%), Indonesia (10.1%), Vietnam (4.9%) and Philippines (3%).
