Key Data of Global Auto Market in 2024

Key Data of Global Auto Market in 2024

Production Has Declined for The First Time in Nearly Four Years

Since 2021, global automobile production has been on an upward trend, recovering from the downturn caused by the epidemic. 2023 even became the year with the highest year-on-year growth in motor vehicle production in the past decade, reaching 10.51%. 2024 ended nearly three years of continuous growth, with a year-on-year decline of 1.11%. This may indicate that the automotive industry is entering a stable period after experiencing an initial surge after the epidemic.

Figure 1.        Global Motor Vehicle Production (M Units)

Source: OICA and Bosson Research, 2025

Asia-Pacific: Consistent Growth Despite Fluctuations

The Asia-Pacific region continues to dominate global automotive production, accounting for nearly 60% of world production. In 2020, the region produced about 45 million vehicles, a number that steadily increased in subsequent years and peaked at 53.93 million vehicles in 2023. Although production will decline slightly to 53.83 million vehicles in 2024, Asia-Pacific's dominance remains unshakable. This position and growth trend can be attributed to large automotive manufacturing centers in countries such as China, Japan, and India.

Table 1.        Global Automobile Production by Region (Units)

Source: OICA and Bosson Research, 2025

Table 2.        Market Share and Development Potential of Automobiles by Region

Source: Secondary Sources, Press Releases, Expert Interviews, 2025

Global Automobile Production by Country

Top 6 Countries Account for 70% of the Share

In 2024, the global motor vehicle production will be about 92.50 million. China, Japan, the United States, India, South Korea and Germany are the six largest passenger car and commercial vehicle producers in 2024, accounting for about 70% of the global share.

China's Production Continues to Lead

China ranks first in global automobile production, accounting for more than one-third. Among them, China's annual production of new energy vehicles exceeded 10 million for the first time. China is the world's largest passenger car manufacturer, with automobile production exceeding 31 million in 2024, accounting for nearly one-third of global automobile production. Over the past few decades, China has become one of the key growth markets for global automotive industry players.

Table 3.        Global Automobile Production by Country (Units)

Source: OICA and Bosson Research, 2025

Emerging Economies Drive Balanced Growth

In 2024, global vehicle production will be distributed among several major production regions - mainly Asia Pacific and North America - while Europe and other regions will show a mixed development trajectory. The global compound annual growth rate of 4.54% from 2020 to 2024 reflects the strong rebound after the epidemic, the shift of demand to emerging economies, and the global push for electrification. High-growth countries such as India, Mexico, Argentina, and parts of the Middle East and Africa are becoming increasingly important players in the evolving automotive value chain.

Table 4.        Market Share and Development Potential of Automobiles by Country

Source: OICA and Bosson Research, 2025

Global Automobile Production by Type

Passenger Cars Dominate the Market

According to category, motor vehicles can be divided into passenger cars and commercial vehicles. Passenger cars have always occupied a dominant position in the market and have reached 73.16% market share in 2024. Commercial vehicles include light commercial vehicles, heavy trucks, passenger cars and buses. Among them, light commercial vehicles with a maximum load capacity of 3.5 to 7 tons are the most widely used commercial vehicles and have already occupied more than 22% of the market share in 2024.

Table 5.        Motor Vehicle Production Market Share by Type (2024)

Source: OICA and Bosson Research, 2025

Table 6.        Global Automobile Production by Type

Source: OICA and Bosson Research, 2025

Note: Audi, BMW, JLR, Mercedes, Scania and Daimler Trucks data not reported

Table 7.        Market Share and Development Potential of Automobiles by Type

Source: OICA and Bosson Research, 2025