Largest automobile markets worldwide by new car registrations 2023

China is the largest automobile market worldwide, both in terms of demand and supply. China’s automobile registrations climbed to approximately 25.8 million units in 2023, representing a rise of around 11 percent.

The world’s largest automobile markets

After years of growth, China’s motor vehicle demand began waning in 2019 and nosedived in February 2020 amid the outbreak of the coronavirus pandemic; and yet, given the country’s population level, the potential for China’s automobile market is enormous. China’s motorization rate indicates that there is less than one car for every five individuals. In the United States, there are in excess of 800 motor vehicles per 1,000 inhabitants.

Leading brands and manufacturers

In June 2023, Tesla was ranked as the automobile brand with the highest brand value, followed by Toyota. Toyota vehicles are manufactured by the Toyota Motor Corporation. In terms of overall vehicle sales, the Japanese multinational carmaker is the largest automobile manufacturer in the world. India has emerged as an important automotive market recently and climbed into the ranking of the leading automobile markets worldwide.