In 2023, global vehicle production reached 93.5 million units. This number shows an increase of 2% compared to the pre-pandemic period and 17% compared to 2022.
Analyzing the share of motor vehicles produced by the top 30 countries in 2023 according to data from the International Organization of Motor Vehicle Manufacturers, Visual Capitalist shared the total number of motor vehicles produced by each of the 30 countries and their share in global production.
Countries producing the most cars in 2023
China ranks first with a 32.2% share in total production. China's total vehicle production was 30,160,966. The USA ranks second in automobile production. While the USA has a share of 11.3% in total production, total car production was 10,611,555.
Japan ranks third on the list. Japan, which had a 9.6% share in global production, produced 8,997,440 vehicles.
Türkiye is also among the top 30 countries in production
India, South Korea, Germany, Mexico, Mexico, Spain, Brazil, Brazil, Thailand and Canada are also on the list. Türkiye ranks 13th in this list. While Turkey is in the Asian market, it has a 1.6% share in global production. Looking at 2023 production figures, 1,468,393 cars were produced in Türkiye.
China carries the flag in automobile production
China dominated global car production in 2023, accounting for almost a third of all cars produced last year. The country is now producing and exporting more cars than any other country in the world as of December 2024.
China currently has the capacity to produce more than twice the domestic demand for cars. This means that it is able to devote a significant portion of its car production to exports.
“Made in China 2025” initiative was effective in growth
The Chinese government is investing heavily to boost domestic automotive production, particularly in the fast-growing electric vehicle sector.
The government's strategic initiatives such as “Made in China 2025” have prioritized electric vehicle production, leading to significant growth in this area.
Tesla is the world's most valuable car manufacturer
China is followed by the US, which holds 11.3% of the global share. Elon Musk's Tesla is currently the world's most valuable automaker, with a market value of over $1.4 trillion as of December 24, 2024.
Tesla shares hit a record high after Trump's victory in the 2024 presidential election.
Tesla exceeds the combined value of 29 automakers
Electric vehicle giant Tesla dominates the industry, representing almost half of the market capitalization of global automakers. Its valuation exceeds that of the next 29 automakers combined.
Japan ranks third with a 9.6% share of global car production, supported by well-established automakers such as Toyota and Honda.
Source: Ekonomim
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