The top five global automotive groups accounted for nearly half of all new vehicle sales worldwide last year. Toyota, Volkswagen, and Hyundai Motor Group solidified their positions as the top three sellers, while Chinese automakers are rapidly gaining ground.
According to industry reports on the 26th, global new vehicle sales in 2023 reached approximately 90 million units, with the top five automakers responsible for about 39.78 million, or 44.2%, of those sales. The top 15 automakers collectively held around 80% of the market share.
Hyundai Motor Group (including Hyundai, Kia, and Genesis) ranked third globally, selling about 7.23 million vehicles worldwide, capturing an 8% market share. While domestic sales dipped slightly, strong performances in North America and Europe drove its success.
Toyota (including Lexus, Daihatsu, and Hino) retained its position as the world’s top-selling automaker for the fifth consecutive year, moving approximately 10.82 million units. Its market share stood at 12%, fueled by robust hybrid vehicle (HEV) sales in key markets like North America, Europe, and China.
Volkswagen Group secured second place with around 9.03 million vehicles sold, claiming a 10% market share. Despite strong demand for its ID series and Q4 e-tron electric vehicles (BEVs), a slump in the Chinese market led to a 2.3% year-over-year decline.
Rounding out the top rankings were: Renault-Nissan (including Mitsubishi) with 6.7 million units sold (7.4% share), GM at 6 million (6.7%), Stellantis with 5.42 million (6%), Ford selling 4.47 million (5%), BYD at 4.27 million (4.7%), Honda with 3.8 million (4.2%), and Geely closing the list at 3.33 million units (3.7%).
The findings highlight how the automotive industry remains centered around the “Big 5,” with leading groups leveraging economies of scale, global production networks, and R&D investments to dominate the market. However, this concentration raises concerns about reduced consumer choice and potential monopolistic risks in certain regions or technology sectors. Notably, Chinese automakers like BYD and Geely are rapidly expanding their market presence.
An industry insider noted, “The aggressive rise of Chinese automakers like BYD and Geely is putting pressure on traditional leaders. Going forward, EV strategies, region-specific models, and brand portfolio expansion will be critical in shaping the market landscape.”
