This article looks at the 15 countries that export the most cars in the world. If you would like to skip the detailed analysis on the global automotive market, you can go directly to the following link: 5 countries with the most car exports in the world.
Analysis of the global automobile market
according to report The global automotive market is estimated to reach $2.58 trillion in 2023, according to Business Research Company. Going forward, the market is expected to grow at a compound annual growth rate (CAGR) of 8% from 2024 to 2028. It will reach a value of $3.81 trillion by the end of the forecast period. In 2023, Asia Pacific became its largest market, and North America became its second largest market.
The automotive industry is experiencing a rapid increase in sales and adoption of electric and hybrid vehicles worldwide. January 9th, bloomberg According to a report, global sales of electric vehicles (EVs), including battery electric vehicles and plug-in hybrid vehicles, are expected to increase by 21% to 16.7 million units in 2024. It is expected that 70% of these will be fully electric vehicles. This year, the share of EVs in total global car sales is expected to reach approximately 20%, up from approximately 17% in 2023. The automotive industry is seeing a significant increase in electric vehicle sales and adoption around the world, with a positive outlook for the global automotive market.
Rapid innovation and rising disposable income are expected to drive the growth of the global automobile market. Automakers are focusing on incorporating digital technology into their vehicles, leading to the development of innovative vehicle software and digital systems that improve the driving experience and address evolving consumer needs. Introduction of new models with new features and features is also expected to have a positive impact on the market during the forecast period.
Key players in the global automotive market
Some of the most famous companies operating in the global automotive market include General Motors Company (New York Stock Exchange:GM), Toyota Motor Corporation (NYSE:TM), Ford Motor Company (New York Stock Exchange:F).
General Motors Company (NYSE:GM) is an American multinational automobile manufacturing company that owns and operates various brands including Chevrolet, GMC, Buick, and Cadillac.It ranks among the top Largest car manufacturer by sales. On January 30, General Motors Company (NYSE:GM) reported strong financial results for the fourth quarter of 2023. The company reported earnings per share (EPS) of $1.24, beating EPS estimates by $0.1. General Motors Company (NYSE: GM) reported revenue of $42.98 billion, beating revenue estimates by $3.51 billion.
Ford Motor Company (NYSE:F) is an American multinational automobile manufacturer. We are known for our diverse fleet of vehicles, including trucks, commercial vehicles, vans, SUVs, and Ford and Lincoln brand name luxury vehicles. Ford Motor Company (NYSE:F) The best auto stocks to buy now. January 19th, Ford Motor Company (NYSE:F) announced The company said it plans to add nearly 900 new jobs by establishing a third worker at its Wayne, Michigan, assembly plant. The move is aimed at meeting growing demand for the popular Bronco and Bronco Raptor, as well as the all-new Ranger and Ranger Raptor models. The company is strategically expanding its workforce globally to leverage its diverse vehicle lineup to serve customers with a mix of gasoline, hybrid and electric vehicles while improving financial performance. Ford Motor Company (NYSE:F) plans to hire additional staff this summer to support future production growth plans for its line of vehicles assembled at its Michigan assembly plant. The plant will move to vehicle production seven days a week, up from the current five days a week, and will have a crew of three. In two shifts.
Leading auto manufacturers are taking steps to stay ahead of emerging trends, such as the rise of electric vehicles, to meet evolving consumer demands. Toyota Motor Corporation (NYSE:TM) is a Japanese multinational automobile manufacturer. He is one of the world's largest car manufacturers, producing millions of vehicles every year. February 6th, Toyota Motor Corporation (NYSE:TM) announced The company has invested $1.3 billion in its flagship facility in Kentucky to support future electrification efforts, including assembly of a new three-row battery electric SUV tailored for the U.S. market. This initiative brings the total investment in the plant to approximately $10 billion and underscores the company's commitment to producing high-quality vehicles. A battery pack assembly line will also be added to the Kentucky facility, and batteries will be supplied by Toyota Battery Manufacturing in North Carolina.
Now that we've explained what's going on in the car market, let's take a look at the 15 countries with the most car exports in the world.
A top view of a factory floor with lots of robotic arms assembling cars.
methodology
In this article, we have listed the 15 countries that export the most cars in the world. To rank the world's top car exporting countries, we consulted our peers at the United Nations. database. This database provided us with a list of countries and the dollar value of their total exports of “automobiles and other motor vehicles.” Designed primarily for the transportation of persons (other than those of heading 8702), including station wagons and racing cars. We used this data to rank the countries that export the most cars in the world.
Please note the heading number. 8702 refers to “vehicle”. “Public transport passenger type” should not be confused with motor vehicles and is naturally excluded.
Using data from 2022, we ranked countries based on total vehicle exports. The 15 countries with the highest car exports in the world are listed below in ascending order.
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15 countries with the most car exports in the world
15. Hungary
Automobile export value (2022): $12.17 billion
Hungary is a landlocked country in Central Europe and ranks among the top 15 countries in the world for car exports. Automobile production is Hungary's main manufacturing sector. In 2022, Hungary's total automobile exports reached $12.17 billion.
14. Italy
Automobile export value (2022): $16.26 billion
Italy is one of the world's leading automobile exporters. Italy's automotive sector is a major industry and a major employer in the country. In 2022, Italy's automobile exports amounted to $16.26 billion.
13. France
Automobile export value (2022): $20.85 billion
France is a developed country and one of the largest car producers in Europe. Renault SA (EPA:RNO) is one of the country's largest car manufacturing companies. In 2022, France's total automobile exports reached $20.85 billion.France also ranks high The country that imports the most cars in the world.
12. Belgium
Automobile export value (2022): $22.88 billion
Belgium is a country in northwestern Europe that ranks 12th on the list of countries with the highest car exports in the world. According to reported data, Belgium's car exports in 2022 reached $22.88 billion.
11. Czech Republic
Automobile export value (2022): $25.2 billion
The Czech Republic, also known as the Czech Republic, is a country in Central Europe where the automobile industry is one of the most important industries. It plays an important role in the Czech economy. In 2022, the total amount of automobile exports by the Czech Republic reached her $ 25.2 billion.
10. Slovakia
Automobile export value (2022): $26.18 billion
Slovakia is a landlocked country in Central Europe that ranks among the top 10 countries in the world for car exports. Slovakia is an important hub for automobile manufacturing, an important economic sector for the country. In 2022, Slovakia's car exports reached $26.18 billion.
9. United Kingdom
Automobile export value (2022): $29.38 billion
The UK is one of the world's leading car exporters. In 2022, UK car exports totaled $29.38 billion. The automobile manufacturing sector contributes significantly to the country's economy. The UK is home to several luxury and sports car manufacturers, including Aston Martin Lagonda Global Holdings plc (LSE:AML), Bentley Motors, Jaguar, McLaren Group and Rolls-Royce Motor Cars. I am putting
8. Canada
Automobile export value (2022): $29.44 billion
Canada ranks 8th on the list of countries that export the most cars in the world. Automobile manufacturing is Canada's major industrial sector. It is also one of the world's largest automobile exporters. In 2022, Canada's automobile exports reached $29.44 billion.
7. Spain
Automobile export value (2022): $32.9 billion
Spain is one of Europe's largest car manufacturers, and the automotive industry is a strategic sector for the country's economy. In 2022, Spain's total automobile exports reached her $ 32.9 billion.
6. China
Automobile export value (2022): $44.68 billion
China is home to the world's largest automobile industry in terms of vehicle production. However, China is also one of the world's largest and most populous countries, and many of the cars manufactured are sold domestically. In 2022, China's automobile export value reached $44.68 billion. China ranks 6th on the list of countries that export the most cars in the world.
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