The global automotive industry witnessed a notable surge in Chinese car sales during March 2024, with vehicles from the Asian giant accounting for a staggering 33% of the world’s monthly 8.15 million vehicle sales.
This revelation comes from Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), underscoring China’s growing influence in the automotive sector on a global scale.
The uptick in Chinese car sales contributed to a buoyant first quarter for the global automotive industry, with a total of 21.05 million vehicles sold worldwide, marking a year-on-year increase of 3%. Notably, this robust performance reinforces China’s status as a key player in the international automotive market.
Analysis of historical trends reveals a steady ascent in Chinese car sales’ global market share. Between 2016 and 2018, Chinese car sales consistently held around 30% of the world’s car sales, before experiencing a slight dip to 29% in 2019. However, recent years have witnessed a resurgence, with the share climbing to 32% in 2020 and 2021, culminating in an impressive 33% in 2022.
| Brands | World Market Share (%) | Chinese Market Share (%) | North American Market Share (%) | European Market Share (%) |
| Toyota | 10.6 | 4 | 14 | 7 |
| Volkswagen | 9.5 | 10 | 5 | 21 |
| Hyundai | 7.4 | 1 | 10 | 7 |
| Stellantis | 6.9 | 0 | 8 | 18 |
| Renault-Nissan-Mitsubishi | 6.5 | 3 | 8 | 12 |
| GM | 5.4 | 5 | 15 | 0 |
| Honda | 4.7 | 1 | 13 | 5 |
| Ford | 4.7 | 4 | 8 | 1 |
| Suzuki | 4.0 | 0 | 0 | 1 |
| Geely | 3.5 | 2 | 3 | 6 |
| BYD | 3.2 | 9 | 0 | 0 |
| Chery | 3.0 | 3 | 2 | 6 |
| Mercedes Benz | 2.9 | 8 | 1 | 3 |
| BMW | 2.7 | 3 | 3 | 2 |
| Changan | 2.6 | 8 | 0 | 0 |
| SAIC | 1.7 | 4 | 0 | 1 |
| Mazda | 1.4 | 0 | 3 | 1 |
Despite China’s formidable presence, global automaker sales rankings for 2024 saw Toyota clinch the top spot with a commanding market share of 10.6%. Toyota stands as the sole auto group boasting over 10% market share, followed closely by Volkswagen and Hyundai with 9.5% and 7.4%, respectively. Together, these three automotive giants commandeer a substantial 27.5% of the world’s market share.
Within the realm of Chinese automakers, Geely emerges as a standout performer, securing a coveted spot among the top ten global auto manufacturers. Geely’s stellar performance in the first quarter of 2024 saw the company sell 738,400 vehicles, constituting 3.5% of the world’s market share. Following closely behind, BYD captured 3.2% of the market share, further bolstering China’s automotive prowess on the global stage.
Moreover, the first quarter of 2024 witnessed notable achievements among the top five Chinese auto exporters. SAIC, Chery, Great Wall Motor, BYD, and Geely emerged as frontrunners in this regard, with SAIC leading the pack with 126,053 vehicles exported. Chery and Great Wall Motor followed suit, showcasing China’s expanding footprint in the realm of automotive exports.
