Automotive Statistics and Trends 2024

Last updated: 5 October 2024

Key trends shaping the automotive industry include the growth of electric vehicles (EVs), advancements in autonomous driving technology, and shifts toward sustainability. These trends are transforming how vehicles are manufactured, sold, and used.

Overview

1. Electric Vehicles (EVs) on the Rise

More people are choosing electric vehicles (EVs) over traditional gasoline cars. This shift is fueled by government incentives and efforts to reduce pollution.

Around 14 million EVs were sold globally in 2023, up from approximately 10.5 million in 2022.

Electric vehicle sales accounted for about 14% of all new car sales globally in 2023, rising from around 8.3% in 2021.
China remains the largest market for electric vehicles, representing over 50% of global EV sales. The United States and Europe followed closely, with countries like Norway leading in terms of EV adoption, where electric cars made up 90% of all new car sales in 2023.
Major automakers are continuing to increase their investment in EVs. Companies such as Volkswagen and General Motors have announced plans to phase out internal combustion engine (ICE) vehicles over the next decade.

Most Popular Electric Vehicle (EV): The Tesla Model 3 remains the most popular EV globally.
Top Electric Car Brands: Tesla, BYD, and Volkswagen lead the EV market.
Top Markets for EVs: China, the U.S., and Europe are the largest markets for electric vehicles.
Leading EV Manufacturer: Tesla continues to be the leader in EV sales, with the Tesla Model 3 being the best-selling electric vehicle worldwide.

As electric vehicles (EVs) become more popular, the development of charging infrastructure is expanding rapidly.

In 2022, the number of public EV chargers worldwide grew to 2.7 million, marking a 55% increase from the previous year. The expansion of fast-charging stations is crucial to support the rising EV market, and governments are making substantial investments in this area.

2. Autonomous Driving Technologies

Autonomous vehicles, or self-driving cars, are advancing rapidly, with over 1,400 self-driving vehicles tested by 80+ companies across 36 U.S. states since 2018.

The global autonomous vehicle market was valued at $53.71 billion in 2023 and is projected to reach $214.32 billion by 2030, growing at a 21.9% CAGR, according to Grand View Research.

While fully autonomous cars (Level 5) are still in development, semi-autonomous systems (Levels 2 and 3) are becoming more common, with between 8% and 25% of new U.S. vehicles equipped with advanced driver assistance systems (ADAS) in 2022.

Autonomous Vehicle Growth by Country

North America is expected to dominate the market of autonomous vehicles, with China and Japan emerging as key players.
China aims for 30% of vehicles to feature autonomous driving by 2030, while Europe, led by Germany, is progressing with regulations and infrastructure to support the technology.

Leading Automakers in Autonomous Vehicles

In 2023, companies like Tesla, Waymo, and General Motors led the sector. Tesla’s Autopilot is now in over 3 million vehicles, and GM’s Super Cruise is widely adopted.
Waymo expanded its autonomous taxi services to cities like Phoenix and San Francisco, logging over 20 million miles of autonomous driving in 2022. Cruise plans to launch commercial services in more U.S. cities by 2025.

Despite progress, a 2023 Deloitte survey showed 47% of U.S. consumers remain cautious about autonomous vehicles, though younger generations are more accepting.

Autonomous technology still faces challenges in regulation, safety, and public trust, but is expected to generate $13 billion in revenue by 2030.

3. Connected Cars and V2X Technology

Connectivity is now a core feature of modern vehicles, offering enhanced driving experiences through real-time data, entertainment, and diagnostics.

By 2023, over 192 million connected cars were in service globally, with 80% of new U.S. cars featuring systems like Apple CarPlay and Android Auto.
The number of connected cars is expected to grow, reaching 367 million by 2027, as connectivity becomes standard in more models.
The connected car market, valued at USD 84.72 billion in 2022, is projected to grow at a compound annual growth rate (CAGR) of 13.4% from 2023 to 2030.

Vehicle-to-everything (V2X) communication is also shaping the future of driving, enabling cars to interact with infrastructure, other vehicles, and pedestrians, improving safety and traffic flow.

4. Sustainability and Green Manufacturing

The shift toward sustainability is another key focus in the automotive industry as governments impose stricter emissions regulations to combat climate change.

Countries like the United Kingdom, France, and Japan plan to ban the sale of new gasoline and diesel cars by 2035, pushing automakers to increase production of electric and hybrid vehicles.
Producing lithium-ion batteries, which power EVs, accounts for 40-60% of total production emissions, often surpassing emissions from producing other vehicle materials.
By 2023, EVs consumed about 130 TWh of electricity, representing 0.5% of global electricity usage. This shift displaced about 0.9 million barrels of oil per day (Mb/d), helping to reduce reliance on fossil fuels. To meet net-zero goals by 2030, EVs will need to displace around 8.2 Mb/d of oil.
Electric vehicles are crucial to decarbonizing road transport, which accounts for over 15% of global energy-related emissions.
Automakers like Volvo, BMW, and Ford have pledged to achieve carbon neutrality by 2040 or sooner.

Automakers are also integrating sustainable materials into vehicle production. Ford has introduced seats made from recycled materials, and BMW plans to use 50% recycled or sustainably sourced materials in its vehicles by 2030.

5. Growing Popularity of SUVs

SUVs have continued to gain popularity, overcoming supply chain issues and rising inflation.

In 2022, SUVs made up 46% of global car sales, with growth seen in the United States, India, and Europe.
In the U.S., SUV sales have outpaced sedans, which have seen a 25% decline over the last five years.
Electric SUVs also saw an increase, making up 16% of total SUV sales, which is higher than the average market share of electric vehicles (EVs). For the first time, electric SUVs accounted for over half of all global EV sales.
By 2022, there were over 400 electric car models available worldwide, and 55% of them were SUVs, up from 40% in 2019.

6. Semiconductor Shortage and Supply Chain Challenges

The automotive industry has been struggling with supply chain disruptions, particularly due to the global semiconductor shortage that started in 2020.

In 2022, major automakers like Ford and GM were forced to temporarily shut down production plants due to a lack of semiconductor chips.

Ford closed eight plants early in the year and halted production at its Detroit plant in April, while GM shut down its Fort Wayne, Indiana, facility for two weeks in March.

The shortage has had a costly impact. Initially, it was predicted that the auto industry would lose $110 billion in 2021 due to the shortage, but the actual loss exceeded $210 billion.

Although the situation slightly improved in 2023, the shortage is expected to continue affecting the industry in 2024, as semiconductor production is still catching up with demand.

Semiconductor chips are vital for modern vehicles, powering everything from safety features to infotainment systems. Automakers are adapting by diversifying their supply chains and investing in chip production. However, ramping up semiconductor production is a long process that can take years to resolve.

In response, automakers have been adopting creative solutions.

Tesla rewrote its software to work with different types of chips, while companies like BMW and Chevrolet have removed certain features (such as touchscreens, heated seats, and HD radios) to conserve chips for their most popular models.
Some models of Nissan have been produced without navigation systems to prioritise chip allocation for top-selling vehicles.
On the production side, Infineon, the largest auto chip manufacturer, built the $8 billion Plant in 2024 to boost Malaysian chip production that can help with decarbonization in automotive, industrial and data centre fields.

Automakers are also adopting new technologies like 3D printing and robotics to improve production efficiency, which could help reduce supply chain vulnerabilities over time.

The use of 3D printing in auto manufacturing is expanding, allowing automakers to produce parts more efficiently and cost-effectively.

In 2022, the automotive 3D printing market was valued at $2.8 billion, with expected growth of $13.81 billion by 2032 as more manufacturers adopt this technology for prototyping and production.

7. Electrification of Trucks and Buses

The electrification of commercial vehicles, including trucks and buses, is also rapidly growing.

In 2023, over 56,000 electric buses were sold, making up 3% of total bus sales globally, bringing the total stock to about 635,000 electric buses.

Electric trucks are also seeing an increase in adoption, with sales jumping 35% compared to 2022.

In China, electric trucks made up 3% of total sales, while in Europe, they accounted for 1.5%.

Under current policies, the stock of electric buses is expected to increase sevenfold by 2035, while the stock of electric trucks could grow thirtyfold, driven by stricter emissions standards in the U.S. and European Union.

Companies like Ford, Rivian, and Tesla are at the forefront of this transition, playing a key role in reducing emissions in logistics and transportation.

8. Over-the-Air (OTA) Updates

OTA updates are transforming vehicle maintenance, enabling manufacturers to remotely update software for systems like navigation and safety.

In late 2023, around 309 models across 23 brands were equipped with OTA capabilities.

The market for Over-the-Air (OTA) updates in the automotive industry was valued at USD 3.8 billion in 2023, with an expected annual growth rate of 17% from 2024 to 2032.

In August 2024, Tesla announced a recall of 1.68 million vehicles in China due to a potential issue with the front trunk (frunk) lid, which could fail to detect if it’s unlocked, potentially obstructing the driver’s view.

This affected Model 3 and Model Y vehicles manufactured between October 2020 and July 2024.

Tesla plans to resolve the issue with an OTA update, alerting drivers when the frunk is unlocked.

This follows another large-scale recall in December 2023, showcasing the growing reliance on OTA technology for quick fixes.

Other manufacturers are also leveraging OTA updates – like how Mercedes-Benz used OTA technology to address an issue with its e-Call system, which was at risk of failing after a crash, affecting 1.3 million vehicles across its lineup.

The growing use of OTA updates highlights how automakers are minimizing the need for in-person service visits, offering faster solutions to vehicle issues and improving the overall customer experience.

9. Hydrogen Fuel and Vehicles

Hydrogen fuel is gaining attention as a key player in the future of clean energy, especially for heavy-duty transport.

By 2030, it is projected that more than 20% of hydrogen and hydrogen-based fuels will be internationally traded as part of the global push toward net-zero emissions.

Around 16 million tons of hydrogen are expected to be exported globally by 2030, but infrastructure development has been slow.

As of 2023, there are about 17,000 hydrogen-powered vehicles on U.S. roads, all located in California, the only state with a retail hydrogen fueling network.
Hydrogen-powered vehicles include models like the Toyota Mirai, which has sold about 14,300 units across two generations in the U.S.
Despite initial interest, hydrogen vehicle adoption has been limited, with only a few models available, such as the Hyundai Nexo and the discontinued Honda Clarity.
In 2024, Honda plans to introduce the CR-V e, a hybrid model combining hydrogen fuel cell technology with a battery that offers 29 miles of electric range in addition to the 241 miles from the fuel cell. This vehicle will only be available in California, with a projected volume of 300 units annually.

While hydrogen vehicles hold potential, their widespread adoption depends on developing necessary infrastructure, securing long-term agreements, and advancing fuel cell technology.

10. Car-sharing and Subscription Services

Car-sharing and subscription services are gaining popularity as consumers seek flexible alternatives to owning vehicles.

The global car-sharing market, valued at $9.60 billion in 2024, is projected to grow to $23.89 billion by 2029.
The number of users of car-sharing services is expected to rise from 123.4 million in 2022 to 269.4 million by 2027.
Similarly, the number of vehicles in car-sharing fleets is projected to grow from 575,000 in 2022 to 979,000 by 2027.
Car-sharing services are now available on all continents except Antarctica, with Asia leading the way, accounting for about 40% of the global car-sharing fleet. Europe follows with 30%, while North America ranks third.
North America, which faced challenges in previous years, saw improvements in 2022, with its fleet size growing by 7.9% and subscriber numbers increasing by 9.1%.

This rapid growth is also supported by large car rental companies acquiring smaller car-sharing platforms, further expanding their reach.

Global Statistics Resources

References

IEA: Global EV Data, EV System, Global SUV sales & Global Hydrogen Review
TC: Testing of Autonomous Vehicles on U.S roads
GVR: Autonomous Vehicle Market & Connected Car Market
AO: Advanced Driver Assistance System Penetration Rates in the US
JR: Connected Vehicles Globally
CMBG: Gasoline Vehicle Phase Out Advances Around The World
M&C: Road mobility 2022
AP: Semiconductor Shortage – Market Revenue Lost
BNN: Infineon’s Plant in Kulim, Malaysia
TA: Automotive 3D Printing Market Size Report
SBD: Over-the-Air updates
EN: Tesla remote software upgrade
BBC: Mercedes-Benz emergency call system
MDPI: Hydrogen Fuel Cell Vehicles
MI: Car Sharing Market Size & Share Analysis
IOT & BI: Users of Carsharing Services Worldwide
GB: Global Carsharing Users and Subscribers