The Toyota group sold 11.23 million vehicles in 2023
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The Toyota group sold 11.23 million vehicles in 2023
- The Toyota group (Toyota, Lexus, Daihatsu, Hino) sold 11.23 million vehicles worldwide in 2023 compared to 10.48 million in 2022, which represents an increase of 7.2%. This volume consists of 9,483,137 Toyotas (+6%), 824,258 Lexus (+32%), 790,441 Daihatsu (+3.2%) and 135,203 Hino (-9.8%).
- The Toyota group consolidates its global first place in the world ahead of the Volkswagen and Hyundai-Kia groups, while it is nearly not in the battery electric vehicle market (90,000 BEV sales in 2023, or less than 1% of its global sales). Toyota has bet everything on the hybrid engine (2,645,000 FHEV sales in 2023, or almost a quarter of its global sales). Plug-in hybrids (PHEV) do not exceed 95,000 sales. Remember that Lexus is the group's Premium brand, Daihatsu the brand dedicated to small cars and Hino the brand dedicated to utility vehicles.
- Of the 11.23 million vehicles sold by the Toyota group in 2023, 2,304,809 units were marketed in Japan (the carmaker traditionally occupies almost 50% of this market). Almost as many, 2,248,417 units were sold in the United States (+6.6%) and 1,907,587 units were sold in China (-1.7%). The greatest growth was recorded in Europe (+9.1%) where the Toyota group sold 1,126,107 vehicles. The Middle East is the fifth largest global market for the Toyota group.
- In terms of production, the Toyota group produced 11.52 million vehicles in 2023 compared to 10.08 million in 2022, which represents an increase of 8.6%. The production volume in Japan reached 4,308,730 units (+18%) or nearly 4 cars out of 10. Toyota produced 1,752,748 vehicles in China (-4.7%), 1,229,516 in the United States (+8.8%), 797,871 in Europe (+0.7%) and 621,156 in Thailand (-5.8%) where most of Toyota Hilux pickups are produced.
Indian market grows by 8.1% in 2023 compared to 2022
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Indian market grows by 8.1% in 2023 compared to 2022
- The Indian passenger cars market continued its growth started in 2021 in 2023, with an increase of 8.1% compared to 2022. Sales increased from 2.5 million units in 2020 to 3.1 million in 2021, 3.8 million in 2022 and 4.1 million in 2023. In fact, the Indian market continues the trend observed between 2014 and 2018, a trend which was broken in 2019-2020 in particular by the COVID crisis. The Indian market has therefore set a new record in 2023, however the volume of 4.1 million units still remains low if we compare this volume to China, a country with a population equal to India. In China, 26 million new passenger cars were sold last year, or 6.3 times more than in India.
- The Indian market was nevertheless in fourth position last year, behind China, the United States and Europe (29 countries) in terms of passenger car sales. And it is now ahead of Japan.
- By carmaker, the Suzuki group (Maruti brand) remains by far the Indian market leader in 2023, thanks to its small models well adapted to demand, with 42% of passenger car sales, ahead of the Korean group Hyundai-Kia (21 % market share, or half as much as Suzuki-Maruti). Followed by the national groups Tata Group (14% market share) and Mahindra (11% market share). Chinese carmakers only occupy 1% of the Indian market here.
- In 2024, the Indian passenger car market is expected to be between 4.3 million and 4.5 million units.
BEVs represent 24% of the Chinese market in 2023
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BEVs represent 24% of the Chinese market in 2023
- Sales of battery electric vehicles (BEV) continued to grow in China in 2023. From 5% of the Chinese market in 2020, they increased to 13% of the market in 2021, 21% in 2022 and 24% in 2023, which makes China the most electrified country in terms of new car sales. In Europe, the share of BEVs did not exceed 16% last year and in the United States, they barely reached 8%.
- It is interesting to note that a carmaker emerged exponentially during the rapid and significant development of BEV sales in China. This is BYD which has captured a quarter of the Chinese BEV market (1.55 million out of 6 million units), thanks to a range well suited to demand. With this completely exceptional rise in power, BYD is becoming the leading carmaker on the Chinese market ahead of the Volkswagen group and a formidable competitor for Tesla, due to a much wider range.
- Unlike the European market, sales of PHEV (plug-in hybrids) also continue to develop in China, representing 11% of the market in 2023 compared to 7% in 2022 and 3% in 2021. This sales increase is also mainly due to BYD which captured half of the Chinese PHEV market last year (i.e. 1.45 million out of 2.8 million units). Full hybrids remain stable at 3% of the Chinese market. These models are not appreciated by customers.
The Brazilian market grows by 9.1% in 2023 compared to 2022
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The Brazilian market grows by 9.1% in 2023 compared to 2022
- The Brazilian passenger cars market experienced a small recovery in 2023, of around 9.1% compared to 2022, much lower than the global market (+12.9%). The Brazilian market did not exceed 1.72 million units, which places Brazil in 8th position behind France. The catch-up in the period 2020-2022 is very modest as the sales missed during these three mediocre years are estimated by Inovev at 2 million units, which was not compensated at all by the small recovery of 2023.
- Brazil was once described as a market with very high potential due to a large population (215 million people), a still low motorization rate (350 cars per 1,000 inhabitants) and a middle class which is developing with increasing incomes, but this market is subject to the economic ups and downs of emerging countries.
- The sales peak reached in 2012 (with 2.8 million passenger car sales) has never been exceeded since that date. The best performance after 2012 was recorded in 2019, with 2.3 million units. The year 2024 should continue the recovery started in 2023, but without hope of reaching the 2019 level.
- By carmakers, the Stellantis group remains the leader of the Brazilian market in 2023 (27% market share), thanks to its subsidiary Fiat which is a traditional player and very present in this market since the 1950s. The Volkswagen group is second but well behind (17% market share), ahead of the GM groups (16%) and Hyundai-Kia (11%). Chinese carmakers will reach 5% of the Brazilian market in 2023, constantly growing. Tesla only sold 16 cars last year in Brazil.
BEVs represent 16% of the European market in 2023
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BEVs represent 16% of the European market in 2023
- Sales of battery electric vehicles (BEV) continued to grow in Europe (29 countries) in 2023. From 6% of the European market in 2020, they increased to 11% of the market in 2021, 14% in 2022 and 16% in 2023. With a market share which only increases by 2% per year on average, we would reach a market share of 30% in 2030 and 40% in 2035.
- In 2023, BEV sales surpassed for the first time sales of diesel cars which did not exceed 12% market share and which continue to decline (see graphs). BEVs now represent twice the sales of plug-in hybrids (PHEV), which are declining. Full hybrids are no longer progressing and remain stable at 8% of the European market in 2023.
- Countries where BEVs represent more than the European average level in 2023 are Norway (82.4%), Sweden (38.7%), Denmark (36.3%), Finland (33.8% ), the Netherlands (30.8%), Luxembourg (22.5%), Switzerland (20.9%), Austria (19.9%), Belgium (19.6%), Ireland (18.6%), Germany (18.4%), Portugal (18.2%), France (16.8%) and the United Kingdom (16.5%). It is therefore the countries of the North, Center and West which buy the most BEVs.
- Conversely, the countries of the South and East are those which buy the least BEVs. In these countries, the market share of BEVs is less than 10% and the lowest rate (less than 4%) is recorded in Poland, Czechia, Slovakia and Croatia. The rates in the countries of the South are also very low: Italy is at 4.2%, Greece at 4.7% and Spain at 5.4%.