In 2024, sales in the 52 major countries that account for more than 90% of the global market totaled 84.14 million units, up 1.5% from the previous year. The global market as a whole appears to have reached approximately 89.5 million units (estimated based on sales in 52 major countries), and may recover to the 2019 level (approximately 92 million units) by 2025, before the Corona disaster. Global auto sales are not expected to surpass the record high of 2017 (96.2 million units) until 2028 or later.

By major country/region (2024), China, the world’s largest market, posted a solid sales performance with a 1.2% year-on-year increase to 26.28 million units. In addition, three North American countries (the U.S.: +2.3%, Canada: +8.0%, and Mexico: +9.8%) and Brazil (+14.1%) performed well against the backdrop of their robust economies.
On the other hand, Germany (-0.4% y-o-y), France (-2.4% y-o-y), Japan (-7.5% y-o-y), and South Korea (-6.1% y-o-y) all posted lower sales than the previous year, although the situation differs in each country due to economic stagnation and inventory adjustments. In Russia (+39.2% y/y to 1.83 million units), the market had shrunk significantly since the start of the Russia-Ukraine war in 2022, but has recovered to a level above 2019 (1.78 million units) with the entry of Chinese brands in place of Western, Japanese, and Korean brands that have withdrawn.

Regarding the BEV market, which is attracting global attention, many major automakers in developed countries in Europe and the U.S. tended to move rapidly from development to production investment and market launch of BEV products, partly due to tighter environmental regulations until around mid-2023, but high vehicle prices associated with high battery prices, EV charging However, high vehicle prices associated with high battery prices, delays in the development of EV charging infrastructure, and other factors have resulted in a supply-demand imbalance, with demand not growing without subsidies. In Europe, electric vehicle subsidies and discounts by manufacturers are essential to maintain the size of the BEV market, while in the U.S., where there are many opportunities for long-distance travel, demand is declining in terms of convenience. Furthermore, in the U.S., the newly inaugurated President Trump has mentioned the elimination of subsidies (tax credits, up to $7,500) for conventional electric vehicles, which is expected to have a negative impact on the BEV market.

The composition of the U.S.-China conflict, which is having a global impact as of 2024, will be further exacerbated by the inauguration of the U.S. Trump administration. China and Russia, together with the anti-U.S. and pro-China Brazilian Lula administration, are working to create a new framework for cooperation in opposition to the U.S. and other former Western countries (developed countries). 2025 could be a “year of radical change,” and the entire industrial world, in addition to restructuring supply chains in consideration of trade, will be affected, In addition to the restructuring of supply chains with trade in mind, it is also necessary to envision a situation in which industries as a whole will be forced to review their production systems, procurement systems, and other aspects of their operations.