December 30, 2024 (MLN): In 2023, Germany led global car exports with $177.2 billion, followed by Japan at $110.9bn and China at $77.7bn.

Worldwide car exports totaled an impressive $958.7bn, reflecting robust international demand, as reported by Tendata.

This figure signifies a remarkable 25.1% increase compared to $766.3bn five years earlier in 2019.

When looking at year-over-year changes, the total international spending on exported cars rose by 21.5% from $789.1bn in 2022.

The fastest-growing car exporting countries from 2022 to 2023 were Mainland China, with a 73.8% increase, followed by South Korea with a 32.1% rise, and Canada with a 28.6% growth.

The major car exporting companies include Narbada Impex Private Limited, holding a 13.32% share with $8,670.14 million, followed by Sudhir Enterprises at 9.83% with $6,396.63mn, and Hyundai Motor India Limited at 5.41% with $3,522.54mn.

In terms of global ranking, cars were the fourth most exported product by sales value, following crude oil, refined petroleum oils, and electronic integrated circuits.

Overall, cars constituted 4.1% of all international spending on exported goods, an increase from 3.2% in 2022.

The five top exporters of cars in 2023 were Germany, Japan, mainland China, South Korea, and the United States.

Collectively, these five countries accounted for over half (51.9%) of the car exports sold in international markets.

From a continental perspective, European nations led the way, exporting cars valued at $485.2bn, which is 50.6% of total international car sales.

Asian countries followed, contributing 31%, while North American exporters accounted for 16.5%.

Smaller contributions came from Africa (1.2%), Latin America (0.6%, excluding Mexico but including the Caribbean), and Oceania (0.04%, primarily from Australia).

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Posted on: 2024-12-30T13:01:00+05:00