Fiji Sun

Automotive industry accelerati­ng yearly

The automotive industry is facing the MOST SIGNIfiCAN­T DEMAND FROM BUYers and the pace of this progress accelerate­s every year.

In this 21st century, a car isn’t just a means of transport anymore, but a computer on four wheels.

In 2023, some 94 million motor vehicles were produced worldwide.

This figure translates into an increase of around 10 percent compared with the previous year.

China, Japan and Germany were among the largest producers of cars and commercial vehicles.

In 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7 per cent compared to 2021.

European Automobile Manufactur­ers Associatio­n in a report stated that global new car sales grew by almost 10 per cent after remaining stable in 2022

EU new car sales surged by almost 14 per cent, totaling 10.5 million units

New battery-electric car sales grew by 37 per cent, reaching a market share of 14.6 per cent.

Although China’s car market stalled in the first three quarters of 2023, full-year sales grew by 4.5 per cent.

Japanese and US car sales experience­d robust growth, increasing by almost 16 per cent and over 14 per cent, respective­ly.

Production

Global car production hit 76 million units, a substantia­l 10.2 per cent increase

The EU solidified its position as the second-largest global car producer as production reached 12.1 million units, a growth of over 11 per cent.

China leads production

China is ranked as the largest passenger car manufactur­er in the world.

The Chinese automotive market produced more than 26 million cars in 2023, accounting for almost one third of the world’s passenger vehicle production.

Over the past decades, China has emerged as one of the main growth markets for players in the global automobile industry. China produced over 25.3 million cars, growing by over 9 per cent and now represents more than a third of the global car manufactur­ing market.

The US produced over 7.6 million cars, growing by 8.5 per cent.

Japan built over 7.7 million cars, a 17.4 per cent increase.

American manufactur­ers in China

One of China’s largest car manufactur­ing companies is the joint venture between General Motors and SAIC Motor Corporatio­n Limited, known as Shanghai General Motors Company Ltd or simply Shanghai GM.

GM produces and sells passenger vehicles under the Chevrolet and Cadillac brands, among others.

Aside from manufactur­ing cars, the company also produces engines and transmissi­on systems.

Shanghai GM’s production amounted to a little over 1.3 million units in 2021.

China produced over 25.3 million cars, growing by over 9 per cent and now represents more than a third of the global car manufactur­ing market.