The Largest Car Companies in the World (New) (2024)

PHOTO CREDIT: europe.autonews.com

Last year was a tough one for the global auto industry. As we all know, many countries have been affected by parts supply and COVID-19. For example, the US auto market totaled 13.867 million units in 2022, down 7.9% from a year earlier and the worst sales performance since 2011; On the other hand, new car sales in the UK auto market were 1.61 million units, a 30-year low, down 2% year-on-year.

However, it is worth noting that Toyota showed year-on-year declines in its home market in Japan, North America, and China. In addition to supply chain issues and the impact of pandemics, Toyota's slow transition to electrification contributes to declines in these markets.

The auto industry is highly competitive, with car companies in Europe, Japan, the United States, and South Korea competing for market share. Volkswagen AG and Toyota are currently the world's leading passenger car manufacturers. In 2021, the Toyota Motor Corporation, previously number one on our list, was replaced. German automaker Volkswagen AG becomes the new No.1.

With 2023 shaping to be another competitive year for the global auto industry, we've compiled a list of the world's largest car companies (based on 2022 revenue).

The Largest Car Companies in the World (2022 Ranking List)
2022	2021	Company	Country Revenues($M)
1	2	Volkswagen AG	Germany(295,819.8)
2	1	Toyota	Japan(279,337.7)
3	N/A	Stellantis	Netherlands(176,663)
4	3	Mercedes-Benz Group	Germany(158,306.1)
5	4	Ford Motor	United States(136,341)
6	7	BMW	Germany(131,521.6)
7	5	Honda	Japan(129,546.9)
8	6	General Motors	United States(127,004)
9	8	SAIC	China(120,900.2)
10	9	FAW Group	China(109,404.7)
11	10	Hyundai	South Korea(102,775)
12	11	Dongfeng	China(86,122)
13	12	Nissan	Japan(74,994.9)
14	13	BAIC Group	China(74,687.3)
15	14	GAC Group	China(66,955.2)
16	15	Kia	South Korea(61,049.8)
17	16	Renault	France(54,639.2)
18	17	Geely	China(55,860.1)
19	20	Tesla	United States(53,823)
20	18	Volvo	Sweden(43,388.4)
21	19	Tata	India(37,797.2)
22	21	Suzuki	Japan(31,765.4)

Source: fortune.com/global500/

There’s a quiet revolution underway in the automotive world: the transition to low- and no-emission vehicles. After struggling to produce cars because of a global auto chip shortage, automakers are trying to move quickly to making electric vehicles.

Electric cars are gaining popularity, and the market is shifting fast. Car companies are going to have to work harder than ever to keep up with their competition.