Global light vehicle sales were 84.0 million units in 2024 and are projected to 85.1 million units in 2025, witnessing a YoY growth of 1.3% from 2024 to 2025.
The growth of light vehicle sales is influenced by various factors, such as the adoption of electric vehicles, especially hybrid vehicles, the development and manufacturing of long-range batteries, the introduction of autonomous vehicles and initiatives being taken by OEMs to commercialise such vehicles, the deployment of 5G connectivity, trends related to used cars, and online sales of used and new cars.
Countries such as China, Brazil, South Korea, and India have increased their investments in the development of the automotive industry due to their growing urban population and economies. Due to such investments, the demand for the automotive market will be higher during the forecast period.
“Hybrid Electric vehicles are anticipated to witness significant growth in 2025”
The growth in sales of Hybrid electric cars with enhanced ranges is shifting the trends in the automotive market. Numerous OEMs have announced to expand their hybrid vehicle portfolio, including Toyota (Japan), Honda (Japan), Volkswagen (Germany), Ford (US), and General Motors (Germany). OEMs such as General Motors and Ford have revived plans for introducing new HEV and PHEV models form 2026-27 onwards.
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“Asia Pacific is expected to be the largest market in 2025.”
Asia-Pacific region holds the major share in the sales volume of PV combined. The major factor is the intensive manufacturing and export of cars in China. The Chinese market is the world’s largest market in terms of vehicle sales as well as production. In 2024, China’s sales volume for light vehicles was over 26 million units, with a share of around 50% globally. China is the most dominant nation in the automotive industry regarding supplying raw materials, manufacturing, and sales. China has the most potent supply chain of EV batteries. Over 50% of the EV batteries are manufactured in China. Moreover, around 75% of the components of EV batteries are manufactured in China. These Chinese manufacturers want to expand their services and acquire additional market share worldwide. The Asia region has seen growth in automobile production in 2023 and 2024. Continuing this trend, the Asia region will dominate the market in 2025.
“Luxury car and Premiumisation of cars takes centre stage.”
There has been a constant increase in sales of luxury and ultra-luxury cars in regions like Asia-Pacific. OEMs are developing and trying to incorporate more ultra-luxury features and are monetizing many such features as a service model. The rise in sales of such cars is due to the increasing number of high-net-worth individuals in this region. This trend is expected to continue and flourish in 2025 as well.
Key Players
The top automobile OEMs in the market are General Motors (USA), Tesla (USA), Volkswagen (Germany), Ford (USA), BYD (China), Toyota (Japan) Hyundai (South Korea) and so on. The other companies that support the automobile industry with technology development are ABB, Siemens, Bosch and others. These companies adopted new product launches, acquisitions, partnerships, collaborations, and other key strategies to gain traction in the automotive market.
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