In June 2023, there were 7.87 million cars sold globally, an 11% increase over the previous year. Global car sales increased by 11% year over year from January to June 2023 to a total of 42.43 million units.
Global auto sales have increased as a result of the improved chip supply, which has a beneficial effect on the sector. Notably, Chinese automakers held a sizeable 31% market share worldwide in the first half of 2023, according to recent data released by the China Passenger Car Association (CPCA).
Chinese car markets fared well and even witnessed an excellent performance in auto exports, in contrast to other regions impacted by the global semiconductor shortage. China presented exceptional development potential by capitalizing on the enormous disparity between global supply and demand. The highly monopolized nature of the automotive semiconductor market created chances for China’s supply chain to grow.
Interestingly, the 31% sales share is a little less than the previous year as China auto sales accounted for 33% of the world’s car sales in 1H-2022. According to CPCA’s statistics, the top 10 automakers in China in terms of sales during the first half of 2023 are Volkswagen with a 10.2% share of the market, followed closely by BYD with 9.5%, and GM with a 7.3% market share.
Changan was in 4th position with a 7.1% market share, followed by Geely at 5th place with 6.2%, and Toyota in 6th place with a 6.1% share of the market. Chery (5.4%) was followed by SAIC (4.1%), while Honda, and Great Wall Motors at 9th & 10th place respectively, secured an equal 3.9% share of the market. Worth mentioning is that 6 out of the top 10 players in the Chinese market are now domestic brands.
A computer animation professional with over 23 years of industry experience having served in leading organizations, TV channels & production facilities in Pakistan. An avid car enthusiast and petrolhead with an affection to deliver quality content to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com