The global automotive industry landscape has undergone a significant change in 2023. Although Toyota remains the largest car manufacturer in terms of sales, China has overtaken Japan as the leading vehicle exporter. And this change, if it is maintained, can have important implications for the future of the automotive sector.
These are the data that I have been able to obtain:
- Toyota: Sold 11.2 million vehicles in 2023, consolidating itself as a sales leader for the third consecutive year.
- China: Its production reached 26.1 million units, surpassing Japan (by 9.2 million) and making it the largest producer in the world.
- Exports: China exported 5.2 million vehicles in 2023, while Japan exported 4.4 million. For the first time, China appears as the world's largest exporter of cars.
There are a number of factors driving China's growth in exports:
- Robust domestic market: China has the largest automotive market in the world, with more than 300 million vehicles in circulation.
- Government incentives: The Chinese government encourages the production and sale of electric vehicles, boosting this segment.
- • Rise of local brands: BYD, Geely and Great Wall Motors have experienced exponential growth, gaining ground in the global market.
And this change has a number of implications for the future:
- Intensified competition: Competition in the industry intensifies. Traditional manufacturers such as Toyota, Volkswagen and General Motors will be forced to adapt.
- Rise of electric vehicles: China leads the production of electric vehicles, and is already the world leader in this segment
- Change in leadership: It is more than possible that China will also become the leader in automobile sales in the future.
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It is not easy to anticipate the future, but if China improves the quality of its cars (it is still somewhat below Western brands), it will be a very difficult opponent to beat. Because the Chinese market is highly competitive and there are many manufacturers that are unknown to us today.
In the following photo you can see the number of different car brands that there are in China
If things continue in this direction, some countries will tax Chinese cars, but that will only stop some of their exports, as customers want their products to be as cheap as possible.
The change in leadership of global automotive production and export is a significant event with a lasting impact on the industry. China is in an advantageous position to continue growing and become the market leader in the future. What remains to be seen is what the large Western companies will do.
And what I am also clear about is that the growth of production in China will have a negative impact on employment in developed countries. And we must not forget that behind China comes India trying to imitate it.
The future has never been easy for anyone, but now it changes faster every day, and that makes it a little more difficult if possible.
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