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Current Trends and Performance in the Global Car Market for 2024

GOOVER DAILY REPORT July 10, 2024
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TABLE OF CONTENTS

  1. Summary
  2. Global Car Brand Performance in 2024
  3. Market-Specific Analysis
  4. Shifts in Automotive Technology
  5. Regional Market Dynamics
  6. Conclusion

1. Summary

  • The report titled 'Current Trends and Performance in the Global Car Market for 2024' provides an in-depth analysis of the automotive industry, focusing on leading car brands such as Toyota and Volkswagen, key markets like Brazil and India, and pivotal industry trends, particularly the sales of electric vehicles (EVs) and internal combustion engine (ICE) cars. Toyota remains the best-selling car brand globally despite a slight decline in sales, while Volkswagen shows positive growth. Significant regional performances are highlighted, including Toyota’s success in India, and Hyundai HB20 as the top-seller in Brazil for June 2024. There is a noteworthy distinction in market performance between EVs and ICE models, with EVs facing adoption challenges. Additionally, the rise of autonomous vehicles, driven by advancements from companies like Waymo, indicates ongoing technological shifts within the industry.

2. Global Car Brand Performance in 2024

  • 2-1. Top Car Brands and Models in 2024

  • According to the report from Focus2move, Toyota remains the world's best-selling car brand up to May 2024, despite experiencing a slight decline of 1.4% in sales. Volkswagen holds the second position, having achieved a growth of 4.9%. RushLane highlights the significant performance of Toyota in the Indian market as well, where the brand registered a 41.21% increase in June 2024 sales compared to the previous year, bringing their market share to 7.59%. In addition to Toyota and Volkswagen, other top-selling brands include Skoda, Hyundai, and Kia, as stated in the Business Plus report.

  • 2-2. Popular Car Models in 2024

  • The Business Plus report points out that, despite a decrease in new car registrations by 50%, the Tesla Model 3 emerged as the top-selling vehicle in June 2024. The retail market remains optimistic due to new model releases and attractive offers. The report also indicates a surge in the sales of imported used cars, which rose by 22.2% in June 2024 compared to June 2023. Additionally, market share distribution in new car sales for 2024 is led by petrol cars with 32.96%, followed by diesel at 22.89%, hybrid (petrol electric) at 20.11%, EVs at 13.61%, and plug-in electric hybrids at 8.83%.

3. Market-Specific Analysis

  • 3-1. Top Car Sales Trends in Brazil for June 2024

  • In June 2024, Brazilian vehicle sales experienced a significant increase, with total sales reaching 214,304 units, representing a 13.1% growth compared to June 2023. This includes 163,827 passenger cars, 38,757 light commercial vehicles, 9,982 trucks, and 1,738 buses. The passenger car segment was led by Hyundai HB20 with 9,760 units sold, followed by Volkswagen Polo with 9,683 units, and Chevrolet Onix with 8,852 units. The commercial vehicle market was dominated by Fiat Strada with 7,551 units sold. Notably, Volkswagen Polo overtook Fiat Strada as the best-selling car in Brazil for the first half of 2024.

  • 3-2. Dominant Car Brands in Brazil in June 2024

  • In June 2024, Fiat led the Brazilian market in both passenger and light commercial vehicle sales. Fiat's sales figures included 33,456 passenger cars, capturing 20.4% of the market, and 17,535 light commercial vehicles, holding 45.2% of the market share. Volkswagen followed with 25,956 passenger cars (15.8% market share) and 3,887 light commercial vehicles (10.0% market share). General Motors sold 24,055 passenger cars (14.7%) and 4,616 light commercial vehicles (11.9%). Hyundai was also noteworthy, with its HB20 being the top-selling passenger vehicle in June.

  • 3-3. Car Sales in India for June 2024

  • In India, June 2024 saw significant sales activities among top car brands. Maruti Suzuki, Hyundai, and Tata emerged as the best-selling car brands in the market. Maruti Suzuki alone sold over 100,000 vehicles in June, establishing its dominance. Hyundai also reported strong sales, showing a considerable monthly sales increase. Toyota experienced the highest month-over-month (MoM) and year-over-year (YoY) growth, with sales exceeding 25,000 units, reflecting a notable spike of 38% MoM and 41% YoY. Mahindra recorded a growth of nearly 23% in yearly sales despite a small MoM decline.

4. Shifts in Automotive Technology

  • 4-1. Impact of Electric and Autonomous Vehicles

  • The rapid development of autonomous vehicles, supported by significant investments from major tech and car companies, is transforming the automotive landscape. As highlighted in the document titled 'Discover Your Path to Superior Driving with High-End, Luxurious Autonomous and Self-Driving Cars', these vehicles offer benefits such as enhanced safety, reduced traffic, and improved accessibility for individuals with movement challenges. Autonomous vehicles show a remarkably low accident rate of 0.1 accidents per million miles compared to 1.1 for traditional vehicles. They also contribute positively to the environment, being 30% more fuel-efficient and producing 40% lower CO2 emissions. Despite these advances, the market faces challenges, as noted by Rimac in 'Elon Musk Beware: Rimac Is Doing Auto Taxis Too With New Verne Brand'. Rimac points out that traditional car companies struggle with legacy issues while startups often miss the mark on consumer preferences, highlighting a divide in the approach towards developing autonomous vehicles.

  • 4-2. Comparison of Electric and Internal Combustion Engine Models

  • Electric vehicles (EVs) and internal combustion engine (ICE) models continue to show different trends in market performance. Rimac's insights underline that the key to successful electric cars lies in developing them from the ground up rather than retrofitting existing combustion models. This approach reflects the slow yet significant market adoption of EVs. Data from the document, 'These were the most popular car brands in a quiet-selling June', shows contrasting performances, with traditional brands like Toyota leading the June 2024 car sales, indicating 9,743 units sold, while electric vehicle manufacturers still face hurdles in overcoming consumer adoption barriers. The shift towards EVs is evident, but traditional ICE models remain dominant in sales figures, suggesting a transitional phase in the automotive industry rather than a complete shift.

5. Regional Market Dynamics

  • 5-1. Trends in the Spanish Car Market for June 2024

  • No specific data available.

  • 5-2. Sales Performance in the South African Market for June 2024

  • No specific data available.

  • 5-3. Growth Trends in the Indian Car Market

  • No specific data available.

  • 5-4. Industry Calls for Government Help as Van Market Stalls in June

  • A report from Broker News highlights that the vehicle van sector experienced a decline in sales in June 2024. The industry is urging for government assistance to address the stalling market. This reflects a broader trend within the automotive industry where certain segments are facing challenges.

6. Conclusion

  • The report reveals Toyota's sustained global leadership in the car market for 2024, even amidst a minor sales decline. It underscores the ongoing popularity of internal combustion engine vehicles, which continue to dominate the market against electric vehicles, despite the latter's environmental benefits and technological advancements. The prominent growth in key regional markets, such as Brazil led by Hyundai and India by Maruti Suzuki, signifies robust demand in emerging economies. Notably, the rapid adoption and investments in autonomous vehicle technology, as evidenced by companies like Waymo, suggest an industry poised for significant transformation. However, the report also identifies critical challenges, particularly in the adoption of EVs and the integration of autonomous technology. Future market trends suggest a gradual but definitive shift towards more sustainable and efficient automotive solutions, though consumer acceptance and infrastructural support will be crucial. Monitoring these trends will be vital for stakeholders aiming to navigate and capitalize on the evolving automotive landscape.

7. Glossary

  • 7-1. Toyota [Company]

  • Toyota remains the most popular car brand globally in 2024, leading in overall sales despite a slight decrease from the previous year. Models like the Toyota Corolla and RAV4 continue to perform well across various markets.

  • 7-2. Hyundai HB20 [Car Model]

  • The Hyundai HB20 emerged as the top-selling car in Brazil in June 2024, with an impressive 45.87% month-on-month growth. This model underscores Hyundai's strong market position in Brazil.

  • 7-3. Maruti Suzuki [Company]

  • Maruti Suzuki maintained a dominant market share of 40% in India for June 2024. Popular models like the Maruti Swift and Maruti Dzire lead their sales, highlighting their strong consumer preference in India.

  • 7-4. Electric Vehicles (EV) [Technology]

  • Electric vehicles like the Tesla Model Y faced a decline in sales in 2024, reflecting a broader market trend where internal combustion engine vehicles continue to dominate demand.

  • 7-5. Autonomous Vehicles [Technology]

  • Autonomous driving technologies are transforming the automotive industry. Companies like Waymo are leading the way in improving safety and efficiency, although the sector faces significant challenges and opportunities.

8. Source Documents