After recently securing the title of the world’s best-selling car manufacturer for the fifth year in a row, Toyota’s total new car sales for 2024 have now been confirmed.
The Three Best-Selling Automakers in 2024
- Toyota (including its subsidiaries) remains at the top.
- Volkswagen Group follows in second place, comprising brands such as Volkswagen, Skoda, Seat, Cupra, Audi, Lamborghini, Bentley, Porsche, and Ducati.
- Hyundai Motor Group secures third place with Hyundai, Kia, and Genesis under its umbrella.
Toyota’s Global Sales Figures for 2024
The Japanese automotive giant Toyota closed 2024 with a global sales volume of 10.8 million new vehicles, including its luxury division Lexus, its small car subsidiary Daihatsu, and its commercial vehicle arm, Hino Motors.
Despite a 3.7% decline compared to the previous year, Toyota managed to maintain its position as the world’s leading automaker by sales volume, extending its dominance for the fifth consecutive year.
In comparison, the Volkswagen Group secured second place by delivering 9.03 million vehicles, reflecting a 2.3% year-on-year drop. Meanwhile, Hyundai Motor Group retained third place with 7.2 million new car sales, experiencing a 1% decline from the previous year.
The Factors Behind Toyota’s Sales Decline
Toyota’s 2024 sales dip was primarily attributed to a significant downturn in its home market, Japan, where sales plummeted by 19.7%. A Reuters report published on January 30 attributed this decline to regulatory concerns surrounding certification testing procedures, particularly those involving Daihatsu.
Toyota and Lexus Sales Performance
When excluding Daihatsu and Hino, the Toyota and Lexus brands alone accounted for approximately 10.2 million vehicles sold, marking a 1.4% decline from the previous year.
One key takeaway from Toyota’s sales data is the increasing prominence of hybrid models, which comprised 40.8% of total sales—a record high. In contrast, fully electric vehicles (EVs) made up just 1.4% of Toyota’s total deliveries.
The Growing Pressure from EV Competitors
As demand for electric vehicles continues to rise—albeit at a slower rate than many automakers had projected—Toyota may face additional challenges in retaining its market dominance. Competitors with larger EV portfolios, such as BYD and Tesla, are rapidly expanding their market presence, particularly in China, where they hold significant influence.
The Rise of BYD and the EV Shift
China’s BYD, which sold 4.25 million vehicles in 2024, continues to gain ground globally through its hybrid and electric vehicle offerings. This aggressive expansion poses a growing threat to Toyota’s market share, particularly as EV adoption accelerates in key regions.
Toyota’s position as the world’s top-selling car manufacturer remains secure for now, but with the shifting landscape of the automotive industry, maintaining this lead will require strategic adaptations—especially in the electric vehicle sector.
