Global Automotive Production data from 2024
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In 2024, the global automotive industry slightly slowed down with a total production of 89 million vehicles (compared to 90.5 million vehicles in 2023), source: S&P Mobility. This achievement is even more remarkable when we analyze the evolution of the last decade. In 2020, the pandemic caused an abrupt drop in global production to 77.6 million units, a dramatic contrast to pre-pandemic levels. Since then, the sector has demonstrated remarkable resilience, recovering from the adversities of semiconductor shortages and disruptions in global supply chains. This journey also reflects a profound technological transformation that will revolutionize the future of automotive mobility.
China at the Top of Global Production
Based on the latest available data from 2024, China consolidated its leading position with 33.5% of global production. This dominance was based on a meticulously planned strategy and formula for success that combined massive investments in technology, advanced production infrastructure, integration of efficient supply chains, competitive production costs, a highly absorbent domestic market, and above all strong government support, especially in the electric vehicle segment.
USA and Japan: traditional forces in the sector
The traditional powers have maintained their relevance, with the USA and Japan representing 17.7% and 13.7% of global production, respectively. They continue to stand out for their technological sophistication and increasing focus on electric vehicles, supported by highly efficient production systems and a remarkable capacity for innovation that continues to influence the entire industry.
In 2024, Tesla decreased production by 1% compared to the year 2023 with 1.7 million vehicles produced. The American brand continues to lead in crucial aspects such as battery range, autonomous software, and energy efficiency, but on the global production level, it is losing the race to the Chinese BYD (Build Your Dreams) which achieved a historic milestone by surpassing Tesla as the world's largest electric vehicle manufacturer in the last quarter of 2024, producing more than 3.9 million electrified units. This exponential growth is due to its integrated production strategy, which includes in-house manufacturing of batteries and semiconductors, allowing for greater control over the supply chain and more competitive costs. The Chinese company has rapidly expanded its global presence, with strong penetration in Europe.
Europe: diversity and innovation
Europe maintained its global production at 19% in 2024. Germany continues to lead production (data available from 2023). Spain emerges as a success story, benefiting from strong strategic government support and excellent logistical infrastructure.
Portugal maintains its strategic position with a production of 318,231 vehicles in 2023. The country stands out with an impressive export rate of 99.3% of its production, supported by a robust automotive cluster and a recognized specialization in components. Two main players stand out in the national landscape: Volkswagen Autoeuropa in Palmela, responsible for the largest share of national production, and Stellantis in Mangualde, which continues to demonstrate the competitiveness of the Portuguese industry in the European context.
So why do we have an aging car fleet in Europe and the USA?
In fact, the average age of the car fleet in Europe and the USA is 12 years, compared to 7 years in China, which is a paradox if we consider that car production has increased.
In Portugal, the main factors lie in the lack of incentives for scrapping, as well as in the reliability and durability of cars, which has extended their lifespan. Additionally, we have a young consumer profile that is digital and foregoes vehicle ownership, only using mobility solutions. Finally, economic issues have constrained the purchasing power for acquiring new vehicles.
The aging of the global car fleet creates significant opportunities in the aftermarket.
It´s in this context that Tips4y offer digital solutions that increase the efficiency of companies in the aftermarket by 10X. Are you familiar with our solutions?
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