According to a report titled “World Automotive Market: Trends, Transformations and Tariff Wars” from the Russian Exhibition Foundation, the global automotive market is experiencing a widening gap between budget and premium price segments. The mid-price range is expected to shrink and become predominantly Chinese.
The report highlights increasing polarization between high-end and low-end markets. “The gap between budget and premium segments is expected to widen, while the mid-range market share will decrease. Chinese manufacturers will dominate the low and mid-range markets, while European and American manufacturers will lead in the premium segment.”
Experts note that the global automotive market has shown strong growth in 2024, exceeding pre-pandemic levels for the first time since the end of the COVID-19 pandemic.
In terms of revenue, manufacturers from Germany, Japan, the United States, and South Korea still maintain market dominance. The 2024 revenue leader is Volkswagen Group with $348.9 billion, followed by Toyota Motor ($311.9 billion) and Stellantis Group ($204.9 billion). The report indicates that “SAIC Group, the only Chinese manufacturer in the top ten, occupied the last position at the end of 2024” with revenues of $102.8 billion.
The authors note: “BYD’s production can be better assessed in physical terms. According to preliminary estimates, China’s BYD ranks ninth globally, with car sales in 2024 increasing nearly 1.5 times from the previous year, delivering 3.8 million vehicles—a 42.4% increase.”
Meanwhile, market leader Toyota Group saw a 3.7% production decline to 10.82 million vehicles. Volkswagen Group also experienced negative growth, dropping 1.3% to 8.28 million vehicles. Third-ranked Hyundai Motor’s production decreased by 2.7% to 6.61 million vehicles.
Source: Sputnik News, April 2, 2025
https://sputniknews.cn/20250402/1064801900.html