Toyota Retains Global Automotive Dominance with 10.8 Million Vehicles Sold in 2024

Toyota Retains Global Automotive Dominance with 10.8 Million Vehicles Sold in 2024

23 days ago | 5 Views

Toyota Motor Corporation, the leading automobile manufacturer, continues to hold its position as the most favoured carmaker worldwide. For the fifth consecutive year, it has secured its status as the largest car manufacturer globally, surpassing competitors such as Volkswagen. In the previous year, Toyota Motor achieved sales exceeding 10 million vehicles, outpacing Volkswagen by over 1 million units. While it maintains its rank as the largest carmaker, Toyota is positioned as the second most valuable automotive brand in the world.

The total sales figures for Toyota in 2024 also encompass those from its luxury division, Lexus, as well as its subsidiaries, Daihatsu Motor and Hino Motors, which are integral to the Toyota group. Of the 10.8 million vehicles sold by the group last year, Toyota and Lexus accounted for approximately 10.2 million units, representing nearly 95 per cent of total sales. However, a decline in sales in Japan, China, and other international markets resulted in an overall decrease of 3.7 per cent in Toyota's sales for 2024.

Hybrid cars dominate Toyota sales in 2024

A majority of the vehicles sold by Toyota in the previous year were Internal Combustion Engine (ICE) models powered by petrol or diesel. The manufacturer is also well-regarded globally for its petrol-electric hybrid vehicles. In India, these hybrid models are marketed under names such as Innova HyCross and Urban Cruiser HyRyder, among others. Hybrid vehicles accounted for a notable 40 per cent of Toyota's total sales in international markets. Additionally, the company offers electric vehicles, which represent a modest contribution of approximately 1.5 per cent to overall sales.

Toyota Motor Sales: How India contributed

Toyota Motor concluded the year 2024 with remarkable success in India, having dispatched over 326,000 units. The Japanese automotive leader experienced a 40 per cent rise in sales compared to the previous year, 2023. Of the total sales, slightly more than 300,000 units were delivered within India, while 26,232 units were exported to various international markets.

Volkswagen ends 2024 as the world's second-largest carmaker

Volkswagen Group, the prominent German automotive manufacturer, remains the second largest car producer globally. In 2024, the company reported sales exceeding 9 million vehicles worldwide. The Volkswagen Group encompasses various brands, including Skoda, Volkswagen, SEAT, and CUPRA, as well as luxury manufacturers such as Audi, Lamborghini, Bentley, Porsche, and Ducati. The group's sales experienced a decrease of 2.3 per cent last year in comparison to 2023, with a significant portion of this decline being linked to reduced sales in China, where the company encountered intense price competition from its competitors.

Read Also: Can the Honda ZR-V Make Its Mark in India? Key Highlights to Consider

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