Every Region Of The World, Except Africa, Saw An Increase In Demand For Brand New Cars In 2023

Every region of the world, except Africa, saw an increase in demand for brand new cars in 2023, JATO Dynamics says.

Sales volume in the African region decreased by 6 percent to 956,000 units due to significant decline in Egypt.

JATO notes that South Africa accounted for 51% of the African continent’s total, while North Africa represented 34%.

Chinese brands outpaced their American rivals in 2023 with 13.43 million new cars, while their American brands sold 11.93 million units. 

Despite China’s success, Japanese brands maintained a strong position in the global market with a total of 23.59 million units.

Every region of the world, except Africa, saw an increase in demand for new passenger cars in 2023, according to JATO Dynamics latest data and estimations for 151 markets across the world.

Despite facing many challenges, the global automotive industry performed well in 2023 with a total of 78.32 million new passenger cars sold last year — which is an increase of almost seven million units (10%) from 2022.

According to JATO Dynamics data, sales volume in the African region decreased by 6% to 956,000 units due to significant decline in Egypt, “which was the continent’s second-largest market in 2022 and the third last year.”

Datas from JATO Dynamics notes that South Africa accounted for 51 percent of the African continent’s total, while North Africa (which includes countries like Egypt and Algeria) represented 34 percent.

For the very first time, Chinese brands outpaced their American rivals in 2023 with 13.43 million (up by 23%) new cars, while their American brands sold 11.93 million units (up 9% from 2022).

The market share of Chinese car brands like the BYD, GAC and Hongqi soared across regions such as the Middle East, Eurasia, and Africa, while posting growth in Latin America and Southeast Asia.

Felipe Munoz, Senior Analyst at JATO Dynamics, commented :

“As the domestic market shows signs of deceleration, Chinese manufacturers are searching for sources of growth abroad. Ambitions to develop a presence in the US and Europe have been disrupted by robust policy measures designed to protect legacy manufactuers.

Despite China’s success, Japanese brands maintained a strong position in the global market with a total of 23.59 million units sold in 2023, which is over 10 million units more than Chinese brands.

“The growth seen in 2023 is remarkable, especially considering the ongoing geopolitical tensions between China and the USA; the instability generated by conflicts across Europe; the high interest rates that persisted in most of the Western world; and the high price of vehicles,” Munoz adds.

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