Toyota remains world’s largest car manufacturer for fifth consecutive year
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Japanese auto giant Toyota has maintained its position as the world’s top car manufacturer for the fifth year in a row, solidifying its dominance over competitors like the Volkswagen Group.
Despite a 1.4% decline in sales compared to 2023, the company remains at the forefront of the global automobile industry.
In 2024, Toyota and Lexus collectively sold 10,159,336 vehicles worldwide. When factoring in sales from Toyota’s subsidiaries Daihatsu and Hino, the total rises to 10,821,480 units, though this reflects a 3.7% decline from the previous year.
Meanwhile, Germany’s Volkswagen Group retained its position as the second-largest carmaker globally, recording over 9 million vehicle sales in 2024. The group, which includes brands like Skoda, Volkswagen, SEAT, CUPRA, Audi, Lamborghini, Bentley, Porsche, and Ducati, experienced a 2.3% drop in sales, largely due to increasing price competition in China, one of its key markets.
The decline in Toyota’s overall sales can be attributed to weaker performance in major markets like Japan and China. However, the company continued to dominate the market with its internal combustion engine (ICE) vehicles, while also seeing strong demand for petrol-electric hybrids.
Hybrid cars accounted for 40% of Toyota’s total global sales, reflecting a strong consumer shift toward fuel-efficient models. However, electric vehicles (EVs) made up just 1.5% of the company’s total sales, indicating that Toyota remains more focused on hybrid technology than full electrification.
Despite global sales challenges, Toyota experienced a record-breaking year in India.
The company dispatched over 326,000 units in 2024, marking a 40% increase from 2023. Of these, over 300,000 units were delivered within India, while 26,232 units were exported to international markets.