According to projections, the global Car market value will reach $2.58 trillion by 2023. Looking ahead, the market is expected to grow at a compound annual growth rate (CAGR) of 8% from 2024 to 2028, reaching $3.81 trillion by the end of the forecast period. The Asia-Pacific region will continue to be the largest market, followed by North America.

Currently, global sales and adoption of electric and hybrid cars are rapidly increasing. By 2024, sales of electric cars (including battery electric and plug-in hybrid vehicles) are expected to grow by 21% to 16.7 million units, with about 70% being pure electric cars. This year, electric vehicles are projected to account for around 20% of total global car sales, up from approximately 17% in 2023. The significant growth in electric car sales and adoption creates a positive outlook for the global car market.

Rapid innovation and increasing disposable income are expected to drive the global car market's growth. Automakers are integrating digital technologies into cars to develop innovative Car software and digital systems, enhancing the driving experience and meeting changing consumer demands. The introduction of new models with new features and characteristics during the forecast period is also anticipated to positively impact the market.

Top 10 Car Exporting Countries in 2022

Based on Tendata's 2022 global customs database, here are the top 10 car-exporting countries. Note that there were significant changes in global car export volumes in 2023 and 2024, with China surpassing Japan and South Korea to become the world's largest car exporter. For the latest global car export data, consult Tendata.

10. Slovakia

Car exports (2022): $26.18 billion

Slovakia, a landlocked country located in Central Europe, is among the top ten largest exporters of Cars in the world. As a major car manufacturing center, Slovakia's car manufacturing industry is an important part of the country's economy. By 2022, Slovakia's car exports reach $261.8 billion.

9.UK

Car exports (2022): $29.38 billion

The UK is one of the world's largest exporters of Cars. With car exports totaling $293.8 billion by 2022, the U.K.'s car manufacturing industry contributes significantly to the country's economy. The UK is home to a number of premium and sporty car manufacturers, including Aston Martin Lagonda Global Holdings plc (LSE:AML), Bentley Motors, Jaguar, McLaren Group and Rolls-Royce Motor Cars.

8. Canada

Car exports (2022): $29.44 billion

Canada is one of the world's largest exporters of Cars, coming in at number eight on our list. car manufacturing is Canada's main industrial sector and it is one of the world's largest exporters of Cars. By 2022, Canada's car exports reach $294.4 billion.

7. Spain

Car exports (2022): $32.9 billion

Spain is one of the largest automakers in Europe, and the car industry is a strategic sector of the country's economy. By 2022, Spain's car exports total $32.9 billion.

6. China

Car exports (2022): $44.68 billion

China is one of the world's largest car industrialized countries in terms of vehicle production. However, China is also one of the largest and most populous countries in the world, and most of the cars produced are sold to the domestic market. By 2022, China's car exports reach $446.8 billion, placing it sixth on our list of the world's top car exporters.

5. Mexico

Car exports (2022): $46.92 billion

Mexico is one of the top five countries in our list of the world's largest car exporters. Many major car companies have car production and manufacturing facilities in Mexico. By 2022, Mexico's motor vehicle exports total $469.2 billion. Mexico is also a major exporter of car parts and components.

4. South Korea

Motor vehicle exports (2022): $51.68 billion

South Korea is one of the world's largest exporters of Cars. By 2022, South Korea's car exports total $516.8 billion. South Korea's largest automakers include Hyundai Motor Company (KRX:005380) and Kia Motors Corporation (KRX:000270).

3. United States

Car exports (2022): $57.85 billion

The U.S. is among the top three countries in our list of the world's top car exporters. The U.S. has a strong car industry that includes major car manufacturers such as General Motors (NYSE: GM) and Ford Motor Company (NYSE: F). By 2022, U.S. motor vehicle exports will total $578.5 billion.

2. Japan

Motor Vehicle Exports (2022): $86.57 Billion

Japan is an island nation that ranks second on our list of the world's top Car exporters. As one of the world's largest producers of Cars, Japan is home to a number of companies that manufacture Cars, such as Toyota Motor Corporation ( NYSE: TM ), Honda Motor Co Ltd ( NYSE: HMC ), Nissan Motor Co Ltd ( TYO:7201 ), and Mitsubishi Corporation ( TYO:8058 ).In 2022, Japan's car exports amounted to $86.57 billion.

1. Germany

Automotive exports (2022): $157.32 billion

Germany tops the list of 15 countries with the highest volume of global car exports. Germany is home to one of the world's largest car industries, which plays a vital role in the German economy. in 2022, Germany's car exports totaled $157.32 billion.

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