We told you a few hours ago that in the traditional annual report of the specialized consulting firm JATO Dynamics it was reported that the Tesla Model Y was the best-selling car globally in 2023. Well, now we detail this report, which indicates that last year 78.32 million units were sold in the 151 markets analyzed, which represents a growth of 10% compared to 2022.
The consulting firm indicates that this growth was reflected in figures in all major regions of the world (except Africa), with an increase of 12% in North America and Japan, 6% in China and 12% in Europe.
JATO 2023 Report
As for emerging markets, where Latin America is located, more than 17.5 million vehicles were sold, which represents 22% of global vehicle sales. India led this group with 4.19 million units sold, followed by Brazil, Iran and Mexico. By itself, Latin America grew 9%, with 5.3 million units sold. Here it is important to note that while the region is growing at a rate of almost double digits, In Colombia the decreasing trend continues for almost a year and a half.
Felipe Muñoz, senior analyst at JATO, indicates that “Negligence by traditional automakers, which has resulted in consistently high prices, drove consumers toward more affordable Chinese alternatives. As car prices continue to rise elsewhere, Chinese car brands are capitalizing on this trend to gain market traction at a much faster pace.“
This trend, explains JATO, allows The participation of brands of Chinese origin skyrockets in regions such as the Middle East, Eurasia and Africa; It maintains a significant growth rate in Latin America and Southeast Asia, and is gaining participation in Europe and Oceania.
Thanks to a growth of 23% during the year, Chinese brands surpassed those of American origin for the first time, by selling 13.43 million new cars, conquering third place globally with almost 18% of the total. The leadership throughout the world is maintained by brands of Japanese origin, with 23.59 million units sold and a share of 29.1%, followed by European brands, with 24.9%.
“As the domestic market shows signs of slowing, Chinese manufacturers are looking for sources of growth abroad. Chinese brands have been successful in emerging economies, due to easier access policies, looser trade barriers and greater price sensitivity among consumers.”Adds Muñoz.
With 36.72 million units sold last year, SUVs not only set a new sales record but also recorded their highest market share ever. The SUVs grew 16%, representing close to 47% of global sales totals from last year.
JATO indicates that this growth “was largely due to Tesla’s success in the SUV segment (+62%), along with increased demand in Europe, India, the Middle East and Eurasia, China and the US,” which represents 54% of the world’s total vehicles.
