How Many New Cars Are Sold Each Year? 2024 Global & US Statistics
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Note: This article’s statistics come from third-party sources and do not represent the opinions of this website.
How many new cars are sold each year? It’s a question asked countless times online by people looking to purchase their first car or upgrade their current vehicle. As a potential car buyer, you may wonder about the new car market and selling trends.
The primary purpose of this article is to present the statistics about how many new cars are sold each year in the United States and globally. You will learn about recent figures about the market that can help you be more informed about car sales and buying trends.
The 10 US and Global Statistics on the Number of Cars Sold Each Year
- Toyota is the world’s best-selling car brand for the first time in five years.
- The Ford F-Series is the best-selling car model in the US, with more than 90,000 new cars sold each month.
- Lexus sells the most reliable cars worldwide, with more than ¾ of a million new cars being sold every year.
- China is the leading country in car sales, with 20.2 million new car sales annually. It accounts for 38.33% of the world’s car sales.
- Between 74–78 million new cars are sold every year worldwide.
- 48% of all vehicles sold in the US are imported from Japan, Germany, Mexico, Canada, and China.
- Hybrid and electric cars account for only 3.4% of all new car sales. But in recent years, more people are buying these cars.
- The higher percentage of new cars sold globally is attributed to buyers aged between 25 and 54 years.
- 4% of car buyers worldwide prefer buying new cars from dealerships.
- The average cost of a car has reached $46,000.
Best-Selling Car Brands
1. Toyota is the world’s best-selling car brand for the first time in five years.
(CNBC)
Toyota has regained the title of the world’s top-selling car brand. It has bounced back due to its reputation for making durable cars. The company has benefited from selling more SUVs, which are usually more profitable than sedans.
Toyota is an innovative company that has delivered some of the most popular and fuel-efficient vehicles over the years. It’s also working to change with the times. They’re manufacturing more environmentally-friendly vehicles like many others in the automotive industry.
2. The Ford F-Series is the best-selling car model in the US, with more than 90,000 new cars sold each month.
(FORD)
The Ford F-Series has been the best-selling vehicle in the US for more than three decades. It’s an excellent choice, especially for truck shoppers. The F-Series line offers a wide range of body styles, from a half-ton pickup to a three-quarter-ton heavy-duty truck.
Many Americans drive trucks and SUVs. Although they are not the most fuel-efficient option, they are the best at meeting the diverse needs of American drivers.
Related Read: How Many Cars Does Ford Sell in a Year?
3. Lexus sells the most reliable cars worldwide, with more than ¾ of a million new cars being sold every year.
(KELLEY BLUE BOOK)
There’s no argument that Lexus makes high-quality products. When you buy a Lexus, you’ll get an automobile designed to offer the utmost comfort, luxury, safety, and fuel efficiency. The car manufacturer sells more reliable vehicles than any other manufacturer globally.
Lexus’ line of vehicles comprises sedans, coupes, convertibles, hybrids, and SUVs. The company ensures that every vehicle it sells delivers on quality standards to maintain its reputation for reliability.
Car Sales Statistics
4. China is the leading country in car sales, with 20.2 million car sales annually. It accounts for 38.33% of the world’s car sales.
(STATISTA)
The automotive industry has long been recognized as an excellent growth engine for an economy. China has become a global powerhouse. Worldwide, the country leads in car sales. The Chinese market is still growing and will expand as demand for cars increases.
There are more than 500 automotive companies in China. The car manufacturers are primarily state-owned enterprises, but there is increasing private investment in car manufacturing and technologies. The industry is dominated by state-owned enterprises and joint ventures between local and foreign investors.
5. Between 74 and 78 million new cars are sold every year worldwide.
(POLICY ADVICE)
The global automobile industry is a multi-trillion-dollar enterprise. There are millions of vehicles sold worldwide, roughly 74 to 78 million new vehicles.
There are many factors behind this high number of cars sold globally. There’s more disposable income among consumers and changing driving habits due to urbanization. Also, there’s an increasing tendency for consumers to trade vehicles every 2 or 3 years for a newer model.
6. 48% of all vehicles sold in the US are imported from Japan, Germany, Mexico, Canada, and China.
(THE BALANCE)
The United States is the second-largest auto market in the world, surpassed only by China. The auto industry is a massive part of the American economy. And it’s not just in manufacturing, but also in sales. More than half of all cars sold in the United States are bought from foreign companies.
However, there are still plenty of American-made vehicles available to choose from. Trucks, vans, and SUVs are mostly American-made. It may be worth considering one over an import if you want a new vehicle.
Types of Cars Bought and Buyer statistics
7. Hybrid and electric cars account for only 3.4% of all new car sales. But in recent years, more people are buying these cars.
(THE HILL)
Although hybrid and electric cars only account for 3.4% of new car sales, the car market is growing. The reason for this growth is due to consumer demand. Most people buy these cars because they want to help the environment. Also, it’s not because their employer or government mandates it.
Many brands are introducing new models with longer battery life and better performance every few months. Industry experts expect to see further growth in this segment over the next few years if technological advancements continue and gas prices remain high.
Related Read: How Many Cars Has Tesla Sold?
8. The higher percentage of new cars sold globally is attributed to buyers aged between 25 and 54 years.
(GREEN CAR CONGRESS)
You’ll be surprised to know that many new car purchases are made by people under the age of 54 years. People in this age group are likelier to have a job and an income. Also, they have good credit scores and, therefore, higher-value credit cards. It makes it easier for them to buy cars. These buyers also have greater bargaining power when negotiating deals with dealerships.
9. 61.4% of car buyers worldwide prefer buying new cars from dealerships.
(POLICY ADVICE)
Some customers prefer buying new cars from dealerships or car showrooms. It’s because they can test drive the vehicle and get a chance to inspect it before buying. Another reason is that car dealerships offer various services and spare parts for their cars.
Also, dealers find and deliver the car to their customers. That way, car buyers don’t have to travel far distances to get their desired car. Thus, customers can enjoy a hassle-free experience when buying from a dealership.
10. The average cost of a car has reached $46,000.
(CONSUMER REPORTS)
People looking to buy a new car must accept the higher average cost. The average price for a new car in the US is around $46,000, which is a record high. Analysts in the automotive industry state this is an 8% increase based on the previous year.
Frequently Asked Questions
What Is the Best Month to Buy a New Car?
The best month to buy a new car is December. Most car dealerships offer incentives and rebates at the end of the year. They do this to eliminate the previous model year cars that may not have sold and make room for the new models.
The true cost of buying a car has never been higher, but as vehicles have become more technologically advanced, their prices have only increased.
(US NEWS)
How Many Miles Does a New Car Need to Cover to Be Considered Used?
So, you want to buy a new car but would rather save some money by buying one that’s been used for a while. The problem is figuring out the line between “new” and “used.” The answer changes from state to state and even from dealer to dealer. In some states, a new car can be referred to as used after it’s driven as little as 500 miles. In other places, a new car might have to be driven 20,000 miles before it can be sold as used.
But, in most countries, a car is considered new if driven less than 200 miles. Also, if you live in a state where the law doesn’t set any limits for considering a car “new,” there are still plenty of ways to tell whether your potential purchase is new.
(CAR AND DRIVER)
What Are the Benefits of Buying a New Car From a Dealership?
A car dealership gives you a warranty, and if something goes wrong with the car, the manufacturer will pay for any necessary repairs. It can be due to manufacturing defects or normal wear and tear. Warranties differ in length and specific details. For example, some cover only parts of the car, while others cover labor costs. But they’re usually good for at least a year or two from the date of purchase.
Also, when you buy from a dealer, you’ll have the opportunity to have your car inspected by an independent mechanic. These inspectors examine your car for problems that may need repairs. If your vehicle has problems, it’s better to know about them before buying. That way, you can negotiate for a lower price.
Dealerships often have more financing options than banks or credit unions, which may vary by location. Usually, they offer better trade-in values too.
(HONDA)
What Do You Do After Buying a New Car to Ensure It Is Safe?
You must do a few things after buying a new car. First, make sure it’s insured. Also, you need to check if it had a lien that needs to be paid off before registering it in your name. You can change the registration and title of ownership during the first few days. It’s crucial if you bought your car from a private party.
If the car is used as a taxi, you must get it registered with the local transportation department to use it. Finally, make sure that an authorized mechanic checks the car. Most importantly, all your documents should be updated and in order.
(JARDINE MOTORS)
How Do You Find the Invoice Price of a New Car?
Finding the invoice price of a new car can be challenging. An excellent place to start is with the invoice price listed in the vehicle’s window sticker you’re interested in. Look for the “destination and delivery charge” on the sticker. The fee covers costs not included in the base price, such as freight and destination charges and federal and state taxes.
Usually, the destination charge is a flat rate per car and will not change if you upgrade your options, regardless of whether your purchase includes options. If a particular manufacturer doesn’t charge a destination charge, you’ll see “Not Applicable” next to this line on the sticker.
(CARS DIRECT)
Which Car Is Cheaper to Buy? Used or a New One?
Buying used cars means you won’t have the same warranty coverage or roadside assistance as newer models. Many people prefer to buy new vehicles because they offer more features and better value for the money. But there are ways to get great discounts on new cars if you know where to look.
When deciding whether buying a used or a new car is better, consider your auto needs. Also, consider your budget and which financing works best for you.
(THE BALANCE)
How Much Should You Negotiate Off a New Car?
Whether you’re buying or leasing a new car, the price on the sticker is not the final price you pay. You can negotiate about 5% off a vehicle’s sticker price. It’s more for expensive luxury models and less for high-volume models with high demand.
But tread carefully when it comes to incentives, as some are negotiable. Usually, they have discounts and extra features that you can negotiate into a better deal. But cash rebates aren’t negotiable. They’re accounted for in the sticker price of the car.
(FORBES)
What to Look for When Buying a New Car
When buying a new car, it’s not enough to consider the price and the model only. You should look at several factors before deciding what kind of car to buy:
- First, choose a budget and stick to it. Be realistic about your budget and ensure you aren’t caught up in emotions like love or being impressed by a brand name. If you can’t afford a vehicle, don’t get one until you can.
- Find out as much as possible about the vehicle’s reputation for reliability and safety. Consumer Reports is an excellent place to start. But be sure to research on your own. That way, you won’t become biased by their opinions.
- Safety features are also paramount. Choose a vehicle with safety features that meet your needs. They include anti-lock brakes, stability control, side airbags, rear seat belts, and many more.
- Look at the mileage per gallon rating. The higher the MPG rating, the less gas you need to buy; this will save you money. But don’t choose a vehicle based solely on this factor because other important factors come into play when considering mileage per gallon ratings.
- What kind of warranty should you get? Make sure that the manufacturer has a good reputation for reliability. A dealership with a good reputation for servicing cars will often have better deals on their cars than dealerships with lower reputations for service.
- See Also: Car Loan Statistics and Facts
Conclusion
The automotive industry is one of the largest contributors to the Gross Domestic Product of any country around the globe. If you’re planning on buying a new car anytime soon, knowing what the numbers are forecasting will be helpful.
Also, global automotive companies are investing heavily. They’re developing new and stylish vehicles by adding new features. Most of these manufacturers have rolled out vehicle upgrades which may seem minor to ordinary buyers, but they improve the car’s performance significantly.
The number of new cars purchased every year is expected to accelerate in the future. If you are considering buying a new car, consider your options first and ensure you have all the costs well calculated.
- Related Read: How Do Car Leases Work? Pros, Cons & FAQs
Featured Image Credit: 89stocker, Shutterstock
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