Hamdi Abdel Aziz
The global car market is a key driver for global economic growth, as car production in 2023 contributed about 3% of global GDP, and the global auto industry is witnessing a radical shift driven by technological progress and the increased transition towards modern transportation, at a time when emerging markets expand at an accelerated pace, so this industry becomes one of the basic pillars of the global economy; Due to its association with trade, industry and innovation.
The value of the market was $ 4.36 trillion in 2024, and it is expected to rise to 6.7 trillion dollars by 2032 with an annual growth rate of 5.66% according to the Fintech Future platform, and in production, 92.5 million cars were manufactured in 2024, passenger cars, including 73% “67.7 million cars”, formed,
China leads the scene as the largest producer and consumer of cars globally. In 2024, 31.28 million cars produced 31.44 million cars, with a growth of 3.7% in production and 4.5% in sales compared to the previous year. Car exports increased by approximately 20% to 5.9 million units, including about one million electric cars.
It followed the second place in the United States with a share of 11.3% of the global car production, with the support of “Tesla”, which is the most valuable car maker in the world. Then Japan is in third place with 9.6% of global auto production, with the support of leading car manufacturers such as “Toyota” and “Honda”.
The arrangement of the 10 largest companies was according to the market value in 2025 as follows: Tesla “875 billion dollars”, Toyota “more than 238 billion dollars”, Xiaomi “more than 172 billion dollars”, BYD “135 billion dollars”, Ferrari “about 83 billion dollars”, Mercedes “about 59 billion dollars”, Volkswagen “56 billion dollars”, BMW “about 52 billion dollars”, a workshop “51 billion Dollars, “General Motors” 45 billion dollars.
Specific cities around the world have always dominated for decades, such as: Detroit, Torino, Tokyo, and Cuttgart, which is characterized by its craftsmanship history and its technical development. But by investing in an advanced infrastructure, such as the new car market that we construct, and extends over an area of 20 million square feet, and will be linked to 77 port from around the world, Dubai has recorded a new achievement, in the first ten months until the end of October 2024, with 805 thousand vehicles in the port of Jebel Ali, and more than a quarter of this amount of China came, which makes it the largest commercial partner of cars.
As for the global used car market, it is estimated at 1.81 trillion dollars in 2025, with expectations to grow to about 3.31 trillion US dollars by 2034, with an annual growth rate of 6.95% during the period from 2025 to 2034. Expectations indicate that the Asia Pacific region dominates the global market for used cars, where it acquired a share of 34.21% In 2024, the main factors that drive the growth of this market include high demand for used cars with reasonable prices, especially in developing countries.
On the other hand, the electric car market is witnessing remarkable growth, as electric car sales have seen exceptional growth to 17 million cars globally in 2024, an increase of 25% from 2023. With expectations that the market size would reach 2.73 trillion US dollars by 2034, with an annual growth rate of 6.95% during the period from 2025 to 2034.
In the global market for new, used and electrical cars, expectations indicate that Chinese auto manufacturers continue to expand them globally at a faster pace during the next few years, enabling it to monopolize 33% of the global auto market share by 2030. The global auto industry continues its path towards electrification and digitization, in light of the high demand for electric vehicles and the increase in investments in emerging markets, and expectations mention that the coming years will witness The most severe competition between traditional and emerging companies, with technology progress and a shift towards sustainable transportation solutions.
