The global automotive market is evolving fast - by 2029, 35% of sales will be EVs, 58% will be SUVs and crossovers, and 19% will feature level 3 autonomy. In 2024, BYD led global EV sales, closing in on Tesla’s BEV share. Toyota maintained global dominance in HEV, while challenging Volkswagen in ICE. Meanwhile, amid tariff uncertainties, firms must adopt diversified production strategies.
This report comes in PPT.
SUVs and Crossovers are projected to reach 58% of global light vehicle sales by 2029. Their versatility across terrains and rising consumer preference especially in Asia Pacific are driving this shift.
Battery electric vehicles (BEVs) lead the electrification trend, followed by plug-in hybrid EVs (PHEVs) and hybrid EVs (HEVs). ICE vehicle sales are declining globally, pressured by regulations, fuel costs and EV infrastructure growth.
BYD leads global EV sales (BEV + PHEV), closing in on Tesla’s BEV lead. Toyota dominates HEVs, while Volkswagen adapts to shrinking ICE demand with premium EV offerings.
The US and China are the largest contributors to global volume growth over 2024-2029. Electrification, policy incentives and shifting consumer preferences are key growth drivers in both markets, amid trade tensions.
Asia Pacific dominates global production, growing its share to 46% by 2029. However, profitability is under pressure due to overcapacity, competitive pricing and rising labour costs.
All vehicles captured by Euromonitor's vehicle volume sales data, i.e. light vehicles -passenger cars and light commercial vehicles combined. Medium and heavy-duty trucks and buses are not covered.
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