Top 10 Biggest Car Companies in the World 2024

In this article, we will look at the top 10 biggest car companies in the world by market capitalization as of June 2024, and explore their strengths, weaknesses, opportunities, and threats.

1. Tesla (U.S.): $791.83 billion

Tesla is the undisputed leader of the electric car market, with a staggering market value of nearly $800 billion. The company delivered over 1.3 million vehicles in 2023, a 40% increase from the previous year, and achieved its first full-year profit. Tesla’s competitive advantages include its innovative technology, loyal customer base, strong brand image, and visionary founder Elon Musk. However, Tesla also faces many challenges, such as increasing competition, high production costs, quality issues, regulatory hurdles, and legal disputes.

2. Toyota (Japan): $202.92 billion

Toyota is the world’s largest car manufacturer by sales volume, with over 10.5 million units sold in 2023. The company is known for its reliable, fuel-efficient, and affordable vehicles, as well as its diversified product portfolio, global presence, and lean production system. Toyota is also investing heavily in electric and hybrid vehicles, autonomous driving, and mobility services. However, Toyota also faces some threats, such as declining sales in key markets, supply chain disruptions, environmental regulations, and currency fluctuations.

3. Porsche (Germany): $115.32 billion

Porsche is the world’s most profitable car company, with an operating margin of over 20%. The company is famous for its high-performance, luxury, and sports cars, such as the 911, Cayenne, and Taycan. Porsche’s strengths include its premium brand image, loyal customer base, innovative design, and engineering excellence. However, Porsche also faces some challenges, such as the transition to electric vehicles, the impact of the COVID-19 pandemic, the risk of reputational damage, and the dependence on the Chinese market.

4. BYD (China): $102.54 billion

BYD is the world’s largest electric vehicle manufacturer, with over 1.8 million units sold in 2023, a 155.1% increase from the previous year. The company produces a wide range of vehicles, from passenger cars to buses and trucks, as well as batteries, solar panels, and rail transit systems. BYD’s advantages include its low-cost production, strong government support, large domestic market, and diversified revenue streams. However, BYD also faces some difficulties, such as quality issues, intellectual property disputes, competitive pressure, and regulatory uncertainty.

5. Mercedes-Benz (Germany): $84.86 billion

Mercedes-Benz is the world’s leading luxury car brand, with over 2.5 million units sold in 2023, a 10.2% increase from the previous year. The company is renowned for its elegant, comfortable, and safe vehicles, as well as its advanced technology, superior quality, and customer service. Mercedes-Benz is also pursuing its electrification strategy, with the launch of several new models under its EQ sub-brand. However, Mercedes-Benz also faces some risks, such as the impact of the COVID-19 pandemic, the high cost of innovation, the environmental regulations, and the intense competition.

6. Volkswagen (Germany): $77.71 billion

Volkswagen is the world’s largest car company by revenue, with over $299.5 billion in 2023, an 11.6% increase from the previous year. The company owns 12 brands, including Audi, Skoda, Seat, Lamborghini, and Bugatti, covering various segments and markets. Volkswagen’s strengths include its economies of scale, global reach, diversified product portfolio, and innovation capabilities. However, Volkswagen also faces some challenges, such as the legacy of the diesel emissions scandal, the transition to electric vehicles, the trade tensions, and the legal issues.

7. BMW (Germany): $77.29 billion

BMW is the world’s second-largest luxury car brand, with over 2.4 million units sold in 2023, a 9.8% increase from the previous year. The company is famous for its sporty, stylish, and sophisticated vehicles, as well as its sub-brands Mini and Rolls-Royce. BMW’s advantages include its strong brand image, loyal customer base, innovative technology, and operational efficiency. However, BMW also faces some threats, such as the impact of the COVID-19 pandemic, the high cost of research and development, the environmental regulations, and the competitive pressure.

8. Ford (U.S.): $55.13 billion

Ford is the world’s fourth-largest car manufacturer by sales volume, with over 8.5 million units sold in 2023, a 7.6% increase from the previous year. The company is known for its popular models, such as the F-Series, Mustang, and Explorer, as well as its sub-brands Lincoln and Bronco. Ford’s strengths include its loyal customer base, strong brand image, global presence, and strategic partnerships. However, Ford also faces some challenges, such as the impact of the COVID-19 pandemic, the transition to electric vehicles, the supply chain disruptions, and the labor issues.

9. Ferrari (Italy): $54.52 billion

Ferrari is the world’s most valuable car brand, with a market value of over $54 billion. The company is synonymous with speed, performance, and exclusivity, producing some of the most iconic and desirable cars in the world. Ferrari’s strengths include its premium brand image, loyal customer base, high profitability, and limited production. However, Ferrari also faces some difficulties, such as the impact of the COVID-19 pandemic, the transition to electric vehicles, the regulatory constraints, and the dependence on the wealthy clientele.

10. Honda (Japan): $51.59 billion

Honda is the world’s third-largest car manufacturer by sales volume, with over 9.5 million units sold in 2023, a 8.4% increase from the previous year. The company is famous for its reliable, fuel-efficient, and affordable vehicles, such as the Civic, Accord, and CR-V, as well as its motorcycles, power products, and aircraft. Honda’s advantages include its diversified product portfolio, global presence, innovation capabilities, and customer satisfaction. However, Honda also faces some threats, such as the impact of the COVID-19 pandemic, the transition to electric vehicles, the supply chain disruptions, and the currency fluctuations.

## Conclusion

The global automotive industry is undergoing a massive transformation, driven by the rapid growth of electric vehicles, the emergence of new players, and the challenges posed by the COVID-19 pandemic. The top 10 biggest car companies in the world by market capitalization as of June 2024 are Tesla, Toyota, Porsche, BYD, Mercedes-Benz, Volkswagen, BMW, Ford, Ferrari, and Honda. These companies have different strengths, weaknesses, opportunities, and threats, and they are competing for the future of mobility.

## 10 Most Asked Questions and Answers

Q: Which car company has the highest market share in the world?

A: According to Statista, Toyota had the highest market share in the world in 2020, with 10.9%, followed by Volkswagen with 10.6%, and Hyundai with 6.9%.

Q: Which car company has the highest sales volume in the world?

A: According to OICA, Toyota had the highest sales volume in the world in 2020, with 9.5 million units, followed by Volkswagen with 9.3 million units, and Renault-Nissan-Mitsubishi with 7.8 million units.

Q: Which car company has the highest revenue in the world?

A: According to Fortune, Volkswagen had the highest revenue in the world in 2020, with $282.9 billion, followed by Toyota with $275.4 billion, and Daimler with $192.5 billion.

Q: Which car company has the highest profit in the world?

A: According to Forbes, Porsche had the highest profit in the world in 2020, with $17.1 billion, followed by Toyota with $16.1 billion, and Tesla with $15.2 billion.

Q: Which car company has the highest operating margin in the world?

A: According to Statista, Ferrari had the highest operating margin in the world in 2020, with 23.6%, followed by Porsche with 17.4%, and Tesla with 6.3%.

Q: Which car company has the most employees in the world?

A: According to Statista, Volkswagen had the most employees in the world in 2020, with 662,600, followed by Toyota with 359,542, and Renault-Nissan-Mitsubishi with 348,000.

Q: Which car company has the most brands in the world?

A: According to Car and Driver, Volkswagen has the most brands in the world, with 12, followed by Stellantis with 10, and Hyundai with 8.

Q: Which car company has the most factories in the world?

A: According to Auto Alliance, Toyota has the most factories in the world, with 53, followed by Volkswagen with 50, and Ford with 49.