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In this article, we will explore the top 12 countries that produce the finest automobiles globally.
The automobile industry is not only one of the largest sectors worldwide but also serves as an indicator of the overall economy, driving job creation and output. A slowdown in the economy usually leads to reduced car sales and profits for car companies, resulting in unemployment as they cut costs and decrease production.
According to data from Markets Research Future, the global automotive market produced 110 million units in 2021. This number is projected to reach 305 million units by 2030, with a compounded annual growth rate (CAGR) of 4.5%. Europe, which accounted for 23% of the market last year, is expected to experience a staggering growth rate of 39.5%.
McKinsey, in a recent report, highlights the growth of the shared vehicle industry, as consumers shift towards application-specific uses for cars. The company also predicts a positive future for autonomous vehicles, estimating that up to 15% of vehicles sold in 2030 could be autonomous, subject to regulatory requirements. Additionally, the adoption of electric vehicles will depend on localization and factors such as government support and cost of ownership. Leading car companies globally include Tesla, Inc., Ford Motor Company, and General Motors Company.
Now, let’s take a closer look at the 12 countries that manufacture the best cars in the world.
12. Czech Republic
Car Exports as of 2021: $23 billion
The Czech Republic, with a GDP of $503 billion and a GDP per capita of $47,527, is a landlocked European country. It boasts six local car manufacturers, including Skoda Auto a.s. and Praga, two of the oldest car companies globally. While Praga focuses solely on manufacturing sports cars, Skoda produces a wide range of vehicles, from sports utility vehicles to family cars.
11. People’s Republic of China
Car Exports as of 2021: $24 billion
As the second-largest economy globally and the most populous country, the People’s Republic of China has a strong car industry to support its growing population’s mobility needs. With around 50 car manufacturing companies, including international giants like Tesla, Inc., Li Auto Inc., and NIO Inc., China has become a major player in the industry.
10. Slovak Republic
Car Exports as of 2021: $26 billion
The Slovak Republic, formerly part of Czechoslovakia, inherited its strong car manufacturing industry. Multinational giants like Volkswagen, Kia, and Peugeot have manufacturing presence in the country, making it one of the largest car exporters globally.
9. Canada
Car Exports as of 2021: $29 billion
Canada, one of the largest countries in terms of landmass, primarily hosts foreign car manufacturers. It excels in manufacturing buses, but also produces its own armored cars. The Canadian firm Terradyne Armoured Vehicles manufactures light and stock armored cars capable of stopping armor-piercing bullets. American car companies like Tesla, Inc., Ford Motor Company, and General Motors Company have a significant presence in the country.
8. United Kingdom of Great Britain and Northern Ireland
Car Exports as of 2021: $30 billion
The United Kingdom, with a GDP of $3.8 trillion and a GDP per capita of $55,862, is home to iconic car companies like McLaren, Lotus, Jaguar, Aston Martin, Bentley, and Land Rover. These brands are known for producing some of the most valuable and impressive cars in the world. American car companies like Tesla, Inc., Ford Motor Company, and General Motors Company also enjoy popularity in the country.
7. Kingdom of Belgium
Car Exports as of 2021: $31 billion
Belgium, with a high GDP per capita of $62,065, has a rich history in car manufacturing, dating back to the late 19th century. The country is home to several car companies, including Edran, which exclusively manufactures the Enigma sports car, and Gillet, founded by a former racecar driver.
6. Kingdom of Spain
Car Exports as of 2021: $33 billion
The Kingdom of Spain, with a GDP of $2.2 trillion, hosts six different car companies. SEAT S.A., a Volkswagen subsidiary, is the largest car exporter, selling vehicles under the SEAT and Cupra brands globally. Spain also imports cars from US automakers like Tesla, Inc., Ford Motor Company, and General Motors Company.
Stay tuned for the continuation of our list in the article “5 Countries That Produce the Best Cars in the World.”
Photo by carlos aranda on Unsplash
Our Methodology
To determine the countries that manufacture the best cars in the world, we analyzed country-wise car exports under the Harmonized Tariff Schedule Item 8703. The data collected from Trademap.org gives us insights into which countries’ car products are in high demand globally.
Remember, if you want to dive deeper into this topic, check out the article “5 Countries That Produce the Best Cars in the World.”
Disclaimer: None. This article was originally published on Ratingperson.
