The automotive world is gearing up for a thrilling ride as the biggest car companies in the world continue to push the boundaries of innovation. From Tesla’s electric revolution to Toyota’s global reach, these automobile giants are set to dominate 2025 too. Investors and car enthusiasts alike are watching closely, eager to see which brands will lead the charge in this new era. In this blog, we dive into the market cap analyses of the 10 top car companies in the world driving growth and redefining the road ahead.
Automotive Market Insights
The global automotive market has an estimated value of over USD 4075.65 billion in 2024. The key drivers for increase in market size are the rising demand for electric vehicles (EVs) and technological innovations.
The industry expects strong growth in 2025 due to increased consumer demand for EVs, connected cars, and fuel-efficient vehicles. Specifically, electric and hybrid vehicle production is on the rise, as environmental concerns push automakers to reduce carbon emissions. Additionally, smart car technologies and autonomous vehicles are gaining traction, contributing to the industry’s expansion. As an example, the growth of industries in Mexico has fueled economic development, and car companies are at the forefront of this development.Â
Following are the 10 Top Car Companies in the World Ranked Based on their Market Capitalization (October 2024)
| Rank | Name | Market Cap | Country |
| 1. | Tesla | $795.52 B | USA |
| 2. | Toyota | $242.59 B | Japan |
| 3. | BYD | $120.50 B | China |
| 4. | Ferrari | $82.69 B | Italy |
| 5. | Xiaomi | $77.03 B | China |
| 6. | Porsche | $70.06 B | Germany |
| 7. | Mercedes-Benz | $66.68 B | Germany |
| 8. | BMW | $53.69 B | Germany |
| 9. | Volkswagen | $52.30 B | Germany |
| 10. | General Motors | $50.37 B | USA |
Insights on the Top Car Companies in the World
1. Tesla
- CEO: Elon Musk
- Market Cap: $795.52 B
- Key Models: Model S, Model 3, Model X, Model Y, Cybertruck
Tesla, Inc. is an American automotive and clean energy company headquartered in Austin, Texas, USA. Its involvement in the auto sector is immense as it dominates the EV market, producing electric cars, solar panels, and battery storage systems.
Tesla continues to lead the electric vehicle (EV) revolution with its development of the Full Self-Driving (FSD) software and advanced battery technology. Tesla’s AI-powered autopilot system is at the forefront of autonomous driving technology claiming the title of the world’s no 1 car company.
Tesla has consistently been the world’s largest EV producer, with over 1.31 million vehicles delivered in 2023, marking a 40% year-on-year increase. Revenue from energy generation and storage surged 40% in 2023, driven by battery products like the Powerwall and Megapack.
Tesla’s Full Self-Driving (FSD) software revenue saw a 20% rise, as more customers opted for subscriptions. In the first quarter of 2024, Tesla produced over 433,000 vehicles and delivered approximately 387,000. Additionally, the company deployed 4,053 MWh of energy storage products, marking the highest quarterly deployment to date.
2. Toyota
- CEO: Koji Sato
- Market Cap: $242.59 B
- Key Models: Prius, Corolla, Camry, Tacoma, Mirai (hydrogen-powered)
Toyota is a Japanese automotive manufacturer with its headquarters in Aichi, Japan. It is known for its vast range of vehicles, including hybrid, electric, and hydrogen-powered cars.
Toyota sold over 10.2 million vehicles globally in 2023, maintaining its position as one of the largest car manufacturers by volume. In 2023, the company produced 2 million hybrid vehicles, contributing to its robust revenue, with hybrids accounting for nearly 30% of total sales.
In 2024, Toyota Alabama officially assembled its 10-millionth engine, an i-Force MAX 2.4-liter for the new hybrid Tacoma. This plant, which began operations in 2001, produces a third of all Toyota engines in North America, with a team of 2,000 members assembling over 777,000 engines annually, marking its latest milestone.
Lately Toyota is heavily investing in hydrogen fuel cell technology alongside expanding its EV lineup. The company’s e-TNGA platform also supports its next generation of electric vehicles.
3. BYD
- CEO: Wang Chuanfu
- Market Cap: $120.50 B
- Key Models: Han EV, Tang EV, Dolphin, Qin Plus
BYD Auto Co., Ltd. is an automotive subsidiary of a Chinese manufacturing MNC headquartered in Guangdong, China. BYD has become a global leader in battery-electric and hybrid vehicles, developing its own Blade Battery technology that improves battery safety and performance.
BYD’s 2023 vehicle sales surpassed 2.5 million units, with over 1.86 million being battery-electric vehicles (BEVs) and plug-in hybrids, a 70% increase from 2022. BYD’s international sales increased 156% year-over-year in June 2024, with 26,995 plug-ins sold overseas.
BYD is also on its way to build the new sodium-ion battery facility in Xuzhou with an investment of nearly $1.4bn. Its latest milestone is that its battery division has emerged as the world’s fourth-largest producer of EV batteries, holding a market share of 14.4% as of January 2024.
BYD focuses on producing electric and plug-in hybrid vehicles, dominating the Chinese EV market in 2024, and also ranking as one of the top car companies in the world.
4. Ferrari
- CEO: Benedetto Vigna
- Market Cap: $82.69 B
- Key Models: SF90 Stradale, Ferrari Roma, LaFerrari, 812 Superfast
Ferrari S.p.A. is a luxury sports car manufacturer headquartered in Maranello, Italy. Throughout the years, Ferrari is synonymous with luxury sports cars, focusing on performance and exclusivity and is still defending its rank as one of the top car companies in the world.
In 2023, Ferrari delivered 13,663 cars, which is a 3.3% increase from the previous year. Ferrari’s 2023 sales results also included a total revenues of 5.97 billion euros.
Lately, Ferrari is embracing hybrid technology with models like the SF90 Stradale, blending electric power with its legendary V8 engines. The brand is also preparing to enter the EV market.
Ferrari recently announced its plan to introduce its first fully electric vehicle by late 2025, marking a significant shift for the brand.
5. Xiaomi
- CEO: Lei Jun
- Market Cap: $77.03 B
- Key Models: Xiaomi SU7
Xiaomi Automobile Co Ltd is a Chinese company manufacturing electric vehicles headquartered in Beijing, China. Known for its consumer electronics, Xiaomi is now venturing into electric cars, focusing on affordable yet high-tech vehicles, and racing to compete with the top car companies in the world.
Xiaomi entered the EV market with its smart electric vehicle initiative, aiming to integrate smart technologies and AI into future cars.
Xiaomi’s SU7 electric vehicle has shown remarkable growth, with deliveries exceeding 10,000 units for four consecutive months. The company aims to produce and deliver over 20,000 vehicles in October 2024, marking this as its latest milestone.
Xiaomi anticipates reaching its cumulative delivery target of 100,000 units of the SU7 series ahead of schedule in November and is setting a new goal of 120,000 units for the full year by 2024. This aggressive growth strategy highlights Xiaomi’s commitment to establishing a strong foothold in the competitive EV market.
6. Porsche
- CEO: Oliver Blume
- Market Cap: $70.06 B
- Key Models: Taycan, 911, Panamera, Macan EV (coming soon)
Porsche is a luxury car manufacturer with a strong focus on performance, design, and now electrification headquartered in Stuttgart, Germany.
Lately, Porsche has been expanding its electric vehicle lineup with the Porsche Taycan and is actively developing synthetic fuel (eFuel) technology to make internal combustion engines more sustainable.
Porsche delivered a total of 320,221 cars, marking a 3% increase compared to 2022. In Europe (excluding Germany), the company saw a 9% rise in deliveries, with 20,044 vehicles sold in the first quarter. In Germany, Porsche’s performance was even stronger, with a remarkable 37% increase, totaling 11,274 units delivered.
Conversely, overseas and emerging markets experienced growth, with 14,895 cars delivered, an increase of 14%, making Porsche one of the top car companies in the world.
In 2024, the 911 Turbo celebrates its 50th anniversary, and Porsche is marking this milestone with a special edition called the 911 Turbo 50 Years. Only 1,974 units will be produced, honoring the inaugural year of the 911 Turbo’s production.
7. Mercedes–Benz
- CEO: Ola Källenius
- Market Cap: $66.68 B
- Key Models: EQS, EQE, G-Class, C-Class, A-Class, AMG
Mercedes-Benz is a luxury and commercial vehicle headquartered in Stuttgart, Germany. Known for its luxury cars and advanced technology, Mercedes-Benz is now moving quickly into the EV space.
In 2023, Mercedes-Benz Cars sold 2,043,800 units, driven by strong demand for high-end models, totaling 328,200 top-end vehicles.
In the first quarter of 2024, Mercedes-Benz dominated the Indian luxury car market, selling 5,412 units, which marked a 15% year-on-year increase from 4,697 units in the same period the previous year. This achievement made it the best-performing quarter for the brand to date, accounting for nearly half of all luxury cars sold in India.
Mercedes-Benz is now at the forefront of luxury EVs, introducing its EQ series of electric vehicles and pushing innovations in autonomous driving and luxury tech making it one of the best car company in the world.
8. BMW
- CEO: Oliver Zipse
- Market Cap: $53.69 B
- Key Models: i4, iX, 3 Series, X5
Bayerische Motoren Werke AG (also known as BMW) is a leading luxury carmaker headquartered in Munich, Germany. It is now balancing traditional combustion engines with electric mobility, it is also expanding its electric iSeries and rolling out its i4 and iX electric SUVs, along with exploring hydrogen fuel cell technology.
In the first quarter of 2024, BMW sold 531,039 units globally and reported a significant growth in sales, delivering 179,557 fully electric vehicles (BEVs), which reflects a remarkable 34.1% increase compared to the previous year.
Overall, BMW sold 1,096,486 units during this period, marking a 2.3% growth year-on-year, successfully outperforming its traditional competitors and gaining substantial market share in Europe and therefore claiming its spot as one of the top car companies in the world.
9. Volkswagen
- CEO: Oliver Blume
- Market Cap: $52.30 B
- Key Models: ID.4, ID.3, Golf, Passat, Polo
Volkswagen is an automobile manufacturer based in Wolfsburg, Germany producing a wide range of vehicles, from affordable passenger cars to high-end luxury brands like Audi and Porsche.
In the first half of 2024, global vehicle deliveries totaled 4.35 million, nearly matching 2023’s 4.37 million. Battery Electric Vehicle (BEV) deliveries were 317,200, slightly down from 321,600 in H1 2023. However, BEV orders in Western Europe soared by 124% year-over-year. Plug-in Hybrid Electric Vehicle (PHEV) deliveries rose by 17%, reaching 136,000 vehicles.
Looking ahead, increased momentum for PHEVs is expected in H2 2024, driven by the launch of new models with electric ranges up to 143 km.
Volkswagen is one of the oldest players in the automobile industry and maintains its position as one of the top car companies in the world. Moreover, they have committed to producing more electric vehicles under its ID. series and is heavily investing in EV battery technology and infrastructure.
10. General Motors
- CEO: Mary Barra
- Market Cap: $50.37 B
- Key Models: Chevrolet Silverado EV, GMC Hummer EV, Cadillac Lyriq, Chevrolet Bolt
General Motors Company (GM) is an American automotive manufacturing MNC headquartered in Detroit, Michigan, USA. GM owns and produces GMC, Cadillac, Chevrolet, and Buick car brands, making it one of the top car companies in the world.
Lately, General Motors is transitioning towards electric and autonomous vehicles, while also producing traditional gasoline-powered cars. GM has committed to phasing out gasoline-powered cars by 2035 and announced plans to launch 30 new EVs globally by 2025.
In the third quarter of 2024, General Motors and its dealers achieved a 3% year-over-year increase in retail sales, delivering a total of 659,601 vehicles, though this represents a 2% decline overall. Notably, the company recorded a record quarter for electric vehicle (EV) sales, with 32,095 deliveries, marking a 60% increase from the previous year and a 46% rise compared to the second quarter of 2024, marking this as its latest milestone.
Conclusion
As we approach 2025, the car industry is changing fast with new ideas and a focus on electric vehicles. The top car companies in the world, like Tesla, Toyota, and BYD, are leading this change, while luxury brands like Ferrari and Porsche are also going electric. There’s a lot to look forward to for both investors and car fans as these companies drive us toward a greener future. The automotive industry is very competitive, with each car manufacturer releasing new models equipped with cutting-edge technology. If you’re eager to get one of these models but they aren’t sold near you, you can use a car shipping calculator to figure out what it would cost to buy it long-distance and then have it sent to you. Put on your seatbelts as we get ready for an exciting journey ahead in the automotive world!
FAQs
- Which is the biggest car company in the world?
The biggest car company in the world by market cap is Tesla, valued at approximately $795.52 billion.
- Who are the top 10 automobile companies?
The top 10 automobile companies include Tesla, Toyota, BYD, Ferrari, Xiaomi, Porsche, Mercedes-Benz, BMW, Volkswagen, and General Motors.
- What are the major trends in the automotive industry?
Major trends include electrification, automation, connectivity, and sustainability initiatives among car manufacturers.
- What are the top 5 automotive companies?
As of October 2024, the top 5 automobile companies are Tesla, Toyota, BYD, Ferrari, and Xiaomi.
Also Read: Why Auto Makers are going All Electric ?
