In this article, we will be covering 20 countries that import the most cars in the world. If you want to skip our detailed analysis of the global automotive market, you can go directly to 5 Countries That Import The Most Cars In The World.
Cars have become an integral part of modern life, serving as a primary means of transportation and a symbol of personal expression and technological sophistication. Driven by changing consumer preferences, technological advancements, and environmental concerns, the global automotive market is a dynamic and ever-evolving landscape. You can also take a look at the biggest car manufacturers by revenue.
Key Trends and Major Players in the Global Automotive Industry
According to a report by Market Research Future, the global automotive industry’s value reached above $3.56 trillion in 2022. Looking forward, the industry is expected to grow at a compound annual growth rate (CAGR) of 6.9% during 2023-2030, propelling the market to reach $6.07 trillion by the end of the forecast period. The global automotive industry is characterized by rapid innovation, with new functionalities, features, and models being constantly introduced. The industry is expected to expand in the coming years, driven by increasing demand in emerging markets and the adoption of new technologies, such as autonomous driving and electric vehicles (EVs).
The global automotive industry is a highly competitive industry with a diverse range of players, from emerging startups to established automakers. General Motors Company (NYSE:GM) is an American multinational automotive manufacturing company that owns and operates various brands including GMC, Chevrolet, and Cadillac. General Motors Company (NYSE:GM) also ranks among the best automotive stocks to buy. On October 24, General Motors Company (NYSE:GM) reported strong earnings for the fiscal third quarter of 2023. The company reported earnings per share (EPS) of $2.28, surpassing EPS estimates by $0.44. The company reported a revenue of $44.13 billion and outperformed revenue estimates by $879.02 million.
In one of our previous articles about countries with the most electric vehicles in 2023, we discussed that the presence of electric vehicles (EVs) on roads has witnessed a remarkable surge in recent years. Governments around the world are implementing regulations with the aim of reducing emissions and promoting sustainable transportation. As a result, adoption of electric vehicles (EVs), hybrid vehicles, and fuel-efficient technologies is booming.
Car manufacturers are responding to consumer demand for eco-friendly vehicles while also investing in sustainable manufacturing practices. Toyota Motor Corporation (NYSE:TM) (NYSE:TM) is a Japanese multinational automotive manufacturer. Manufacturing more than 10 million vehicles per year, it is one of the largest automobile manufacturers in the world. On November 14, Reuters reported that the next generation of the Toyota Motor Corporation’s (NYSE:TM) Camry will feature only a gas-electric hybrid powertrain. Toyota Motor Corporation (NYSE:TM) announced that the 2025 Camry will feature a 2.5-liter gasoline engine coupled with an optimized electric drive system that will enhance its performance in both all-wheel drive and front-wheel drive variants. According to US government fuel economy data, the current hybrid Camry saves approximately $650 a year in fuel costs compared with the conventional four-cylinder Camry. The report also mentions that Camry is the best selling sedan in the US market.
Car manufacturers are venturing into new markets looking to tap into untapped growth potential. Best known for its electric vehicles, Tesla Inc. (NASDAQ:TSLA) is one of the leading car manufacturers that is working on accelerating the world’s transition to sustainable energy. On July 24, Reuters reported that representatives from Tesla Inc. (NASDAQ:TSLA) are scheduled to meet with India’s commerce minister to discuss plans to construct a manufacturing facility aimed at producing an all-new $24,000 electric vehicle. The manufacturing plant in India could manufacture affordable low-cost electric vehicles for both the domestic and export markets.
Now that we have discussed some of the latest trends in the global automotive industry, let’s take a look at the 20 countries that import the most cars in the world.
20 Countries That Import The Most Cars In The World
Methodology
In this article, we have listed 20 countries that import the most cars in the world. To rank the countries that import the most cars in the world, we consulted The United Nations Comtrade Database. This database provided us with a list of countries and the dollar value of their total imports for “Motor cars and other motor vehicles; principally designed for the transport of persons (other than those of heading no. 8702), including station wagons and racing cars”. We used this data to rank the countries that import the most cars in the world.
To be clear, heading no. 8702 refers to “Vehicles; public transport passenger type”, which are not to be confused with cars and are rightfully excluded.
We used data obtained for the latest year in their dataset, which is for the year 2022. We ranked the countries based on the total value of their imports for motor cars in 2022. The 20 countries that import the most cars in the world are listed below in ascending order.
20 Countries That Import The Most Cars In The World
20. Austria
Value Of Motor Car Imports In 2022: $9 Billion
First up on our list of 20 countries that import the most cars in the world is Austria. Austria is a landlocked country in Central Europe. According to recently reported data, Austria imported more than $9 billion worth of motor cars and vehicles in 2022.
For investors looking to increase their exposure to the automotive industry, some stocks they can consider researching include Tesla Inc. (NASDAQ:TSLA), Toyota Motor Corporation (NYSE:TM), and General Motors Company (NYSE:GM).
19. Sweden
Value Of Motor Car Imports In 2022: $9.78 Billion
Sweden is a Scandinavian nation with thousands of coastal islands that ranks among the largest countries in Europe by area. In 2022, Sweden imported around $9.78 billion worth of motor cars. Sweden is also an exporter of heavy vehicles and trucks.
18. Japan
Value Of Motor Car Imports In 2022: $10.59 Billion
Lying off the east coast of Asia, Japan is an island country. While being home to a number of companies that manufacture cars, Japan still ranks high among the countries that import the most cars in the world. In 2022, the value of motor vehicle imports by Japan totaled $10.59 billion.
17. Mexico
Value Of Motor Car Imports In 2022: $11.01 Billion
Mexico ranks among the world’s largest passenger vehicle manufacturers as well as exporters. However, in 2022, Mexico’s global motor vehicle import purchases reached a value of around $11.01 billion.
16. Switzerland
Value Of Motor Car Imports In 2022: $11.09 Billion
Switzerland is a mountainous Central European country that ranks among some of the most developed countries in the world. According to recently reported data, Switzerland imported more than $11.09 billion worth of motor cars and vehicles in 2022.
15. Poland
Value Of Motor Car Imports In 2022: $11.48 Billion
Poland is a major manufacturing hub for cars, car parts and components in Central Europe. The automobile industry in Poland plays a crucial role in the country’s economy. However, with motor vehicle import purchases reaching a value of $11.48 billion in 2022, Poland ranks among the top 15 countries that import the most cars in the world.
14. Netherlands
Value Of Motor Car Imports In 2022: $11.49 Billion
The Netherlands in northwestern Europe is a major importer of cars. The global motor vehicle import purchases by the Netherlands reached a value of around $11.49 billion in 2022.
13. South Korea
Value Of Motor Car Imports In 2022: $14.05 Billion
South Korea, also known as the Republic of Korea (ROK), is an East Asian nation on the southern half of the Korean Peninsula. Despite being one of the most advanced automobile manufacturing countries in the world, South Korea is a major importer of motor vehicles. In 2022, South Korea imported approximately $14.05 billion worth of motor cars.
12. Turkey
Value Of Motor Car Imports In 2022: $15.96 Billion
Turkey is a country located at the juncture of West Asia and Southeast Europe. According to recently reported data, Turkey imported around $15.96 billion worth of motor cars and vehicles in 2022.
11. United Arab Emirates
Value Of Motor Car Imports In 2022: $17.13 Billion
The United Arab Emirates is a country in the Middle East. The United Arab Emirates is one of the wealthiest countries in the world and there is a growing demand for luxury cars in the country. In 2022, the United Arab Emirates imported more than $17.13 billion worth of total motor vehicles.
10. Spain
Value Of Motor Car Imports In 2022: $17.41 Billion
Spain is a country in Southwestern Europe. According to recently reported data, it ranks among the top 10 countries that import the most cars in the world. In 2022, total motor vehicle import purchases by Spain reached a value of around $17.41 billion.
9. Australia
Value Of Motor Car Imports In 2022: $19.83 Billion
The Australian automotive industry relies heavily on imports. Australia imports the majority of its motor vehicles from Japan, Germany, and Korea. Australia imported around $19.83 billion worth of motor cars and vehicles in 2022.
8. Belgium
Value Of Motor Car Imports In 2022: $25.02 Billion
Belgium is a country in Western Europe that is known for its medieval towns. It ranks high among the countries that import the most cars in the world. According to recently reported data, Belgium imported around $25.02 billion worth of motor vehicles in 2022.
7. Italy
Value Of Motor Car Imports In 2022: $25.54 Billion
Italy is a major importer of motor vehicles in Europe. It imports cars from Germany, Spain, and France. The total motor vehicle import purchases by Italy reached a value of around $25.54 billion in 2022.
6. Canada
Value Of Motor Car Imports In 2022: $32.57 Billion
Canada ranks among the largest countries in the world by area. It ranks high among the countries that import the most cars in the world, and the total motor vehicle import purchases by Canada reached a value of around $32.57 billion in 2022.
Tesla Inc. (NASDAQ:TSLA), Toyota Motor Corporation (NYSE:TM), and General Motors Company (NYSE:GM) are some of the most prominent names in the car manufacturing industry.
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Disclosure: None. 20 Countries That Import The Most Cars In The World is published on Insider Monkey.