Honda Statistics 2024 By Market, Sales And Type Of Vehicle

Introduction

Honda Statistics: Honda Motor Co., Ltd., a Japanese multinational conglomerate, has established itself as a global leader in the automotive industry. Founded by Soichiro Honda in 1946, the company has grown from a small repair shop to a giant corporation with a diverse product line, including automobiles, motorcycles, power equipment, and marine engines. Honda’s success can be attributed to its unwavering commitment to innovation, quality, and customer satisfaction. Quality has always been a cornerstone of Honda’s philosophy.

The company is renowned for producing vehicles that are known for their reliability, durability, and performance. Speaking of which, the following Honda Statistics will shed light on the brand’s overall performance worldwide in 2024.

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• Honda is the fifth most owned brand in the USA, along with BMW, which shares a similar ownership rate of 8% as of June 2024.
• Honda Statistics show that the brand is one of the ten best-selling car models in the world, with the Honda CR-V being sold for 0.72 units.
• As of 2024, revenue in the worldwide Honda market is projected to amount to US$106,100 million.
• In 2023, Honda’s market share in the North American car market was approximately 8.5%, with the CR-V and Civic being the top-selling models.
• Based on research by Statista, the majority of the people whose car is a Honda belong to the age group of 18 to 29 years, contributing 9%.
• Honda is one of the ten most valuable automotive brands in the world. The brand has generated US$8.56 billion in brand value.
• As the region’s economy improves, Honda’s market share in the car segment in Latin America is expected to grow to 7% by 2024, while the motorcycle segment could rise to 19%.
• Honda took second place in the most sold Asian car brand in the US segment, recording sales of 1,156,591 in the US market.
• As of 2024, the majority of the revenue for the international Honda market is projected to be generated from China, resulting in US$43,190 million in the passenger cars market.
• The company has committed to reducing its total carbon emissions by 50% by 2030 compared to 2020.

Best-Selling Passenger Cars Worldwide in 2023

(Reference: statista.com)

As of 2023, Tesla’s Model Y became the best-selling model globally, with more than 1 million sales. Honda Statistics show that the brand is one of the ten best-selling car models in the world, with the Honda CR-V being sold for 0.72 units. Overall, Toyota’s cars are more popular than any other brand.

Car Ownership By Brand in the US as of June 2024

Honda Statistics identifies the brand as the fifth most owned brand in the USA, along with BMW, which shares a similar ownership rate of 8% as of June 2024. Chevrolet and Ford top the list with 12% of ownership.  According to Statista, the following is the most owned car brand in the US in 2024.

(Source: statista.com)

People Who Primarily Use a Honda in the US By Age

(Reference: statista.com)

Based on research by Statista, the majority of the people whose car is a Honda belong to the age group of 18 to 29 years, contributing 9%. With a smaller difference, 8% of Honda owners are from 50 to 64 years of age group. Similarly, 7% of people are in the 30 to 49 years group.

Most Valuable Automotive Brands Worldwide By Brand Value

(Reference: statista.com)

Honda Statistics 2024 shows that Honda is one of the ten most valuable automotive brands in the world. The brand has generated US$8.56 billion in brand value. Tesla, Toyota, and BMW are the top-performing car brands in a similar segment.

Honda Passenger Cars Market By Region

Worldwide

• As of 2024, revenue in the worldwide Honda market is projected to amount to US$106,100 million.
• Furthermore, between 2024 and 2028, it is estimated that it will grow at a CAGR of 0.26%, reaching US$107,200 million by the forecast year.
• In 2024, the volume-weighted average price of the same is projected to reach US$28k.
• Honda Statistics 2024 shows that the majority of the revenue for the international Honda market is projected to be generated from China, resulting in US$43,190 million.
• By 2028, the unit sales are estimated to reach 3,837.0k.

Asia

• As of 2024, US$27k is the volume-weighted average price of the Honda passenger cars in Asia.
• Currently, the revenue in the Asian Honda market is estimated to amount to US$69 billion.
• The unit sales are estimated to reach 2,635.0k vehicles by 2028.
• The annual growth rate is estimated to be 0.84% between 2024 and 2028, reaching a market volume of US$72 billion by the forecast period.

Africa

• The revenue from the African market for the Honda brand is expected to reach US$439 million in 2024.
• The CAGR is projected to reach 5.98%, which will increase the market volume to US$554 million by 2028.
• The projected unit sales by 2028 are 19.1 vehicles in the African market.
• The volume-weighted average price as of 2024 in a similar market is US$29k.

Australia and Oceania

• Today, the projected revenue generation in the Australian and Oceania markets is US$245 million.
• By 2028, the unit sales are estimated to reach 9.3k.
• The projected CAGR is 1.66% between 2024 and 2028, reaching a market volume of US$261 million.
• Honda Statistics estimates the volume-weighted average price to reach US$27k.

Europe

• As of 2024, the European region is estimated to generate a revenue of US$2,603 million.
• Furthermore, unit sales are projected to reach 104.8k units.
• The estimated CAGR is 1.36% by 2028, leading to a market volume of US$2,748 million by the forecast period.
• The projected volume-weighted average price in 2024 is US$26k.

Honda Worldwide Motorcycle Sales

(Reference: statista.com)

Over the last decade, Honda has been keeping its sales stable at a certain level. The highest number of Honda motorcycle sales was recorded in 2019, contributing 19,340 units. However, as of 2024, the brand is still recovering from COVID-19 losses. Honda Statistics show that it will generate the highest sales in 2024, as within just the first quarter, the brand recorded nearly 19,000 units sold.

Vehicle Sales of Asian Car Brands in the US

(Reference: statista.com)

As of 2023, Toyota is the most popular Asian car brand in the US, with more than 1,888,941 units sold. Honda took second place in a similar segment, recording sales of 1,156,591 in the US market.

Honda Vehicle Market Overview

Honda is a globally recognized Japanese automotive company that manufactures a wide range of vehicles, including motorcycles, cars, and power equipment. The company is particularly known for its reliability and innovation in the automotive industry. Honda’s product lineup includes sedans, SUVs, trucks, and motorcycles, as well as electric vehicles (EVs) and hybrids, which have been increasingly popular due to rising environmental concerns.

Types of Vehicles Manufactured By Honda

Honda manufactures various types of vehicles to cater to different segments of the market:

• Motorcycles: Honda is one of the largest motorcycle manufacturers in the world. Their models range from scooters and small bikes to sport bikes and touring motorcycles.
• Cars: Honda’s car lineup includes compact cars, sedans, SUVs, and trucks. Popular models include the Honda Civic, Accord, CR-V, and the Ridgeline truck.
• Electric and Hybrid Vehicles: Honda has been investing in electric and hybrid technology. Models like the Honda Clarity and the hybrid versions of the Accord and CR-V are examples of their commitment to greener technology.
• Power Equipment: Honda also produces power equipment like generators, lawnmowers, and marine engines.

Market Share By Types of Vehicles Region-wise in 2023 and 2024

North America:

• In 2023, Honda’s market share in the North American car market was approximately 8.5%, with the CR-V and Civic being the top-selling models. The company’s market share in the motorcycle segment was around 15%.
• By 2024, Honda’s car market share in North America is expected to slightly increase to around 9% due to the growing demand for hybrid and electric vehicles. The motorcycle segment is also expected to see a minor increase to 16% due to the popularity of sport bikes and touring motorcycles.

Asia-Pacific:

• In 2023, Honda held a significant market share in Asia-Pacific, particularly in its home market, Japan, where it had a car market share of about 12%. In the motorcycle segment, Honda’s dominance was even more pronounced, with a market share of approximately 30%.
• For 2024, Honda’s market share in the car segment in Asia-Pacific is projected to remain stable at 12%. Meanwhile, the motorcycle segment may see a slight increase to 31% due to expanding markets in Southeast Asia.

Europe:

• Honda’s market share in Europe was smaller compared to other regions, standing at about 3% in the car market and 10% in the motorcycle market in 2023. This is partly due to the strong presence of European brands in the region.
• In 2024, Honda’s car market share in Europe is expected to remain stable at 3%, while the motorcycle segment might see a slight increase to 11%, driven by demand for eco-friendly motorcycles.

Latin America:

• In 2023, Honda had a market share of approximately 6% in the car market and 18% in the motorcycle market in Latin America. The brand’s affordability and reliability have made it popular in this region.
• By 2024, Honda’s market share in the car segment in Latin America is expected to grow to 7% as the region’s economy improves, while the motorcycle segment could rise to 19%.

Summary

Honda’s market performance in 2023 and 2024 reflects its global reach and the diversity of its vehicle offerings. The company has maintained strong positions in various regions, particularly in the motorcycle segment, where it dominates markets in Asia and Latin America. The continued growth in the electric and hybrid vehicle segments, along with strategic product launches, is likely to bolster Honda’s market share in key regions. The overall revenue from these market segments in 2023 was substantial, with expectations for further growth in 2024, contributing billions of US dollars to Honda’s global earnings.

Honda’s Product Launches and Developments in 2023

In 2023, Honda made significant strides in both product launches and developments, focusing on expanding its electric and hybrid vehicle lineup to meet the growing global demand for more environmentally friendly vehicles. This strategic shift is part of Honda’s broader goal to achieve carbon neutrality by 2050.

Honda Prologue (2023):

• The Honda Prologue, an all-electric SUV, was one of the key product launches in 2023. This model is Honda’s first mass-market EV in North America, aimed at tapping into the rising demand for electric vehicles (EVs). Priced competitively, the Prologue is expected to generate substantial revenue, contributing significantly to Honda’s earnings in North America.
• The Prologue is equipped with a range of over 300 miles on a single charge, which places it among the top competitors in the EV market. Its launch reflects Honda’s commitment to reducing carbon emissions, with the company aiming for EVs to make up 40% of its sales by 2030.

Updated Honda CR-V Hybrid (2023):

• Another notable development was the 2023 update of the Honda CR-V Hybrid. This version featured improved fuel efficiency and lower emissions, aligning with Honda’s sustainability goals. The CR-V Hybrid has been a top-selling model, especially in North America and Europe, where consumers are increasingly seeking hybrid options.
• The hybrid model offers a 20% reduction in carbon emissions compared to the non-hybrid version, contributing to Honda’s efforts to reduce its overall carbon footprint.

Honda’s Product Launches and Developments in 2024

In 2024, Honda continued to advance its electrification strategy, introducing new models and advancing its hybrid technology.

Honda e: Ny1 (2024):

• The Honda e: Ny1, a compact electric SUV, was launched in 2024. This model is specifically designed for urban environments, with a focus on efficiency and compact design. It is expected to perform well in Europe and Asia, where there is a growing preference for smaller, more efficient vehicles.
• The e: Ny1 offers a 25% reduction in carbon emissions compared to traditional internal combustion engine vehicles, contributing to Honda’s broader goal of reducing emissions globally.

Honda Accord Hybrid (2024):

• The 2024 model of the Honda Accord Hybrid was introduced with significant improvements in battery technology, offering better fuel efficiency and lower emissions. The Accord Hybrid has been a strong performer in the mid-size sedan market, and the 2024 model is expected to continue this trend.
• This model features a 30% reduction in carbon emissions compared to its gasoline-only counterpart, aligning with Honda’s commitment to sustainability.

Future Product Launches and Developments

Honda has laid out an ambitious plan for future product launches and developments, with a strong emphasis on electric and hybrid vehicles.

Electric Motorcycle Lineup (2025-2026):

• Honda plans to launch a new lineup of electric motorcycles starting in 2025. These motorcycles will target markets in Asia, Europe, and North America. By 2026, the new electric motorcycles are expected to account for 15% of Honda’s total motorcycle sales.
• These electric motorcycles will significantly contribute to reducing carbon emissions, with zero tailpipe emissions, aligning with Honda’s environmental goals.

Advanced Battery Technology (2026):

• By 2026, Honda aims to introduce advanced battery technology that will increase the range and efficiency of its electric vehicles. This technology will likely be first implemented in the Honda Prologue and other upcoming EV models.
• The new battery technology is expected to reduce emissions by an additional 10% across Honda’s EV lineup, contributing to the company’s overall carbon reduction strategy.

Contribution to Reduced Carbon Emissions in the Worldwide Market

Honda’s focus on electrification and hybrid technology is directly contributing to reduced carbon emissions globally. In 2023, Honda’s hybrid and electric vehicles accounted for approximately 18% of its total global sales. Therefore, Honda Statistics expects that, this figure to increase to 22% in 2024, driven by the launch of new models like the Honda e: Ny1 and the updated Accord Hybrid.

These efforts are part of Honda’s broader strategy to achieve carbon neutrality by 2050. The company has committed to reducing its total carbon emissions by 50% by 2030 compared to 2020 levels. The introduction of electric and hybrid vehicles, combined with advancements in battery technology and a focus on renewable energy in production, is central to achieving this goal.

In terms of revenue, Honda’s focus on electric and hybrid vehicles is expected to generate significant returns. The global market for EVs is rapidly expanding, and Honda’s share of this market is projected to grow, contributing billions of US dollars in revenue by 2024. This strategic shift not only helps Honda remain competitive in a changing market but also positions the company as a leader in the global transition to sustainable transportation.

Conclusion

In conclusion to Honda Statistics, the company’s journey from a small motorcycle manufacturer to a global automotive giant is a testament to its innovation, quality, and commitment to corporate social responsibility. The company’s dedication to research and development, diverse product offerings, and sustainability initiatives have solidified its position as a leading player in the automotive industry. As Honda continues to evolve and adapt to changing market dynamics, its legacy as a global icon of innovation is sure to endure.

Ketaki Joshi

Ketaki Joshi is an experienced tech writer who specializes in gadget usage statistics. She excels at analyzing and reviewing the latest tech trends and newly launched devices. Ketaki creates insightful and easy-to-understand articles for websites and newsletters. Previously working at a French multinational company, she now follows her passion for writing. Her first short story, “The Envelope That Changed Our Lives,” is available on Amazon.

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