In this article, we discuss the 25 best-selling cars, trucks, and SUVs for 2022 and 2023. If you want to skip the detailed analysis of the automotive industry, you can jump straight to the 5 Best Selling Cars, Trucks, and SUVs of 2022 and 2023.
The automotive industry has experienced significant changes and challenges in the aftermath of the COVID-19 pandemic. It forced the automotive industry to adapt, innovate, and reevaluate its strategies. It also accelerated trends that were already in motion, such as the transition to electric and autonomous vehicles, digitalization, and changing consumer preferences for mobility solutions. These changes are likely to continue shaping the industry's trajectory in the years to come.
The automotive industry is poised for growth in the upcoming years despite the uncertain global economic conditions. It is anticipated that global car sales will surpass 69 million units in 2023, driven by increased market presence in emerging economies, the growing adoption of electric vehicles, and the reopening of China as it eases lockdown restrictions. These factors, combined with steady production rates and a backlog in demand for the sector, provide a degree of resilience against the challenges posed by rising living costs and supply chain disruptions, which have impacted both sales and production. Analysts project that car sales will continue to rise, reaching 74 million units in 2024, sustaining the upward trend observed since 2020 and approaching pre-pandemic levels.
Several car companies have been performing well financially, technologically, and in terms of market reception. The automotive industry is dynamic, and rankings can change annually based on new model introductions, shifts in consumer preferences, global economic factors, and other variables. However, some major car manufacturers like Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM), and Toyota Motor Corporation (NYSE:TM) have maintained their position as the top vehicle manufacturers for decades.
The electric car industry is looking forward to substantial growth in the near future. Forward-thinking automakers and their primary suppliers have the chance to innovate within the expanding realm of software-defined vehicles (SDVs), focusing on software-driven features that enhance safety, convenience, and the overall in-car experience. Additionally, as businesses face increasing pressure to reduce carbon emissions and optimize logistics to counter inflation, there is a growing interest in efficient electric vehicles that lower the total cost of ownership. Due to their high demand, companies like Tesla, Inc. (NASDAQ:TSLA), NIO Inc. (NYSE:NIO), and Rivian Automotive, Inc. (NASDAQ:RIVN) have forced companies like Ford Motor Company (NYSE:F) and General Motors Company (NYSE:GM) to step into the electric vehicle market. In its Q2 2023 earnings call, President and Chief Executive Officer of Ford Motor Company (NYSE:F), Jim Farley, said the following about the EV sector growth:
“We're going to dive more into the electric vehicle market during Q&A. But clearly, this transition to EVs is dynamic and so much more than just a change in propulsion. The number of global entrants is increasing even at the high end and the pricing pressure has dramatically increased in the past 60 days.”
Looking ahead, challenges for the automotive aftermarket and the car industry include managing high inventories and navigating market price fluctuations in raw materials. Inflation, as well as rising food and energy costs, will remain major concerns for consumers, pushing them toward more affordable product choices.
However, premium segments offering performance and convenience, such as all-season tires, larger rim sizes, and synthetic oils, will continue to drive growth. Emerging economies will present opportunities for forward-thinking manufacturers, and the reopening of the Chinese market will bolster the industry's resilience. Meanwhile, there will be a growing emphasis on sustainability, rewarding innovative brands that offer environmentally friendly alternatives in response to mounting regulatory and consumer pressures.
In the competitive automotive industry, General Motors Company (NYSE:GM), Ford Motor Company (NYSE:F), and Tesla, Inc. (NASDAQ:TSLA) are some of the automotive stocks that investors should keep their eye on.
We collected the list of best-selling cars in the United States from several sources, including Car and Driver and Edmunds, and created a list of around 40 vehicles. We then checked the sales of each car from different sources and calculated their average for both years. The best-selling cars, trucks, and SUVs of 2023 are listed according to their estimated units sold in the US.
25 Bestselling Cars, Trucks, and SUVs of 2022 and 2023
25. Ford Escape
Total number of sales: 202,210 units
Ford Motor Company (NYSE:F)’s Escape has garnered popularity due to its well-rounded appeal and versatility. Its compact size makes it an ideal choice for urban dwellers seeking easy maneuverability and parking convenience. The availability of various powertrains, including gasoline, hybrid, and plug-in hybrid options, allows consumers to choose according to their specific needs and environmental considerations. The Escape boasts a comfortable interior with ample passenger and cargo space, catering to families and those with active lifestyles. Its competitive pricing and strong resale value make it an attractive financial choice. Ford Motor Company (NYSE:F)’s commitment to safety features and technology upgrades further enhances its appeal, solidifying the Escape's status as a popular option in the competitive compact SUV market and making it to our list of best-selling cars, trucks, and SUVs of 2022 and 2023.
24. Nissan Altima
Total number of sales: 203,200 units
The Nissan Altima has gained popularity for a variety of reasons. One of its key attractions is its reputation for reliability and longevity, instilling confidence in buyers seeking a dependable vehicle. The Altima also stands out for its strong fuel efficiency, appealing to both budget-conscious consumers and environmentally-conscious drivers. Its comfortable interior, spacious cabin, and user-friendly technology contribute to its popularity among families and daily commuters. Furthermore, Nissan's commitment to safety features and competitive pricing makes the Altima an attractive choice in the midsize sedan segment. These qualities, combined with a solid track record, have established the Altima as a well-liked and enduring option in the automotive market.
23. Honda Civic
Total number of sales: 228,000 units
Civic's enduring popularity is rooted in its exceptional blend of qualities. Renowned for its reliability and durability, Honda Motor Co., Ltd. (NYSE:HMC)’s Civic consistently delivers a dependable and low-maintenance driving experience. Its fuel efficiency appeals to budget-conscious consumers, offering excellent miles per gallon. The Civic's practicality shines with a spacious interior and a well-thought-out cabin layout, providing both comfort and convenience. Moreover, Honda Motor Co., Ltd. (NYSE:HMC)’s Civic has a reputation for safety features, strong resale value, and a wide range of trims and body styles which further solidifies its status as a perennial favorite among drivers seeking an affordable, efficient, and well-rounded compact car that stands the test of time.
22. Subaru Outback
Total number of sales: 228,650 units
Subaru Outback is a Japanese vehicle that mostly comes in an all-wheel drive version. Its sixth generation for the North American market was introduced in 2019. The Outback has a reputation for being one of the longest-lasting vehicles. It also has top-of-the-line handling and performance and has high safety ratings.
21. Subaru Crosstrek
Total number of sales: 231,270 units
The Subaru Crosstrek is the highest-selling vehicle that Subaru produces. Its base comes with a 152 horsepower 2.0-liter engine and also has a 182 horsepower 2.5-liter version available. Subaru Crosstrek is the 21st best-selling vehicle of 2022 and 2023.
20. Mazda CX-5
Total number of sales: 231,600 units
The Mazda CX-5 is a compact crossover SUV that has been in production since 2012. It started after the discontinuation of the mid-size CX-7. The CX-5’s low body weight, exceptional handling, and performance have made it one of the best-selling vehicles in the North American market. It is sold in Japanese, Australian, European, Malaysian, and North American markets.
19. Honda Accord
Total number of sales: 254,450 units
The Honda Accord has earned the trust of consumers who seek a dependable vehicle. Its longevity is a testament to its robust construction and quality engineering. Honda Motor Co., Ltd. (NYSE:HMC)’s Accord offers a comfortable and spacious interior, making it suitable for families and daily commuters. Fuel efficiency is another hallmark, aligning with the need for economical transportation. Honda Motor Co., Ltd. (NYSE:HMC)’s commitment to safety, advanced technology, and innovative features ensures the Accord stays competitive. Furthermore, a diverse range of trims and engines allows buyers to tailor the vehicle to their preferences, cementing its position as a top choice among midsize sedans for decades.
18. Jeep Wrangler
Total number of sales: 266,050
The Jeep Wrangler comes in two different versions; a compact SUV and a mid-size SUV. It is one of the most sold SUVs in the world. Its fourth generation was introduced in 2017 which comes in a rear-wheel drive and a four-wheel drive version. Stellantis N.V. (NYSE:STLA)’s rugged off-roader, Wrangler, is one of the best-selling SUVs of 2022 and 2023.
17. Hyundai Tucson
Total number of sales: 275,900 units
Tucson's striking design, characterized by bold lines and a distinctive front grille, catches the eye and appeals to a wide range of consumers. Offering versatility in powertrains, including gas, hybrid, and plug-in hybrid options, it caters to various preferences and environmentally conscious buyers. The Tucson boasts a comfortable and well-designed interior, providing ample legroom and a user-friendly infotainment system. Additionally, Hyundai's reputation for reliability and affordability adds to Tucson's appeal, making it a popular choice among those seeking a stylish, practical, and dependable compact SUV.
16. Toyota Tacoma
Total number of sales: 290,900 units
As a midsize pickup truck, Tacoma offers excellent off-road capability and towing capacity, making it a top choice for outdoor enthusiasts and those with active lifestyles. Its durable build ensures that it can withstand tough conditions, while Toyota Motor Corporation (NYSE:TM)’s reliability and durability add to its appeal. The Tacoma's diverse trim levels and configurations cater to a wide range of consumer needs, from workhorse to adventure companion. Its strong resale value and long-lasting performance have further solidified its status as a trusted and enduring favorite among pickup truck enthusiasts.
15. Toyota Camry
Total number of sales: 295,200 units
The Toyota Camry, now in its eighth generation, remains a favorite worldwide for several compelling reasons. Its affordability stands out in a segment known for value. Toyota Motor Corporation (NYSE:TM)’s renowned reliability is exemplified by the Camry with quality and reliability. The Camry excels in practicality, fuel efficiency, ease of maintenance, safety ratings, aesthetics, and advanced tech features, making it a versatile and enduring choice.
14. Ford Explorer
Total number of sales: 312,100
Ford Explorer’s production started in 1990. Ford Motor Company (NYSE:F) has also introduced a battery-electric compact crossover of Ford Explorer for the European market. It comes in seven different versions and two of them are specifically made as Police Interceptor Utility and not sold to the general public.
13. Chevrolet Equinox
Total number of sales: 318,000
Chevrolet Equinox is a crossover utility vehicle introduced in 2004. Chevrolet also introduced the Equinox EV in 2022 for the 2024 model year. It is the 13th best-selling vehicle on our list and according to several sources, it is one of General Motors Company (NYSE:GM)’s most dependable and reliable vehicles in production.
12. Tesla Model 3
Total number of sales: 319,700 units
The Tesla Model 3 combines impressive performance, efficiency, and safety, making it a popular choice. Its exterior boasts sleek curves, sharp lines, and a unique front grille for improved aerodynamics. Performance-wise, the Model 3 impresses with a 491km range, responsive acceleration, and customizable driving modes. Charging options are competitive, with 10-80% charge in 30 minutes on a DC charger. Due to its exceptional range, comfort, and performance, Tesla, Inc. (NASDAQ:TSLA)’s Model 3 continues to hold its position as the leading electric vehicle in the market around the world.
11. Toyota Corolla
Total number of sales: 319,710 units
Toyota Corolla is the crown jewel of Toyota Motor Corporation (NYSE:TM) and continues to dominate the global automotive market, delivering exceptional value to drivers worldwide. Renowned for its legendary reliability, the Corolla has earned the trust of countless drivers who prioritize a trouble-free ownership experience. Its reputation for longevity and minimal maintenance costs makes it a wise choice for both first-time car buyers and those seeking a dependable daily driver. Toyota Corolla is the best-selling car in the world and the 11th best-selling car in the US. Toyota Motor Corporation (NYSE:TM)’s Corolla topped 50 million sales in August 2021.
10. Toyota Highlander
Total number of sales: 336,100 units
The Highlander instills confidence in buyers seeking a trustworthy and durable SUV. Its spacious and well-designed interior comfortably accommodates passengers and offers ample cargo space, catering to families and those with active lifestyles. Toyota Motor Corporation (NYSE:TM)’s reputation for safety features and innovative technology further enhances its appeal, providing peace of mind on the road. The availability of various powertrains, including hybrid options, addresses different environmental concerns. With a reputation for strong resale value and competitive pricing, the Highlander continues to be a top choice in the competitive midsize SUV market, appealing to a broad spectrum of consumers.
9. Nissan Rogue
Total number of sales: 334,225
Nissan Rogue is a CUV that comes in a front engine front wheel drive and an all-wheel drive version. Nissan debuted the Rogue at the North American International Auto Show in January 2007. Rogue is highly commended for its safety which is why its sales have placed it at number 9 on our list of best-selling cars, trucks, and SUVs.
8. Jeep Grand Cherokee
Total number of sales: 348,300
Jeep Grand Cherokee’s production started in 1992 and comes in a front-engine rear-wheel-drive and a front-engine four-wheel-drive version. It is famous for its practicality, reliability, and off-roading capabilities. The Grand Cherokee is the successor to the smaller Jeep Cherokee XJ. Jeep Grand Cherokee is produced by Fiat Chrysler Automobiles which is now a part of Stellantis N.V. (NYSE:STLA).
7. GMC Sierra
Total number of sales: 384,530 units
As a full-size pickup truck, the GMC Sierra is known for its robust towing and hauling capabilities, making it a top choice for those who need a workhorse. Its striking exterior design and luxurious interior options also cater to buyers seeking both style and substance. The availability of various trims, engines, and features allows customization to meet diverse needs. Additionally, General Motors Company (NYSE:GM) has a reputation for durability and reliability, which adds to the Sierra's appeal, making it a favorite among truck enthusiasts and those requiring a dependable, high-performance vehicle for work and play.
6. Honda CR-V
Total number of sales: 401,850 units
The CR-V consistently delivers on Honda Motor Co., Ltd. (NYSE:HMC)’s reputation for longevity and dependability. Its versatility as a compact SUV offering ample interior space and practicality appeals to families and individuals alike. Efficient fuel economy and a comfortable ride enhance its daily usability. Honda Motor Co., Ltd. (NYSE:HMC)'s commitment to safety features and high resale value further bolsters its appeal. The CR-V's consistent commitment to these attributes, coupled with a reputation for quality and a loyal customer base, solidifies its position as a top-selling car.
Click to continue reading and see the 5 Bestselling Cars, Trucks, and SUVs of 2022 and 2023.
Disclosure. None. 25 Bestselling Cars, Trucks, and SUVs of 2022 and 2023 is originally published on Insider Monkey.