New York, US, May 01, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Automotives Market Research Report Information by Region, Propulsion Type, and Vehicle Type - Forecast Till 2030”, the global automotive market is predicted to bolter substantially during the review era from 2022 to 2030 at a substantial growth rate of around 6.9%. The reports further predict the market to acquire a worth of nearly USD 6,070.4 billion by the end of 2030. As per the documents, the automotive market was valued nearly USD 3,296.8 billion in the year 2022.
Automotive Industry Overview:
The global Automotive industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rapid urbanization happening across the globe. Furthermore, the increasing infrastructure investment around the world's emerging economies is also considered to be one of the crucial parameters supporting the expansion of the market. Moreover, the escalating demand for high-end passenger vehicles is also likely to enhance the performance of the market around the world over the assessment period.
Competitive Analysis
The listing of the prominent leaders across the global market for Automotives includes players such as:
- General Motors
- Volkswagen AG
- Nissan Motor Co Ltd
- Mercedes-Benz Group AG
- SAIC Motor Corp Ltd.
- Ford Motor Company
- Hyundai Motor Company
- Tesla Inc.
- BYD Company Ltd.
- Toyota Motor Corporation
- Fiat S.P.A
- Among others.
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Automotive Industry Market USP Covered
Market Drivers
The global Automotive industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the rapid urbanization happening across the globe. Furthermore, the increasing infrastructure investment around the world's emerging economies is also considered to be one of the crucial parameters supporting the expansion of the market. Moreover, the escalating demand for high-end passenger vehicles is also likely to enhance the performance of the market around the world over the assessment period. In addition, the factors such as industrial expansion, fast population growth, infrastructure development, increased availability of jobs, the rise of e-commerce, escalating need for commercial vehicles, and strong demand for technologically sophisticated freight vehicles are also projected to have a positive influence on the expansion of the market over the review era.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 6,070.4 billion |
| CAGR during 2022-2030 | 6.9% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vehicle Type, Propulsion type, and Region |
| Key Market Opportunities | Technological Advancements and Innovations in the Automotive Industry |
| Key Market Dynamics | Increasing Demand for High-End Passenger Vehicles Urbanization and Rising Infrastructure Spending in the Economy |
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Market Restraints
On the contrary, there are some parameters may restrict the market's development. The main parameter limiting the market's development is the stringent regulatory norms implemented by governments across the globe. Furthermore, high weight and high cost of manufacturing are also likely to restrict the development of the market.
Automotive Industry COVID-19 Impact
Global industrial operations and business processes witnessed a huge hindrance given to the rise of the global health crisis in the form of COVID-19. All these conditions caused the burden of full or partial lockdowns across most regions internationally. Afterward, the industry operations were ceased, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Automotive industry underwent various sudden & sudden issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
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Automotive Industry Segment Analysis
Among all the vehicle types, the passenger car segment secured the top spot across the global automobile market in 2021, with the largest contribution of around 55%. The main aspect causing a rise in the performance of the segment is the rising demand for high-end passenger vehicles.
Among all the propulsion types, the ICE Vehicle segment held the leading position across the global automotive industry in 2021 with a maximum contribution of approximately 90%. Nothing like EVs, taking hours to recharge; ICE vehicles can be refueled in minutes. Therefore, because of ICE, vehicle advantages implants for the automotive industry over the coming years.
Automotive Industry Regional Analysis
The research reports by MRFR suggest that the Asia-Pacific region held the top position across the global automotive industry in 2021, with the largest contribution of approximately USD 1,643.3 billion. The regional market is anticipated to exhibit a healthy CAGR of around 7.4% over the assessment period. The factors such as rising disposable income along with the availability of financing choices across the region are considered to be the prime aspects causing an upsurge in the regional market's performance.
The North American regional automobile market is anticipated to ensure the second position globally, given mainly to the continued development of advanced safety technologies for light commercial vehicles. The region has the US as the leading growth contributor.
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The Asia-Pacific Automotive Industry is anticipated to showcase the maximum CAGR of 7.4% over the review era, mainly due to rising governmental mandates for improving vehicle safety.
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