Dublin, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The "North America Automotive Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The North America Automotive Market is currently valued at a whopping USD 713.07 billion and is poised to embark on a growth journey, set to record a remarkable Compound Annual Growth Rate (CAGR) of 6.63% in terms of revenue during the forecast period.
Market Drivers and Challenges
The medium-term outlook for the market is bright, driven by the increasing adoption of electric mobility and growing government support through initiatives and policies. Rising consumer demand for safety and comfort features, powered by advanced technologies like ADAS, is another catalyst for market growth.
Market Trends
Rising Electric Mobility
The automotive industry's focus on reducing emissions has accelerated the shift toward electric vehicles. North America has witnessed a surge in demand for battery-electric vehicles, with impressive growth rates. The United States, for instance, saw sales of new light-duty chargeable electric vehicles increase to 608,000 in 2021, up from 308,000 in 2020. Battery electric vehicles accounted for over 73% of total sales. Incentives and mandates are further boosting electric vehicle adoption, with governments encouraging cleaner and more efficient transportation.
United States Takes Center Stage
The United States plays a pivotal role in the North American automotive industry, contributing significantly to the country's GDP. Despite the challenges posed by the pandemic, the U.S. remains a hub for automotive manufacturing and innovation. The government's support for electric vehicle research and development, coupled with a growing demand for electric vehicles, has paved the way for key players like Tesla to thrive in the market. Tesla's models account for a substantial share of the sales, demonstrating the country's appetite for electric mobility.
Competitor Landscape
The North American automotive market is characterized by consolidation, with key players such as Ford, Toyota, General Motors, Mazda, Honda, Volkswagen, and more. These companies are exploring diverse growth strategies to solidify their positions in the market, while Tier 1, 2, and 3 suppliers are finding new opportunities to contribute components to OEMs and reduce overall costs.
As the North America Automotive Market charts a course for substantial growth, industry players are gearing up to meet the evolving demands and preferences of consumers, particularly in the electric mobility segment.
A selection of companies mentioned in this report includes
- BMW AG
- Daimler AG
- Tesla Inc.
- Fiat Chrysler Automobiles NV
- Ford Motor Company
- General Motors Company
- Honda Motor Company Ltd
- Hyundai Motor Company
- Nissan Motor Co. Ltd
- Groupe Renault
- Toyota Motor Corporation
- Volkswagen AG
- Harley-Davidson
- Yamaha Motor Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/da5dfm
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