Selbyville, Delaware, Feb. 04, 2024 (GLOBE NEWSWIRE) --
The cars market valuation is predicted to reach USD 4 trillion by 2032, as reported in a research study by Global Market Insights Inc.
The rapid advancements in electric and autonomous technologies will accelerate the business growth over 2023–2032. As these innovations reshape the industry landscape, new car launches and commercial ad campaigns play a pivotal role in stimulating consumer interest. The seamless integration of cutting-edge features and marketing strategies will propel the growth of the cars market, catering to evolving consumer preferences and contributing to its overall size.
For instance, in 2024, Skoda introduced the Elegance Edition of the Slavia and Kushaq models in India, featuring a stylish "Deep Black" color. Accompanying the launch is a new TV commercial showcasing the enhancements introduced in these popular models, offering a glimpse of the stylish additions to the Slavia and Kushaq Elegance Edition. This marks Skoda's strategic move to strengthen the cars industry by introducing exclusive editions and accentuating style and features, thereby enhancing the brand's appeal and competitiveness.
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The cars market from the diesel segment will experience a substantial upswing through 2032, due to its efficiency and robust performance. Despite growing interest in electric and hybrid alternatives, diesel-powered vehicles continue to appeal to consumers seeking long-range capabilities and fuel efficiency. Technological advancements in diesel engines, coupled with a strong demand for powerful and economical options, contribute to the sustained prominence of the diesel segment in the ever-evolving cars industry.
The cars market from SUV segment will establish a significant foothold till 2032, fueled by an enduring surge in consumer demand. Characterized by versatility, spacious interiors, and a commanding road presence, SUVs attract a broad spectrum of buyers. Their popularity transcends various demographics, reflecting a preference for a blend of performance, comfort, and safety. As automakers continually refine and expand their SUV offerings, this segment will maintain its prominence in the automotive landscape.
North America cars market will grow at a significant CAGR from 2023 to 2032, driven by factors such as a robust economy, high disposable income, and a culture deeply ingrained in automobile ownership. The region's affinity for diverse vehicle types, including SUVs and electric cars, will further contribute to its dominance. With a burgeoning focus on advanced technologies and sustainable practices, North America continues to be a pivotal contributor to shaping the trajectory of the cars industry.
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Major companies operating in the cars market include Toyota, Hyundai, BMW Group, Honda Motor Company, Volkswagen, Ford Motor Company, Suzuki, Nissan, and Daimler AG.
These companies are rapidly expanding their market share through strategic initiatives and customer-centric approaches. By embracing innovation, offering diverse and sustainable product portfolios, and leveraging effective marketing strategies, they are solidifying their positions in the highly competitive automotive market. With a keen understanding of consumer trends and a commitment to excellence, these companies continue to gain prominence, driving growth and shaping the evolving landscape of the cars industry.
In 2023, Hyundai India introduced the micro-SUV Exter, equipped with a 1.2-liter petrol engine available in both manual and automatic versions. The Exter features a spacious 391-liter boot, 185 mm ground clearance, dual-camera dashcam, electric sunroof, and a comprehensive safety package with six airbags.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Cars market 360º synopsis, 2018 - 2032
2.2 Regional trends
2.3 Vehicle type trends
2.4 End-Use trends
2.5 Propulsion type trends
2.6 Sales channel trends
Chapter 3 Cars Market Industry Insights
3.1 Impact of COVID-19
3.2 Impact of Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Component & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Growing global population and urbanization
3.10.1.2 Increasing technological advancements
3.10.1.3 Rising disposable incomes
3.10.1.4 Growing middle-class population in the emerging markets
3.10.2 Industry pitfalls & challenges
3.10.2.1 Rising cost concerns
3.11 Profit margin analysis
3.12 Vendor matrix analysis
3.13 Growth potential analysis
3.14 Porter’s analysis
3.15 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
