New York, United States, March 14, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Industry Size is to Grow from USD 3,564.67 Billion in 2023 to USD 6,861.45 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.77% during the projected period.
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An industry that includes a wide range of businesses and organizations that design, develop, manufacture, market, and sell automobiles. It is one of the largest industries in the world in terms of revenue. A wide range of vehicles, such as electric cars, SUVs, trucks, and vans, are being developed by automakers. In order to guarantee a steady supply of batteries for their electric vehicles, automakers are investing in the production of batteries. To make it simpler for customers to charge their electric cars, automakers are investing in charging infrastructure. To develop new technologies for their electric vehicles, like over-the-air upgrades and autonomous driving, automakers are investing in digitalization and software. Furthermore, in the 2020-2021 federal budget, the Indian government allocated USD 24.27 billion for infrastructure, with a focus on transportation and highway renewable energy. Thus, it is anticipated that rising urbanization and infrastructure investment would support the expansion of the global automotive market. Furthermore, safety innovations are first introduced in the luxury and premium car segments, and this increase in sales would propel the automotive industry market. However, the rising demand for second-hand and rental cars could impede the market's expansion.
COVID 19 Impact
In 2020, the automotive industry faced several setbacks as more countries around the world limited transportation due to the coronavirus (COVID-19) outbreak. Among these were a protracted reduction in demand brought on by nationwide lockdowns and a slowdown in supply as a result of manufacturing facilities temporarily closing. Beginning in February 2020, China saw a sharp decline in car sales. Sales in Europe and the United States had collapsed by April of that year. Between March and April 2020, passenger car sales in Europe decreased by more than 65 percent on a month-over-month basis.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Automotive Industry Market Size, Share, and COVID-19 Impact Analysis, By Type (Commercial Vehicle (LCVs, Heavy Trucks, Buses & Coaches), Passenger Car (Hatchback, Sedan, SUV, MUV)), By Propulsion Type (Electric Vehicle, ICE Vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The commercial vehicle segment dominates the market with the largest revenue share through the anticipation period.
On the basis of type, the global automotive industry market is segmented into commercial vehicle (LCVs, heavy trucks, buses & coaches), and passenger car (hatchback, sedan, SUV, MUV)). Among these, the commercial vehicle segment is dominating the market with the largest revenue share through the anticipation period. The logistics and transportation industries, commercial vehicles are necessary for the smooth movement of commodities and materials, the encouragement of economic growth, and the satisfaction of global market demands.
The ICE vehicle segment is witnessing significant CAGR growth through the predicted timeframe.
On the basis of propulsion type, the global automotive industry market is segmented into electric vehicle, and ICE vehicle. Among these, the ICE vehicle segment is witnessing significant growth through the predicted timeframe. ICE engines will continue to be critical to the development of the automotive industry in the interim. Improvements have also been made in areas like thermal efficiency, emissions, and electrification. introducing low-temperature combustion (LTC), a novel concept for internal combustion engines that has received a lot of attention lately.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific dominates the market with the largest market share over the forecast period. China's automotive sector held the largest market share in the Asia-Pacific region, with India's automotive sector growing at the fastest rate. Furthermore, the auto sector is a keystone of the Japanese economy and propels the expansion of the market due to the presence of major players like Nissan, Honda, and Toyota. As a result, during the projection period, Asia-Pacific is anticipated to grow at the fastest rate. India is emerging as a leader in the use of electric vehicles (EVs), as the sector significantly boosts the GDP and manufacturing sector of the nation.
North America, is expected to grow the fastest during the forecast period. The United States is expected to dominate the regional market, followed by Canada and Mexico. The US government's policies supporting electric vehicles and extensive supporting infrastructure have a positive impact on the country, which is home to major automakers. It is also predicted that the growing distaste of youth for expensive and opulent vehicles will bring lucrative opportunities for the automotive sector.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global automotive industry are Tesla Inc., Volkswagen AG, Hyundai Motor Company, SAIC Motor Corp Ltd., Nissan Motor Co Ltd, Fiat S.P.A, General Motors, Mercedes-Benz Group AG, Ford Motor Company, Toyota Motor Corporation, BYD Company Ltd. and others.
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Recent Developments
- On August 2023, according to plans revealed by China's Geely Automobile Holdings, owner of the luxury electric car brand Zeekr, Zeekr 001 will launch shooting brakes and the Zeekr X SUV in Kazakhstan. Zeekr has now revealed its expansion into other regions, following its recent announcement of ambitions to sell cars in Europe and Israel by the end of 2023.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Automotive Industry Market based on the below-mentioned segments:
Automotive Industry Market, Type Analysis
- Commercial Vehicle
- LCVs
- Heavy Trucks
- Buses & Coaches
- Passenger Car
- Hatchback
- Sedan
- SUV
- MUV
Automotive Industry Market, Propulsion Type Analysis
- Electric Vehicle
- ICE Vehicle
Automotive Industry Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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