Chicago, July 22, 2024 (GLOBE NEWSWIRE) -- Automotive Industry, encompassing PV, LCV, and MHCV, size is projected to grow from 88 million units in 2024 and is projected to hit 104 million units by 2030, at a CAGR of 2.4%, as per the recent study by MarketsandMarkets™. The growth of the automotive industry is influenced by various factors such as adoption of electric vehicles, development and manufacturing of long-range batteries along with installation of fast and ultra-fast charging points, introduction of autonomous vehicles, deployment of 5G connectivity and trends related to shared mobility.
Countries such as China, Brazil, South Korea and India have increased their investments in the development of automotive industry due to the growing urban population and economy in these countries. Due to such investment demand for automotive market will be more during the forecast period.
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List of Key Players in Future of Automotive Industry:
- Toyota Motors Corporation (Japan)
- Tesla (USA)
- Volkswagen AG (Germany)
- Ford (USA)
- BYD (China)
- Hyundai Motor Corporation (South Korea)
Drivers, Opportunities and Challenges in Future of Automotive Industry:
- Driver: Consistent growth in the EV segment over traditional ICE vehicles
- Restraint: Highly dependent on the global economic factors
- Opportunity: Growing adoption of connected vehicles
- Challenge: Short range of EVs and charging time
Key Findings of the Study:
- Digital connected living services to cross $500 billion mark by 2035
- Asia holds the major share of vehicle parc
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The automotive industry, encompassing PV, LCV, and MHCV, size is projected to grow from 88 million units in 2024 and is projected to hit 104 million units by 2030, at a CAGR of 2.4%. Factors such as the extended driving range of EVs and the increasing interest among consumers indicate EVs potential as an alternative for zero-emission mobility. Additionally, the rising involvement of investors, advancements in technology by OEMs, and governmental initiatives toward zero-emission transportation are expected to boost the market growth. This shift towards shared mobility and connected living is already experiencing global traction, notably in passenger vehicles, where autonomous driving is also progressively gaining favor.
“Autonomous vehicles are anticipated to witness significant growth”
The introduction of autonomous cars with enhanced safety features and higher level of automation is shifting the trends in the automotive market. Numerous OEMs are introducing Level 2 (L2) and Level 3 (L3) autonomous vehicles, including Nissan (Japan), Honda (Japan) , Audi (Germany), BMW (Germany), and Mercedes-Benz (Germany). OEMs such as BMW and Mercedes have received approval for L3 autonomous vehicles in Germany and the US, respectively. BMW has also received approval to test its L3 vehicles in Shanghai, China. We expect L3 vehicle sales to gain pace in 2024 as these OEMs start rolling out their L3 models. In addition to testing the cars on roads several tech giants and OEMs have adopted acquisition strategies to take over smaller companies that operate in the space of developing driverless or autonomous technology. The number of Level 3 (L3) autonomous vehicles is projected to grow at a CAGR of 86.5% between 2023 and 2030. The Level 4 (L4) autonomous vehicle market is expected to experience limited commercial growth, primarily in select markets.
“Asia Pacific is expected to be the largest market during the forecast period”
Asia-Pacific region hold the major share in the sales volume of PV and CV combined. The major factor for this is the intensive manufacturing and export of cars in China. The Chinese market is the worlds largest market in terms of vehicle sales as well as production. In 2023, China’s sales volume for passenger vehicles was over 25 million units, with a share of around 50% globally. China is the most dominant nation in automotive industry with respect to supplying raw materials, manufacturing as well as its sales. China has the most powerful supply chain of EV batteries. Over 50% of the EV batteries are manufactured in China. Moreover, around 75% of the components of EV batteries are manufactured in China. These Chinese manufacturers are looking to expand their services and acquire additional market share around the world. The Asia region has seen growth in automobile production in 2022 and 2023. Continuing this trend, the Asia region will dominate the market during the forecast period.
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Recent Developments:
- In June 2024, Honda started the of production of its new 2025 Honda CR-V e:FCEV fuel cell electric vehicle (FCEV) at the Performance Manufacturing Center (PMC) in Ohio, US.
- In May 2024, BYD launched the e-Platform 3.0 Evo, an upgraded version of its BEV model platform and Sea Lion 07 EV SUV will be the first model based on this model.
- In May 2024, Exicom, a leading EV charger and power solution provider in India launched a Harmony Gen 1.5 DC fast charger.
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