Automotive Market Synopsis

Global Automotive Market size is expected to grow from USD 3.73 Million in 2022 to USD 6.38 Million by 2030, at a CAGR of 6.94 % during the forecast period (2023-2030).

Automobiles can be referred to as self-powered vehicles. The automotive industry has a wide range of companies and organizations involved in the design, development, manufacturing, marketing, selling, and repairing. Various cars such as passenger cars, light commercial vehicles, trucks for heavy transport, buses, and motorcycles can be seen. Safety Features such as ADAS System Safety, System Anti-lock Brake System central computer, sensors, and systems are widely present in most cars. Modern engines are much smarter and more powerful than older ones.

  • Machine Learning and Artificial Intelligence will play an important role in the future of the automobile industry. These technologies help develop self-driving cars, advanced driver assistance systems, personal assistance, and many other features. Due to the increase in population, the automotive industry has an opportunity to increase its customer base.  Demand for automotive cars has increased due to various modern features in automobile vehicles.
  • Population growth, urbanization, and improving economic conditions are emerging in the markets. The ongoing need for personal mobility and growing awareness of environmental concerns are fueling the demand for modern, fuel-efficient, and sustainable vehicles. Consumer preferences towards advanced safety features, connectivity, and environmentally friendly options are shaping the market dynamics. The automotive market is adapting to strict emission standards and consumer expectations are growing the way for a greener and technologically advanced future in the Automotive market.

Automotive Market Trend Analysis:

Rising Demand for Advanced Safety Features

  • The automotive industry is witnessing a rising demand for technologically advanced vehicle features, encompassing power steering systems, climate control, anti-lock braking systems, and similar innovations. Consumers are increasingly seeking enhanced levels of convenience, safety, and comfort in their vehicles. Features such as steering-mounted controls, heads-up displays, advanced infotainment systems, gesture control, telematics, and central controllers are experiencing rising demand.
  • Demand for comfort, luxury, and security benefits among consumers is growing. The global automotive market is expressing growth in the integration of electronic components and software content in vehicles worldwide, contributing to cutting-edge technology-based infotainment and telematics systems for drivers. Safety and convenience features like automatic high-beam headlights, blind-spot warning systems, lane-departure warning systems (LDWS), and automatic emergency braking systems (AEBS) are gaining popularity. These factors collectively drive the demand for the automotive Market.

The Electric Vehicle (EV) Revolution

  • Automotive manufacturers are introducing a huge number of electric vehicle models across different segments, from compact cars to SUVs and even trucks. A variety of models are providing consumers with more options and preferences in Electric vehicles.
  • Development and innovation in battery technology, charging infrastructure, and energy management systems, allowing manufacturers to invest significantly in research and development. These revolutions focus on a comprehensive ecosystem involving electric technology, smart grids, and renewable energy integration.
  • Collaborations with energy companies and tech innovators play a crucial role for automotive manufacturers positioning themselves at the forefront of a sustainable and interconnected future. The EV Revolution serves as a platform for brand differentiation, appealing to a market segment valuing innovation, lower operating costs, and reduced reliance on traditional fuels. The Electric Vehicle Revolution offers a strategic opportunity for automotive players to pioneer advancements, meet evolving consumer expectations, and contribute to a more sustainable technologically advanced automotive future.

Automotive Market Segment Analysis:

The Automotive Market is Segmented Based on Type, Vehicle Type and Application

By Vehicle Type, Electric segment is expected to dominate the market during the forecast period.

  • The EV segment encompasses both Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs), offering reduced carbon footprints and operational costs. Automakers are investing heavily in research and development to enhance EV efficiency, range, and charging infrastructure, consumer adoption is expected to accelerate.
  • Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs), are witnessing substantial investment in research and development, elevating EV efficiency, extending range, and bolstering charging infrastructure, contributing to reduced carbon footprints and operational costs. The automotive market is being reshaped as consumers increasingly favor cleaner and greener transportation alternatives.

Automotive Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast Period

  • The Asia Pacific region is expected to dominate the automotive market due to economic growth, urbanization, and a growing middle class increasing the demand for vehicles for personal and commercial use. The growing economic factors, government initiatives, and policies across many Asia Pacific countries play a crucial role in driving the automotive sector's growth.
  • The automotive industry's commitment to innovation and the development of diverse electric vehicle models, spanning from compact cars to SUVs and even commercial vehicles, contributes to the growth of various segments. Supportive government policies, incentives, subsidies, and developing charging infrastructure are fuelling the growth of the electric vehicle market. The electric vehicle segment is expected to significantly influence the automotive industry's future due to its contribution to environmental consciousness, technological advancements, and regulatory support.

Key Players Covered in Automotive Market:

  • Tesla (U.S.)
  • Ford (U.S.)
  • General Motors (U.S.)
  • Mercedes-Benz (Germany)
  • Volkswagen (Germany)
  • BMW (Germany)
  • Audi (Germany)
  • Ferrari (Italy)
  • Porsche (Germany)
  • Stellantis (Netherlands)
  • Renault (France)
  • Toyota (Japan)
  • Honda (Japan)
  • Nissan (Japan)
  • Suzuki Motor (Japan)
  • Airways (China)
  • Mitsubishi Motors Corporation (Japan)
  • Hyundai (South Korea)
  • Kia (South Korea)
  • Denso Corporation (Japan), and other major players.

Key Industry Development in The Automotive Market:

  • In August 2023, Stellantis made a significant investment exceeding $100 million to advance the progress of a geothermal lithium project in California. This initiative aims to accelerate the decarbonization of supply chains for battery electric vehicles, marking a noteworthy milestone for the company. The substantial investment in this Clean Technology Resources (CTR) project underscores Stellantis' commitment to fostering sustainable practices in the production of electric vehicle batteries.
  • In June 2023, Volkswagen announced plans to expand its lineup in China through partnerships with Xpeng and SAIC. Strengthening its presence in the Chinese market, Volkswagen initiated a $700 million investment partnership with Xpeng and further collaboration with SAIC and Audi. The joint efforts between Volkswagen and SAIC, a leading Chinese automaker, include the development of two new Volkswagen brand models based on the innovative Modular Electric Drive Matrix (MEB) platform.

Global Automotive Market

Base Year:

2022

Forecast Period:

2023-2030

Historical Data:

2017 to 2022

Market Size in 2022:

USD 3.73 Mn.

Forecast Period 2023-30 CAGR:

6.94 %

Market Size in 2030:

USD 6.38 Mn.

Segments Covered:

By Type

  • Passenger Wheelers
  • Commercial Wheeler

By Vehicle Type

  • Electric
  • LPG
  • CNG

By Application

  • External
  • Internal
  • ADAS System Safety System
  • Anti-lock Brake System

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rising Demand for Advanced Safety Features

Key Market Restraints:

  • High Cost of Products and Services

Key Opportunities:

  • The Electric Vehicle (EV) Revolution

Companies Covered in the report:

  • Tesla (US), Ford (US), General Motors (US), Mercedes-Benz (Germany), Volkswagen (Germany), Other major players.
  1. INTRODUCTION
    1. RESEARCH OBJECTIVES
    2. RESEARCH METHODOLOGY
    3. RESEARCH PROCESS
    4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
    5. MARKET SEGMENTATION
  2. EXECUTIVE SUMMARY
  3. MARKET OVERVIEW
  4. GROWTH OPPORTUNITIES BY SEGMENT
  5. MARKET LANDSCAPE
    1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power Of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
    2. INDUSTRY VALUE CHAIN ANALYSIS
    3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    4. MARKET TREND ANALYSIS
    5. REGULATORY LANDSCAPE
    6. PESTLE ANALYSIS
    7. PRICE TREND ANALYSIS
    8. PATENT ANALYSIS
    9. TECHNOLOGY EVALUATION
    10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
      1. Geopolitical Market Disruptions
      2. Supply Chain Disruptions
      3. Instability in Emerging Markets
    11. ECOSYSTEM
  6. AUTOMOTIVE MARKET BY TYPE (2016-2030)
    1. AUTOMOTIVE MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. PASSENGER WHEELERS
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. COMMERCIAL WHEELER
  7. AUTOMOTIVE MARKET BY VEHICLE TYPE (2016-2030)
    1. AUTOMOTIVE MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. ELECTRIC
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. LPG
    5. CNG
  8. AUTOMOTIVE MARKET BY APPLICATION (2016-2030)
    1. AUTOMOTIVE MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. EXTERNAL
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2016 – 2030F)
      3. Historic And Forecasted Market Size in Volume (2016 – 2030F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
    4. INTERNAL
    5. ADAS SYSTEM SAFETY SYSTEM
    6.  ANTI-LOCK BRAKE SYSTEM
  9. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
      1. Competitive Positioning
      2. Automotive market Share By Manufacturer (2022)
      3. Industry BCG Matrix
      4. Heat Map Analysis
      5. Mergers & Acquisitions
    2. TESLA (U.S.)
      1. Company Overview
      2. Key Executives
      3. Company Snapshot
      4. Role of the Company in the Market
      5. Sustainability and Social Responsibility
      6. Operating Business Segments
      7. Product Portfolio
      8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
      9. Key Strategic Moves And Recent Developments
      10. SWOT Analysis
    3. FORD (U.S.)
    4. GENERAL MOTORS (U.S.)
    5. MERCEDES-BENZ (GERMANY)
    6. VOLKSWAGEN (GERMANY)
    7. BMW (GERMANY)
    8. AUDI (GERMANY)
    9. FERRARI (ITALY)
    10. PORSCHE (GERMANY)
    11. STELLANTIS (NETHERLANDS)
    12. RENAULT (FRANCE)
    13. TOYOTA (JAPAN)
    14. HONDA (JAPAN)
    15. NISSAN (JAPAN)
    16. SUZUKI MOTOR (JAPAN)
    17. AIRWAYS (CHINA)
    18. MITSUBISHI MOTORS CORPORATION (JAPAN)
    19. HYUNDAI (SOUTH KOREA)
    20. KIA (SOUTH KOREA)
    21. DENSO CORPORATION (JAPAN)
  10. GLOBAL AUTOMOTIVE MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Type
      4. Historic And Forecasted Market Size By Vehicle Type
      5. Historic And Forecasted Market Size By Application
      6. Historic And Forecasted Market Size By Country
        1. USA
        2. Canada
        3. Mexico
    3. EASTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Russia
        2. Bulgaria
        3. The Czech Republic
        4. Hungary
        5. Poland
        6. Romania
        7. Rest Of Eastern Europe
    4. WESTERN EUROPE
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Germany
        2. United Kingdom
        3. France
        4. The Netherlands
        5. Italy
        6. Spain
        7. Rest Of Western Europe
    5. ASIA PACIFIC
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Malaysia
        6. Thailand
        7. Vietnam
        8. The Philippines
        9. Australia
        10. New-Zealand
        11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Turkey
        2. Bahrain
        3. Kuwait
        4. Saudi Arabia
        5. Qatar
        6. UAE
        7. Israel
        8. South Africa
    7. SOUTH AMERICA
      1. Key Market Trends, Growth Factors And Opportunities
      2. Key Manufacturers
      3. Historic And Forecasted Market Size By Segments
      4. Historic And Forecasted Market Size By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
  11. INVESTMENT ANALYSIS
  12. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies

Global Automotive Market

Base Year:

2022

Forecast Period:

2023-2030

Historical Data:

2017 to 2022

Market Size in 2022:

USD 3.73 Mn.

Forecast Period 2023-30 CAGR:

6.94 %

Market Size in 2030:

USD 6.38 Mn.

Segments Covered:

By Type

  • Passenger Wheelers
  • Commercial Wheeler

By Vehicle Type

  • Electric
  • LPG
  • CNG

By Application

  • External
  • Internal
  • ADAS System Safety System
  • Anti-lock Brake System

By Region

  • North America (U.S., Canada, Mexico)
  • Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
  • Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
  • Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC)
  • Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
  • South America (Brazil, Argentina, Rest of SA)

Key Market Drivers:

  • Rising Demand for Advanced Safety Features

Key Market Restraints:

  • High Cost of Products and Services

Key Opportunities:

  • The Electric Vehicle (EV) Revolution

Companies Covered in the report:

  • Tesla (US), Ford (US), General Motors (US), Mercedes-Benz (Germany), Volkswagen (Germany), Other major players.
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Frequently Asked Questions :

What would be the forecast period in the Automotive Market research report?

The forecast period in the Automotive Market research report is 2023-2030.

Who are the key players in the Automotive Market?

Tesla (U.S.), Ford (U.S.), General Motors (U.S.), Mercedes-Benz (Germany), Volkswagen (Germany), BMW (Germany), Audi (Germany), Ferrari (Italy), Porsche (Germany), Stellantis (Netherlands), Renault (France), Toyota (Japan), Honda (Japan), Nissan (Japan), Suzuki Motor (Japan), Airways (China), Mitsubishi Motors Corporation (Japan), Hyundai (South Korea), Kia (South Korea), Denso Corporation (Japan), and other major players.

What are the segments of the Automotive Market?

The Automotive Market is segmented into Type, Vehicle, Application, and Region. By Type, the market is categorized into Passenger Wheelers and Commercial Wheeler. By Vehicle, the market is categorized into Electric, LPG, and CNG. By Application, the market is categorized into External, Internal, ADAS System Safety System and Anti-Lock Brake System. (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.

What is the Automotive Market?

Automobiles can be referred to as self-powered vehicles. The automotive industry has a wide range of companies and organizations involved in the design, development, manufacturing, marketing, selling, and repairing. Various cars such as passenger cars, light commercial vehicles, trucks for heavy transport, buses, and motorcycles can be seen. Safety Features such as ADAS System Safety, System Anti-lock Brake System central computer, sensors, and systems are widely present in most cars.

How big is the Automotive Market?

Global Automotive Market size is expected to grow from USD 3.73 Million in 2022 to USD 6.38 Million by 2030, at a CAGR of 6.94 % during the forecast period (2023-2030).