New York, Oct. 07, 2021 (GLOBE NEWSWIRE) -- Automotive Industry Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Industry Research Report, Technology, Application, Vehicle type, End Market and Region - Forecast till 2028” the market Automotive Industry is projected to be grow 205 Million Units by 2028., registering a CAGR of 4.5% during the forecast period (2021 - 2028)
List of the Key Companies Profiled in the Automotive Industry Research Report are –
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The automotive industry witnesses significant strategic approaches, such as collaboration, mergers & acquisitions, expansion, and technology launch. Leading industry players make strategic investments to drive research and development activities and expansion plans.
For instance, recently, on Aug.26, 2021, The Indian government announced its unique program named - The Automotive Mission Plan to set a goal to raise the contribution of the automobile sector towards nation GDP to 12 % and generate about 50 MN new jobs.
The automobile industry in India is a vital player in the country's vision to become a US$5 trillion economy. Therefore, the government aims to raise the auto sector's contribution to GDP, job creation. Many multinational automotive brands are now available in India, and the government is encouraging these automakers to promote alternative fuel technologies and fund R&D for alternative fuels.
Market Research Future’s Review on Automotive Industry
The global automotive industry is growing continually. Vehicle production is one of the largest sectors across the globe. Besides, the rising sales of automobiles and demand for OEM technologies drive the market growth. Rising economic growth, alongside the production and sale of self-powered vehicles worldwide, influences market revenues.
Moreover, the rising production of passenger cars, trucks, buses, and other commercial vehicles drives the growth of the market. Increasingly improving road conditions and developments of new ones, alongside the rising infrastructure development programs, impact the market value positively.
Changing Consumer Demands Accelerate Automotive Industry Market Developments
Additionally, the spurting demand from the OEM and aftermarkets increases the size of the automotive industry. Technological upgrades, new product developments of many parts, and the spurring rise in the OEMs and aftermarkets are significant tailwinds benefitting the automotive industry's growth.
Rapid urbanization and expansion of global auto-manufacturers into new emerging markets boost industry growth. Also, the augmenting demand for high-quality and reliable manufacturing techniques pushes the development of the market.
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High Overall Manufacturing Costs is a Major Headwind for Automotive Industry Growth
Vehicle production is a costly affair involving many high-end components, products, technologies, and services. This is mainly due to fluctuating prices and limited availability of key raw materials & auto parts required for the production. Therefore, the overall cost of a vehicle is relatively higher for low earning groups to afford. These are some of the significant facts estimated to impede the growth of the market.
Also, the increasing complexities within vehicles can considerably slow down the automotive industry growth. Nevertheless, automakers continually seek to look for alternatives with the availability and sustainability of the product. Also, the availability of the credit systems and new developments of alternative components would support the automotive industry throughout the assessment period.
The COVID-19 outbreak hit the automotive industry severely. Auto manufacturers faced several problems, such as obtaining raw materials, attracting workers from quarantines, and delivering end products. Besides, strict lockdown mandates halted vehicle production and forced several manufacturers to cut down on their production output.
However, the automotive industry is rapidly returning to normalcy, witnessing the steadily increasing demand. Also, market revenues would scale up following the lockdown getting relaxed in many countries.
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The automotive industry is segmented into types, power output, and regions. The type segment is sub-segmented into AC and BDC. The motor type segment is sub-segmented into PMSM, DC brushless, and AC induction. The EV type segment is sub-segmented into BEV, HEV, and PHEV.
The power output segment is sub-segmented into less than 200 kW, 200-400 kW, and above 400 kW. The vehicle type segment is sub-segmented into commercial vehicles and passenger cars.
Europe leads the global automotive industry, mainly due to the strong presence of major automakers. Besides, major auto components and solutions providing companies in the region boost the market size. Government funds, subsidies, and incentives, alongside new technology opportunities, favor the automotive industry in this region.
Countries such as Germany, the UK, France, and Italy are significant influencers to the automotive industry market growth in the region. The growing consumer purchasing power and increased spending on luxury cars drive the regional market growth. Furthermore, the significant demand for fuel-efficient and lightweight vehicles in the region propels the market growth.
Germany holds the leading share in the regional market with its flourishing automotive companies and advanced technologies, followed by Italy, Spain, France, Germany, and the UK. Furthermore, the penetration of new technologies and inventions in automotive OEMs provides a massive impetus to the market's growth. The European automotive industry is projected to remain dominant throughout the assessment period.
Segmentation of Market covered in the research:
Automotive Industry Research Report, Information Segmentation By Vehicle Type (Passenger Cars, Commercial Vehicle) and Region – Global Report Forecast till 2028
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