Automotive Market Is Expected To Reach USD 28.7 Billion by 2030, Grow at a CAGR Of 4.5% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.
According to a market research study published by Contrive Datum Insights, The North American market is one of the largest in the world, with a high demand for SUVs and pickup trucks.
Farmington, March 22, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Market Is Expected To Grow From USD 23 Billion In 2022 To USD 28.7 Billion By 2030, at a CAGR Of 4.5%. The global automotive market is a large and diverse industry that includes making, selling, and distributing cars, trucks, and motorcycles. The market is marked by fierce competition among the top players, quickly changing consumer tastes, and more rules and regulations from the government.
The market is expected to keep growing in the coming years because of a number of factors, such as the rising demand for personal and commercial vehicles, the rise of new technologies like electric and self-driving cars, and the growing awareness of safety and environmental issues among consumers.
The market can be broken up by the type of vehicle, how it moves, and where it is. Passenger cars, light commercial vehicles, heavy commercial vehicles, and two-wheelers are the main types of vehicles on the market. Internal combustion engines, electric vehicles, and hybrid vehicles are the main types of vehicles' engines.
Several big companies, such as Toyota, Volkswagen, General Motors, Ford, Honda, Nissan, and Hyundai, control most of the market. To gain market share and make more money, these players are competing on many fronts, such as new products, pricing, and distribution strategies.
Request Sample Copy of Report “Automotive Market Size, Share & Trends Estimation Report By Motor Type (Brushed Motors, Brushless Motors, Stepper Motors), By Vehicle Type (Internal Combustion Engine (ICE) Vehicles, Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicles (PHEVs), Battery Electric Vehicles (BEVs), Fuel Cell Electric Vehicles (FCEVs)), By Function (Performance Motors, Comfort Motors, Safety Motors), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Vehicle Type Insights:
Vehicles that use gasoline or diesel engines are called Internal Combustion Engine (ICE) vehicles. Even though ICE cars have been the most popular for a long time, their market share is slowly going down because of worries about pollution and climate change.
Fuel Cell Electric Vehicles (FCEVs) use a fuel cell to turn hydrogen into electricity, which powers an electric motor. FCEVs are still not very common, but their long range and lack of pollution make them look like a good technology for the future.
Airbags, seatbelts, anti-lock brakes, traction control, electronic stability control, and advanced driver assistance systems are all safety features (ADAS). Consumers care more and more about safety features, and many places have laws that require them.
Comfort and Convenience features include automatic climate control, power windows, heated seats, infotainment systems, navigation, and adaptive cruise control. People often think that these features are necessary for a modern car, and consumers are coming to expect them more and more.
Style and Design refers to how a car looks, including its exterior and interior design, colour choices, and the materials it is made of. Style and design are often important to people who want a car that matches their own taste and style.
The United States, Canada, and Mexico are all in North America. The North American market is one of the biggest in the world, and SUVs and pickup trucks are in high demand there. American automakers make up most of the market, but many foreign automakers also have a big presence.
Middle East and Africa is made up of places like Saudi Arabia, South Africa, and the United Arab Emirates. The Middle East and Africa market is known for its high demand for SUVs, pickup trucks, and luxury vehicles. European and American automakers make up most of the market, but many Asian automakers also have a big presence.
The Asia-Pacific region is the world's biggest and fastest-growing market, and there is a lot of demand for small, cheap cars there. North America and Europe are mature markets where SUVs, pickup trucks, and luxury cars are in high demand. Latin America, the Middle East, and Africa are all new markets where SUVs and pickup trucks that are affordable are in high demand. Regional differences in consumer tastes, rules, and infrastructure can also have a big effect on each region's auto market.
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Scope of Report:
CAGR of 4.5% from 2023 to 2030.
Revenue Forecast by 2030
USD 28.7 Billion
By Motor Type
Brushed Motors, Brushless Motors, Stepper Motors, Other
By Vehicle Type
Internal Combustion Engine (ICE) Vehicles, Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicles (PHEVs), Battery Electric Vehicles (BEVs), Fuel Cell Electric Vehicles (FCEVs), Other
Performance Motors, Comfort Motors, Safety Motors, Other
Volkswagen, Toyota Motor Corporation, Daimler AG, Ford Motor Company, Honda Motor Company
Regions and Countries Covered
2017 to 2022
2023 to 2030
Increasing demand for passenger and commercial vehicles: The global demand for cars, especially passenger cars, keeps going up because of things like more people living in cities, more money in their pockets, and better roads.
Adoption of advanced technologies: The automotive market is growing because more people are buying electric cars and cars that drive themselves. Electric vehicles are becoming more popular because people are worried about the environment and the government offers incentives and subsidies. Autonomous vehicles, on the other hand, are expected to make roads safer and reduce traffic congestion.
Increasing government regulations and standards: Governments all over the world are putting in place stricter rules and regulations about emissions, fuel efficiency, and safety. This is driving innovation and leading to the development of new and more advanced automotive technologies.
Shift towards shared mobility: Shared mobility services like ride-hailing and car-sharing are becoming more popular. This is likely to increase the demand for cars, especially in cities, and help the automotive market grow.
Economic volatility: Uncertainty in the economy, especially in emerging markets, can affect the demand for cars and cause sales and profits to go up and down.
Supply chain disruptions: Disruptions to the global supply chain, like those caused by the COVID-19 pandemic, can cause production delays, shortages of inventory, and higher prices.
Electric and hybrid vehicles: Manufacturers have a big chance to make a lot of money from the growing demand for electric and hybrid cars. With more people caring about the environment and more government rules requiring sustainable transportation, companies that invest in making advanced electric and hybrid cars are likely to see strong demand in the coming years.
Connected cars: The growing demand for connected cars, which use digital technologies like GPS, entertainment systems, and driver assistance systems, gives manufacturers a big chance to make money. As more people want cars with high-tech features and better connectivity, companies that put money into developing connected car technologies are likely to see a lot of demand.
Shift towards shared mobility: The growth of shared mobility services like ride-hailing and car-sharing gives manufacturers a big chance to make money. As these services continue to grow in popularity, it's likely that there will be more demand for cars that are made specifically for sharing.
Digital transformation: More and more digital technologies, like artificial intelligence, big data analytics, and the Internet of Things, are being used in the automotive industry. This is a huge opportunity for manufacturers. As the industry keeps changing, manufacturers who use these technologies to improve their production processes make the customer experience better, and cut costs are likely to become more competitive and make more money.
Key Segments Covered:
Top Market Players:
Volkswagen, Toyota Motor Corporation, Daimler AG, Ford Motor Company, Honda Motor Company, and others.
By Motor Type
By Vehicle Type
Internal Combustion Engine (ICE) Vehicles
Hybrid Electric Vehicles (HEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Battery Electric Vehicles (BEVs)
Fuel Cell Electric Vehicles (FCEVs)
Regions and Countries Covered
North America: (US, Canada, Mexico, Rest of North America)
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
Latin America: (Brazil, Argentina, Rest of Latin America)
Rest Of the World
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