The global automotive industry is regaining its momentum post the COVID19 crisis. Automakers are increasingly adopting new business models to meet the changing needs of their customers. These business models would also play a major role in geopolitical developments shifting economic growth to countries that would offer a secure and stable business environment.
With the growing production and sale of self-powered vehicles worldwide, the market is projected to perceive substantial revenue growth in the next few years. In this regard, Market Research Future (MRFR) states that the global automotive industry valuation is expected to perceive remarkable growth by 2027, growing at a steady CAGR during the review period (2020 – 2027).
The rising production of passenger cars, trucks, buses, and other commercial vehicles would impact the growth of the market. The spurting demand from the OEM and aftermarkets would increase the size of the automotive industry. Moreover, the increasing development of roads, alongside the rising standard of living due to global economic growth, would escalate the market sales.
Additionally, changing consumer demands accelerate the development of the market, driving the aftermarket. Growing urbanization and expansion of global auto-manufacturers into new emerging markets positively impact industry growth. Also, the augmenting demand for high-quality and reliable manufacturing techniques influences the development of the market.
On the other hand, high vehicle and component manufacturing costs are the significant facts estimated to impede market growth. Also, the increasing complexities within vehicles can slow considerably down the automotive industry growth. Nevertheless, the availability of the credit system and new developments of the aftermarket component would support the automotive industry throughout the assessment period.
Global Automotive Industry – Segments
The report is segmented into vehicle types and regions. The vehicle type segment is sub-segmented into passenger cars and commercial vehicles. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and the Rest-of-the-World.
The global automotive industry is expected to grow at ~ 2.78% CAGR during the forecast period.
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Drivers
Market Research Analysis
Asia-Pacific held the largest Market Share in the Automotive Industry
Region wise, Asia-Pacific held the largest market share of the global Automotive industry in 2017. It is estimated that North America would be the fastest growing market during the forecast period, mainly due to the shifting consumer preference for electric vehicles, advancements in vehicle technologies, and stringent environmental policies. OEMs in this region are focusing on manufacturing electric and hybrid vehicle components, which enhance fuel efficiency and reduce emissions. The developed economic condition and rising individual spending power have increased the demand for SUVs and luxury vehicles. Besides, an increase in collaborations and partnerships between the governments in the region and automobile OEMs, is expected to bring about opportunities for further growth in the automotive industry.
GLOBAL Automotive Industry 2018–2024
Scope of the Report
This report provides an in-depth analysis of the global automotive industry, tracking one market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Asia-Pacific (APAC), Europe, Middle East Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Automotive industry by vehicle type and by region.
By Vehicle Type
- Passenger Car
- Commercial Vehicle
By Region
- North America
- Asia-Pacific
- Europe
- Middle East Africa
- South America
Automotive Industry – Regional Analysis
The Asia Pacific region leads the global automotive industry. The largest share attributes to the rising automotive industry and demand for luxury cars in the region. Besides, the continued economic growth and the increasing numbers of new vehicle purchases drive the growth of the regional market. The presence of prominent automakers and OEMs, such as SAIC, Toyota, Nissan, Maruti, and Hyundai, is a key growth driver behind the regional market growth.
China, Japan, South Korea, and India are the major markets for automobiles, driving the automotive industry in the region. Also, rising automotive sales in China, Japan, India, and South Korea influence the demand for vehicles in this region. The APAC automotive industry is projected to retain its dominance throughout the estimated period.
Global Automotive Industry – Competitive Analysis
The automotive industry appears to be highly competitive due to the presence of several small and large-scale players. These players incorporate strategic initiatives such as innovations in products and manufacturing techniques, mergers acquisitions, and brand reinforcement to churn the competition and maintain their market positions.
Major Players
Players leading the global automotive industry include General Motors (US), Volkswagen AG (Germany), Toyota Motor Corporation (Japan), Ford Motor Company (US), SAIC Motor Corporation Limited (China), Nissan Motor Corporation (Japan), Fiat Chrysler Automobiles (US), Hyundai Motor Company (South Korea), Daimler AG (Germany), and Honda Motor Corporation (Japan), among others.
