The automobile industry is driven by the production and sale of self-powered vehicles, including passenger cars, trucks, buses, and other commercial vehicles. Automobiles enable consumers to commute long distances for work, shopping, and entertainment. The development of roads, increasing standard of living, increasing middle-class population in developing regions, are the factors driving the automotive industry sector. The global automotive industry is garnering much attention from various sectors, due to which it can expect a smooth run with a CAGR of 3% during the forecast period. During that time, its value can grow from 91 Million Units in 2019 to 110 Million Units by 2026. Market Research Future’s (MRFR) detailed report on the market has its focus on segments, drivers, and competitive analysis of the entire market.
The automotive industry includes companies and organizations involved in the design, development, and manufacture, of automobiles. The vehicles are broadly classified into passenger car and commercial vehicles, with passenger cars covering sport utility vehicles, sedan, coupe, hatchback cars, and commercial vehicle includes light trucks, buses, and large transport trucks. However, the automotive industry does not include the entities dedicated to the maintenance of automobiles, such as delivery to the end-user, repair shops, and motor fuel filling stations. Rise in new vehicle sales has boosted the automotive industry, globally. The rising standard of living, availability of credit system, and the proliferating component aftermarket are expected to drive the automotive industry.
On the downside, high costs of vehicle and component manufacturing and increasing complexities within vehicles can slow down the automotive industry growth, considerably.
The report includes a segmental analysis of the automotive industry for better understanding. The market can be segmented by vehicle type. By vehicle, the automotive industry comprises passenger cars and commercial vehicles.
The significant players profiled in the automotive industry are Volkswagen AG (Germany), General Motors (US), Toyota Motor Corporation (Japan), SAIC Motor Corporation Limited (China), Ford Motor Company (US), Nissan Motor Corporation (Japan), Hyundai Motor Company (South Korea), Fiat Chrysler Automobiles (US), Honda Motor Corporation (Japan), and Daimler AG (Germany).
Region-specific analysis of the automotive industry includes North America, Europe, Asia-Pacific (APAC), and the Rest-of-the-World (RoW). Asia-Pacific is the present frontrunner. However, the North America region is expected to be the fastest budding region during the forecast period. Asia- Pacific dominance depends on the presence of China, Japan, India, South Korea, and other prominent automotive markets are influencing the demand for vehicles in this region. For instance, in China, per capita disposable income with the number of new vehicle purchases, and the replacement of vehicles, are growing rapidly. Major automotive OEMs, such as SAIC, Toyota, Nissan, Maruti, and Hyundai are headquartered in this region.
Frequently Asked Questions (FAQ) :
The automotive industry market is prognosticated to strike 3% CAGR.
The automotive industry market size is expected to reach 1,13,366 thousand units.
Increasing demand for vehicles, rising shift towards electric cars, adoption of advancing technologies, etc. are poised to have a positive influence on the augmentation of the automotive industry market.
Increasing complexities of vehicle architecture and high cost of vehicles can restrain the growth of the automotive industry market.
North America, due to rising investments, is anticipated to exhibit fastest rate of growth.
Asia Pacific has secured the pole position.
The key players are Volkswagen AG (Germany), Toyota Motor Corporation (Japan), General Motors (US), SAIC Motor Corporation Limited (China), Nissan Motor Corporation (Japan), Ford Motor Company (US), Hyundai Motor Company (South Korea), Honda Motor Corporation (Japan), Fiat Chrysler Automobiles (US), and Daimler AG (Germany).