Automotive Industry Market Key Developments Trends, Analysis and Forecasts to 2030

Market Scope 

As per an Extensive Research Report by Market Research Future (MRFR), Automotive Industry Market Information By Vehicle Type, Propulsion Type, and Region – Forecast till 2030” The automotive industry is all set to reach USD 6,070.4 billion till 2030 from USD 3,566.5 Billion it touched in 2022, at a rate of 6.9% from 2023 to 2030.

Companies that manufacture light trucks and passenger cars are part of the automotive industry. Sport utility vehicles, vans, pickup trucks, and sedans are the main types of these.

Although vital, commercial vehicles like 18-wheelers, semi-trucks, and delivery trucks are typically categorized individually. The Automotive Industry includes the majority of the body and engine components utilized in the production of automobiles. Batteries, fuel, and tires are examples of components that are crucial but are often categorized individually. For instance, the highly consolidated tire manufacturing industry includes automobile tires.

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Automotive Industry Market Competitive Landscape:

• Volkswagen AG
• Mercedes-Benz Group AG
• Ford Motor Company
• Tesla Inc.
• Toyota Motor Corporation
• BYD Company Ltd.
• Hyundai Motor Company
• SAIC Motor Corp Ltd.
• Nissan Motor Co Ltd
• Fiat S.P.A
• General Motors

Automotive Industry Market Drivers:

Recently, the automotive industry has experienced tremendous growth. The growing urbanisation taking place all over the world is the main factor contributing to an increase in the market’s performance. Additionally, one of the key factors supporting the market’s rise is thought to be the rising infrastructure investment in emerging economies around the globe. Furthermore, the performance of the market globally is projected to improve throughout the course of the assessment period due to the rising demand for high-end passenger vehicles. Additionally, the market is anticipated to benefit from factors like industrial development, rapid population growth, infrastructure improvement, increased job availability, the growth of e-commerce, an increase in the need for commercial vehicles, and a high demand for technologically advanced goods vehicles.

Due to COVID-19’s emergence as a global health concern, the development of industrial operations and corporate procedures on a global scale experienced significant setback. All of these circumstances contributed to the weight of full or partial lockdowns in the majority of international regions. After that, the industry’s operations were stopped, and some companies closed. The automotive sector experienced a number of abrupt and sudden challenges throughout the pandemic due to the quick drop in demand for construction activities and the suspension of most industrial operations.

Contrarily, the market is anticipated to experience a significant increase and recovery in revenue creation throughout the assessment period as a result of the quick vaccination of the majority of the world’s population and the return to normalcy of industrial operations. 

The improvement of the transport and logistics industry also depends on e-commerce and digital transformation. Infrastructure development is encouraged by increased industrialization. Significant elements influencing the expansion of the commercial vehicle market include consumer demand for individualized transportation options, telematics integration, and the increased acceptance of shared mobility. Several Original Equipment Manufacturers have introduced commercial vehicles with connectivity features like accident warnings, traffic data, weather reports, and roadworks updates after studying the advantages of connectivity and telematics in transforming transportation and logistics operations. Commercial vehicle sales are therefore likely to increase during the course of the projection period.

Automotive Industry Market Restraints:

The strict regulatory standards put in place by governments throughout the world are the key factor preventing the industry from developing. High manufacturing costs and weight are two other factors that could limit industry growth.

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Market Segmentation

The Automotive Industry, with respect to the vehicle type, has been split into Passenger Car, Commercial Vehicle. The types of passenger cars are Hatchback, Sedan, SUV, MUV while the commercial vehicle types are LCVs, Heavy Trucks, Buses & Coaches and more. In terms of the Automotive Industry revenue, the passenger car category held the lion’s share in 2021, contributing between 50 and 55 percent.  

Electric vehicles and internal combustion engines are included in the propulsion-based segmentation of the automotive industry. In 2021, the ICE Vehicle segment dominated the market, and will continue being the leader from 2022 to 2030, expanding quicker than other segments.  

Market Regional Insights

The Asia Pacific Automotive Industry Market generated USD 1,643.3 billion in revenue in 2021 and can likely capture a 7.4% CAGR over the study period. This can be ascribed to the variety of financing options and the increased disposable income of the customers in the region.

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