According to the research reports by MRFR, Automotive Market Research Report, Information Segmentation by Region, and Vehicle Type – Forecast till 2030, the market is anticipated to flourish at robust CAGR of approximately 4.5% during the assessment timeframe. The report further predicts the market to acquire a valuation of over 205 million units by the end of 2028.
Automotive Market Overview:
The automotive motor is developed in a manner that converts electric energy into mechanical energy. This blend of mechanics and electronics has caused the creation of a blend of a high number of vehicles across the market and offered comfort and convenience features to automobiles. Numerous devices utilize electronic power in several applications to run an efficient automobile, e.g., power steering, seating control, etc. The automotive industry is considered one of the fastest growing sectors across the global market. Out of all the regions, India has been the fourth-largest manufacturer of cars globally and the seventh-largest manufacturer of commercial vehicles in the last few years. In the automobile market, passenger vehicles and two-wheelers lead the domestic Indian auto market.
Report Coverage:
Metrics |
Details |
Market Size |
2030: 205 million Units |
CAGR |
4.5% CAGR (2022-2030) |
Base Year |
2021 |
Forecast Period |
2022-2030 |
Key Market Opportunities |
Government initiative Developing commercial sectors globally |
Key Market Drivers |
Increased demand for high-performance motors |
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Automotive Market USP Covered
Market Drivers
The global automotive market has recorded massive growth in the last few years. The market’s growth is credited to the aspects such as rising demand for high-performance motors, growing demand for compact and energy-efficient motors, and stringent regulations to reduce CO2 emissions.
Market Restraints
On the other hand, the limited availability and the volatility of the material may impede the market’s growth.
COVID-19 Impact of Automotive Market
The global health crisis has had a massive impact on the majority of the industry sectors across the globe. Given the outbreak of COVID-19, several nations across the globe implemented complete or partial lockdowns for more than a year. The pandemic spread to more than 225 countries and implemented travel restrictions and social distancing norms. It affected the manufacturing and production of electric vehicles and battery components. Just like every other sector, the automotive sector also faced huge losses. The global automotive market witnessed a sudden demand decline in the pandemic’s early stage.
Furthermore, given the travel restriction across the majority of regions, the supply chain network of the industry faced significant disruption. On the other hand, in the second half of 2020, the industry experienced recovery 2020. The small Tier III and Tier II manufacturing component market was adversely impacted. Because of the corona, the whole world was shut down, and the electric vehicle market took a shot. Post-2020, the new product developments, and supply contracts are anticipated to lead the automotive market. The new disease spread has impacted several sectors of various world economies. The government has taken several steps to fight the impact of the pandemic on this market. Enhanced business is anticipated due to this. With the recovery in financial and industrial operations across the global market, the global market for automotive is anticipated to record substantial growth over the forecasted timeframe.
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Automotive Market Segment Analysis
Among all the passenger vehicles, the hatchback segment is anticipated to dominate the global market for automotive over the review timeframe. The segment’s growth is credited to the smaller size ideal for minor roads. In addition, India’s leading passenger car manufacturers have built small hatchbacks ideal for the Indian market. On the other hand, the Van/ MUV/ MPV segment is anticipated to register the highest CAGR over the assessment timeframe. They are widely used across developing nations for passenger transportation and by large families. The segment is led by numerous leading players accounting for more than half of the overall market. The standout feature of Van/ MUV/ MPVs is the capability to adapt more than five people in a vehicle, making it an ideal choice for passenger transport. Moreover, the availability of CNG fuel for these vehicles lowers the operating charges and substantially boosts profit margins for passenger transport companies. Therefore, the passenger transport industry will likely upkeep the demand for MPVs/MUVs over the coming years.
Automotive Market Regional Analysis
The global market for automotive is analyzed across five major regions: North America, Latin America, Asia-Pacific, the Middle East & Africa, and Europe.
According to the analysis reports by MRFR, the European region held the leading position in the global automotive market in the year 2021. The region secured a share of over 23%. The regional market will likely record a strong CAGR of around 39.5% during the review. Electric vehicles are costly and primarily rely on government funds, incentives, and subsidies. Nations like Italy, the UK, France, and Germany are believed to be the leading growth contributors across the region. Furthermore, the region is home to the prominent original equipment manufacturer OEMs, which in turn is anticipated to catalyze the growth of the regional market over the review timeframe.
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Automotive Industry Competitive Analysis
The list of prominent players across the global market for automotive includes players such as:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.