Automotive Industry Market| COVID-19 Impact, Global Size, Future scope, Analysis, Business Development and CAGR to 2024

Automotive Industry Market Analysis

Various factors are driving the growth of the automotive industry market. These factors, in accordance with the Market Research Future (MRFR) report, include increase in new cars, rising living standard, accessibility of credit system, development of roads, as well as proliferating component aftermarket.

Key Players

Leading players profiled in the market report include Daimler AG (Germany), Ford Motor Company (US), SAIC Motor Corporation Limited (China), Toyota Motor Corporation (Japan), Honda Motor Corporation (Japan), Fiat Chrysler Automobiles (US), Hyundai Motor Company (South Korea), Nissan Motor Corporation (Japan), General Motors (US), Volkswagen AG (Germany), and others.

Market Segmentation

The Market Research Future report offers a wide segmental analysis of the automotive industry market based on the vehicle type.

Based on vehicle type, the automotive industry market is segmented into commercial vehicles and passenger cars. Of these, the passenger car segment will dominate the market over the forecast period. Passenger cars are used for carrying passengers instead of goods.

Regional Analysis

Based on the region, the automotive industry market report covers growth opportunities and the latest trends across Europe, Asia Pacific, North America, and the Rest of the World. Of these, Asia Pacific will have lion’s share in the market over the forecast period. It is estimated to grow at the fastest pace owing to the shifting preference of consumers for electric cars, stringent environmental policies, and advancements in vehicle technologies. OEMs here are laying emphasis on making hybrid and electric car components that will help in enhancing fuel efficiency and reducing emissions. Increasing spending power of consumers and developed economic conditions have boosted the need for luxury cars and SUVs. Moreover, a rise in partnerships and collaborations between the governments in this region as well as automobile OEMs is predicted to offer higher opportunities for higher growth in the automotive industry.

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