Automotive Industry Market Size Eyeing Phenomenal Growth Due to Rising Living Standard
Summary
Global Automotive Industry Research Report, Information Segmentation by Vehicle Type (Passenger Cars, Commercial Vehicle), and Region – Global Report Forecast till 2024
Automotive Industry Market Analysis
The global automotive industry is likely to grow at a 2.78% CAGR over the forecast period (2018-2024), reveals the new Market Research Future (MRFR) report. Automobiles fall under different categories resting on the fuel that is consumed. These include electric cars, diesel cars, gasoline cars, and a wide array of alternative or hybrid fuel cars such as combined electrical motor heat and ethanol engine drives. In the last few years, the auto industry has undergone a lot of transformation. Economic health, change in consumer sentiment, and digital technology have played a crucial part in this evolution.
Leading mobility companies such as Uber have witnessed an exponential growth in the last couple of years while established technology companies such as Microsoft and Amazon are crunching back-end car data. Connected technology has turned even more fundamental and vital to car advancements, introducing an array of new offerings and new features. The automotive industry comprises organizations and companies involved in the designing, development, and manufacturing of automobiles.
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Key Players
Leading players profiled in the automotive industry 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.
July 2019: Automotive giants Daimler and BMW are teaming up for developing autonomous cars by 2024. These two automobile manufacturers are joining hands for developing various technologies which will help design vehicles which are capable of handling parking functions and highway driving autonomously a reality sometime by 2024. The objective of this partnership is in releasing a level-4 vehicle by that estimated time, meaning a car which can take upon specific driving functions, thereby leaving the driver free in concentrating on other vital things besides the road.
Market Segmentation
The Market Research Future report offers a wide segmental analysis of the Automotive Industry Market Size 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. Factors that are boosting the growth of passenger cars include increasing living standards across the world, stringent regulations laid down by the government concerning vehicle emission level, increasing purchasing power, and increased population. Besides, the growth of this segment is also driven by other factors such as increased spending capacity of customers, growing economies of developing regions, emerging upper and middle classes, growing awareness regarding vehicular pollution and fuel consumption, rolling resistance, and the entire vehicle operating expenditure.
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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