The global automotive industry is expected to witness an increase in production of 205 MN units by 2028 from 110 MN units in 2019 at a CAGR of 4.5% during the review period (2022 – 2028)
The global automotive industry is booming, witnessing the increase in production and sales of vehicles. Additionally, the growing demand for autonomous and electric vehicles in passenger cars, trucks, buses, and other commercial sectors is driving the growth of the market. With the growing demand from OEMs and aftermarkets, the market size is expected to increase significantly over the next few years.
According to Research Future (MRFR), the Automobile industry is expected to witness a production increase of 205 MN units by 2028 from 110 MN units in 2019, with a CAGR of 4.5% during the review period (2020 – 2028). The increasing development of roads and the improvement of people’s living standards due to continuous economic growth are increasing the sales in the market.
Other factors that are bolstering market revenue include changing consumer demands and the steady growth of OEMs and aftermarkets. The growth of the urban population and the expansion of automobile manufacturers in emerging regions influence the growth of the industry. Additionally, increasing R&D funding and increasing need for efficient and reliable manufacturing techniques are influencing the market shares.
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Global Automotive Industry – Competitive Analysis
Highly competitive, the automotive industry appears fragmented, with several well-established players forming a competitive landscape. These companies incorporate approaches such as mergers and acquisitions, collaborations, expansion and technology/product launches, expanding their operations and offerings.
They strive to develop vehicles that can offer a suite of features for consumer needs. Using proven methodologies and best practices, manufacturers attempt to bring together disparate point systems from multiple vendors and integrated environments that can meet occupant safety and security requirements.
Major players in the global automotive industry are General Motors (USA), Toyota Motor Corporation (Japan), Volkswagen AG (Germany), Ford Motor Company (USA), SAIC Motor Corporation Limited (China), Fiat Chrysler Automobiles (United States), Nissan Motor Corporation (Japan), Hyundai Motor Company (South Korea), Honda Motor Corporation (Japan) and Daimler AG (Germany), among others.
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Global Automotive Industry – Segments
The market is segmented into vehicle types and regions. The vehicle type segment includes passenger cars and commercial vehicles. Further, the regional segment includes Americas, Asia-Pacific, Middle East and Africa (MEA), Europe and Rest of the World.
Automotive Industry – Regional Analysis
APAC dominates the global automotive industry, witnessing a significant rise and growing demand for luxury cars in the region. Additionally, increasing economic development and new vehicle purchases in the region are driving the growth of the market. The presence of major global automakers and OEMs, such as Toyota, Nissan, SAIC, Maruti, and Hyundai, has a positive impact on the market landscape.
China, Japan, India and South Korea with their vast automobiles account for a large market share in the region. Additionally, rising vehicle sales in China, Japan, India, and South Korea are influencing the region’s market shares. The APAC automotive industry is likely to maintain its dominance throughout the assessment period.
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Industry/ Innovation/ Related News
April 12, 2022 — Skill-Lync (India), an edtech engineering start-up, has announced the development of an in-house electric vehicle for its students to better understand the future of the automotive industry. The vehicle is built in collaboration with professionals from the country’s leading OEMs. The newly built electric vehicle has a carrying capacity of five people and a top speed of 45 km/h.
It can go from zero to maximum speed in six seconds. This EV would provide students with practical knowledge and a holistic view of the future of the automotive industry. In addition to the courses, the company offers first-hand experience of building an EV from the ground up and plans to launch a series of masterclass videos that can visually introduce the EV building process and build other prototypes. from VE.
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