The global Automotive Industry is expected to witness a production rise of 205 MN Units by 2028, from 110 MN Units in 2019, with a 4.5% CAGR during the review period (2022 – 2028)The global automotive industry is garnering substantial traction, witnessing the rising production and sale of vehicles. Besides, the growing demand for self-powered and electric vehicles in passenger cars, trucks, buses, and other commercial sectors drives the growth of the market. With the spurring demand from the OEM and aftermarkets, the market size is expected to increase substantially in the next few years.
According to Research Future (MRFR), the global Automotive Industry is expected to witness a production rise of 205 MN Units by 2028, from 110 MN Units in 2019, with a 4.5% CAGR during the review period (2020 – 2028). The increasing development of roads and the improving standard of living of people due to continued economic growth escalate market sales.
Additional factors bolstering market revenues include changing consumer demands and constantly growing OEM and aftermarkets. Growing urban population and expansion of automakers in emerging regions influence the industry growth. Also, increasing R&D funding and augmenting needs for effective and reliable manufacturing techniques influence 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 & acquisitions, collaborations, expansion, and technology/product launches, expanding their operations and offerings.
They strive to develop vehicles that can deliver a suite of features for consumers' needs. Using time-tested methodologies and best practices, manufacturers try to bring disparate point systems together from multiple providers and integrated environments that can address occupants' safety and security requirements.
Major Players
Leading players in the global automotive industry include General Motors (US), Toyota Motor Corporation (Japan), Volkswagen AG (Germany), Ford Motor Company (US), SAIC Motor Corporation Limited (China), Fiat Chrysler Automobiles (US), 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 comprises passenger cars and commercial vehicles. Further, the region segment comprises the Americas, Asia Pacific, Middle East & Africa (MEA), Europe, and Rest-of-the-World.
Automotive Industry – Regional Analysis
APAC dominates the global automotive industry, witnessing a significant rise and the growing demand for luxury cars across the region. Besides, the increasing economic development and new vehicle purchases in the region drive the market growth. The presence of leading global automakers and OEMs, such as Toyota, Nissan, SAIC, Maruti, and Hyundai, impacts the market landscape positively.
China, Japan, India, and South Korea, with their vast automobiles, account for a significant market share in the region. Also, rising vehicle sales in China, Japan, India, and South Korea influence the region's market shares. The APAC automotive industry is likely to retain its dominance throughout the assessment period.
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Industry/ Innovation/ Related News
Apr 12, 2022 --- Skill-Lync (India), an engineering edtech start-up, announced the development of an in-house electric vehicle for its students to gain insights into the future of the automotive industry. The vehicle is built in collaboration with professionals from leading OEMs in the country. The newly built EV has a carrying capacity of five people and a top speed of 45 kmph.
It can reach from zero to top 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 coursework, the company offers a first-hand experience of building an EV from scratch and plans to launch a masterclass video series that can visually present the EV building process and build more such EV prototypes.
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