Automotive Market in US Trends 2024-2030

Rev your engines as we delve into the fast-paced world of the Automotive Market in the United States. Valued at a staggering US$ 15.9 Mn. in 2021, the market is poised for meteoric growth, projected to reach US$ 37.8 Mn. by 2029, cruising at a remarkable CAGR of 13.17%. Buckle up for an exhilarating ride through the landscape of this dynamic industry.

US Automotive Market Overview:

The US automotive industry is a powerhouse, encompassing a myriad of companies engaged in designing, developing, manufacturing, and marketing motor vehicles. As one of the world's largest industries by revenue, it spans from manufacturing hubs with up to 40% revenue contribution, as seen in countries like Slovakia, to consumer markets worldwide. With an unparalleled focus on research and development, this industry stands as a key driver of innovation and technological advancements.

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Dynamics Driving Market Growth: A Holistic View

The US automotive industry is undergoing a significant transformation, shifting its focus towards electric vehicles to combat vehicular emissions. Stringent emission regulations and growing environmental concerns are driving the market towards manufacturing electric drivetrains and fuel-efficient diesel engines. Factors such as the rise in average vehicle age, increased mileage per vehicle, and heightened road safety awareness contribute to the market's growth trajectory.

Navigating Challenges: Raw Material Prices and COVID-19 Impact

The industry faces challenges, including fluctuating raw material prices, particularly steel bars and copper wires used in motor manufacturing. The changing prices and access to materials pose hurdles to market growth. Additionally, the COVID-19 pandemic has disrupted the global automotive industry, leading to job cuts, plant closures, and supply chain disruptions. Despite these challenges, the industry is expected to witness an upturn in 2021.

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Market Segmentation Insights:

Based on vehicle type, the three-wheeler segment will have the largest market share in 2021. People frequently travel short distances on three-wheelers.

by Vehicle Type

• Passenger Cars
• Commercial Vehicles
• Three Wheelers
• Two Wheelers
The fact that Indian customers are extremely price-sensitive benefits the three-wheeler market, which provides inexpensive short-distance passenger transportation. The demand is expected to remain steady over time due to the country's growing population, which drives transportation demand.

by Fuel Type

• Diesel
• Petrol
• Electric

Because of their small size and limited load-carrying capacity, three-wheelers are expected to transition from conventional to electric vehicles faster than LCVs. The introduction of e-rickshaws has already resulted in a demand for the vehicle across the country, primarily in tier 2 and 3 cities.

by Service

• Mechanical
• Exterior and Structural
• Electrical and Electronics

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Who are Automotive Market in US Key Players?

• GM
• AM General
• Toyota
• Callaway Cars
• Equus Automotive
• Renault
• Hyundai Motor Group
• Ford
• FCA
• Honda
• Tesla
• Detroit Three
• Chrysler LLC
• Builk
• GMC
• Jeep
• Monro Inc.
• Firestone Complete Auto Care
• Jiffy Lube International, Inc.
• Midas International, LLC
• Meineke Car Care Centers, LLC.

Table of content for the Automotive Market in US includes:

Part 01: Executive Summary

Part 02: Scope of the Automotive Market in US Report

Part 03: Automotive Market in US Landscape

Part 04: Automotive Market in US Sizing

Part 05: Automotive Market in US Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Charting the Course: A Comprehensive Market Analysis

The report dissects the US Automotive Market, scrutinizing segments such as Vehicle Type, Fuel Type, Service, Equipment, and Region. Market data provided by industry participants and regional analysis covering North America, Asia Pacific, Europe, Middle East & Africa, and South America offer a comprehensive understanding of the market's intricacies. Investors are provided with recommendations based on a thorough examination of the current competitive scenario.

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