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Motor Vehicles Global Market Predicted to Augment and Reach over $3,811.74 Billion at a CAGR of 8.0% By 2028 | Volkswagen AG, Toyota Motor Corp, Daimler AG, EXOR Group, BYD Auto Co. Ltd.
Motor Vehicles Market
As per the report, the motor vehicles market size has grown strongly in recent years. It will grow from $2588.03 billion in 2023 to $2801.93 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The motor vehicles market size is expected to see strong growth in the next few years. It will grow to $3811.74 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
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Stable Economic Growth As A Key Driver For The Motor Vehicle Market
The motor vehicle market is aided by the stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market's growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the motor vehicle market during the forecast period.
Innovative Trends In Automotive Technology The Rise Of Active Window Displays
Motor vehicle manufacturers, especially car manufacturers, are increasingly focusing on the commercialization of cars with active window displays. The active window displays will show all key driving information on the windshield. It shows information such as navigation instructions, fuel level information, vehicle speed, and other information. Some car manufacturers are also offering technologies that can be fixed on the dashboard of a car. For instance, in 2021, Huawei revealed its latest innovation at the Munich International Automobile Expo in Germany. The new AR HUD technology is an augmented reality-based system that transforms a car's front windshield into a smart display.
The motor vehicles market covered in this report is segmented -
1) By Type: Motorcycle And Bicycle, Passenger Car, Commercial Vehicle
2) By Fuel Type: Gasoline, Diesel, Other Fuel Types
3) By Engine Capacity:
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