Press release
Europe Automotive Market Projected to Reach Nearly USD 29.55 Billion by 2030 at 8.9% CAGR
Automotive Market
The European automotive market is poised for significant growth, with projections indicating an increase from $16.26 billion in 2023 to approximately $29.55 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 8.9%.
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Competitive Landscape and Regional Demand
Europe's automotive sector is dominated by renowned manufacturers such as Volkswagen, BMW, and Mercedes-Benz, recognized for their engineering excellence and technological innovation. The region has also seen a substantial shift towards electric and hybrid vehicles, with companies like Tesla and Nissan making significant inroads. Notably, countries like Norway are leading in electric vehicle adoption, underscoring the region's commitment to sustainable transportation solutions.
United States: Automotive Market Consolidation
In the United States, the automotive industry has experienced notable consolidation activities. A significant development includes the proposed merger between Nissan and Honda, valued at £48 billion. This merger aims to address declining sales and production challenges, enabling the combined entity to better compete with dominant electric vehicle manufacturers like Tesla and BYD. However, reports indicate that the merger is nearing collapse due to differences between the two companies, particularly concerning corporate structure and strategy.
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Segmentation Analysis
by Vehicle Type
Commercial Vehicles
Electric Cars
Passenger Cars
Three Wheelers
Two-Wheelers
Utility Vehicles
Because they are so widely used for personal mobility, passenger automobiles continue to dominate the European automotive market. The dominance of conventional internal combustion engine passenger cars is being challenged by the growing popularity of electric vehicles, which will also make the European automotive market more ecologically friendly. For family and personal use, traditional passenger automobiles are still very popular.
by Fuel Type
Petrol
Diesel
Electric
CNG/LPG
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Key Market Participants:
1. Honda
2. Volkswagen
3. Toyota
4. Nissan
5. Mazda
6. Mitsubishi
7. Mercedes-Benz
8. BMW
9. Porsche
10. Skoda
11. Land Rover
12. Audi Motors
13. Autoliv
14. Bosch
15. Continental
16. DAF Trucks
17. Daimler
18. Delphi
19. Denso
20. Deutsche Telekom
21. Ericsson
22. Eurofiber
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