Press release
Automotive Market Size to Surge to US$ 7,705.52 Billion Achieving a Remarkable 6.8% CAGR by 2034
Automotive Market
Report Scope:
The report focuses on the latest developments, market share, revenue generated, leading companies in the industry, and regional analysis to give a comprehensive overview of the automotive market.
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Market Introduction:
Automotives refer to vehicles designed for transportation, primarily powered by internal combustion engines or electric motors. This category includes cars, trucks, buses, motorcycles, and other motorized vehicles used for personal, commercial, and industrial purposes. The automotive industry encompasses vehicle design, manufacturing, sales, and maintenance, with major advancements in safety, fuel efficiency, and automation. Automotives play a crucial role in global economies, infrastructure, and daily life, facilitating movement, trade, and logistics while continuously innovating through emerging technologies like AI and IoT.
Growth Drivers and Opportunities:
• The growing investments in research and development (R&D) are driving market growth.
• Advancements in materials, powertrains, and digital connectivity are transforming automotive design and consequently fueling market expansion.
• The shift of the industry towards electrification to meet long-term sustainability objectives propels the growth of the automotive market.
• The increasing combination of advanced technology and connectivity is expected to drive the market demand for automobiles.
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Key Players in Market:
The competitive environment consists of worldwide leaders and local competitors striving for market share through innovation, strategic partnerships, and regional growth. A few of such players are:
• BYD Company Ltd.
• General Motors
• Honda Motor Co., Ltd.
• Hyundai Motor Company
• Mercedes-Benz AG
• Nissan Motor Co., Ltd.
• SAIC Motor Corporation Limited
• Stellantis Europe S.p.A.
• Suzuki Motor Corporation
• Tesla
• TOYOTA MOTOR CORPORATION.
• Volkswagen Group
Recent Developments in the Automotive Industry
• October 2024: BMW Group and Tata Technologies announced the formation of BMW TechWorks India, a joint venture aimed at enhancing automotive software capabilities. The partnership focuses on advancing software-defined vehicles (SDVs) and driving innovations in business IT to shape future mobility solutions.
• February 2024: Volkswagen Group and Mahindra & Mahindra entered into a supply agreement for key components of Volkswagen's MEB platform, supporting the development of Mahindra's INGLO electric platform. This collaboration strengthens their e-mobility partnership and opens the door for exploring further joint opportunities.
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Regional Analysis:
• Asia Pacific dominated the global market in 2024, attributed to robust automotive production capabilities, increasing vehicle demand, and supportive government policies.
• North America is expected to experience the fastest growth during the forecast period due to increasing investments in electric vehicles, autonomous driving technologies, and digital mobility solutions.
Segmental Overview:
By Vehicle Type Outlook (Revenue, USD Billion, 2020-2034)
• Passenger Car
o Hatchback
o Sedan
o SUV
o MUV
• Commercial Vehicle
o LCVs
o Heavy Trucks
o Buses & Coaches
By Propulsion Type Outlook (Revenue, USD Billion, 2020-2034)
• ICE Vehicle
• Electric Vehicle
By Regional Outlook (Revenue, USD Billion, 2020-2034)
• North America
o US
o Canada
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Vietnam
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa
• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America
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