Press release
European Automotive Market Forecast to Reach USD 29.55 Billion by 2030, Growing at a CAGR of 8.9%
Automotive Market
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♦ Key Highlights:
Market Size: USD 16.26 Billion in 2023; expected USD 29.55 Billion by 2030.
Leading Segment: Passenger vehicles, including electric and hybrid models.
Largest Regional Market: Germany, followed by France and the UK.
Key Drivers: Shift to electric mobility, demand for lightweight vehicles, regulatory pressures to reduce emissions.
Notable Companies: Volkswagen, BMW, Mercedes-Benz, Tesla, Nissan.
♦ Market Outlook
The European automotive market encompasses compact cars, luxury models, and heavy-duty commercial vehicles. The industry is undergoing transformation with a strong focus on sustainability, autonomous driving technologies, and connectivity solutions. Advanced High-Strength Steel (AHSS) is increasingly used to reduce vehicle weight by 23-35%, enhancing fuel efficiency and safety while cutting greenhouse gas emissions.
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♦ Regional Insights
Germany remains the largest market due to strong domestic manufacturing and high vehicle ownership rates. Scandinavian countries, led by Norway, are witnessing rapid EV adoption. Meanwhile, France and the UK focus on regulatory compliance and green mobility initiatives.
♦ Key Players & Competitive Landscape
Major European automakers, including Volkswagen, BMW, and Mercedes-Benz, lead the market with innovations in electric and hybrid vehicles. Asian entrants like Hyundai and Kia are gaining share with competitive pricing and quality offerings. Tesla continues to expand EV infrastructure across the continent.
♦ Quote
"Europe's automotive industry is at a pivotal point, driven by innovation in lightweight materials, electrification, and mobility services. Companies investing in sustainable technologies are well-positioned to capture growth opportunities over the next decade," said Elena Fischer, Senior Automotive Analyst at Maximize Market Research.
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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