Global Automotive Industry Market Insights Forecasts to 2033

• The Global Automotive Industry Market Size was valued at USD 3,564.67 Billion in 2023.
• The Market Size is Growing at a CAGR of 6.77% from 2023 to 2033.
• The Worldwide Automotive Industry Market Size is expected to reach USD 6,861.45 Billion by 2033.
• North America is expected to grow the fastest during the forecast period.

The Global Automotive Industry Market Size is expected to reach USD 6,861.45 Billion by 2033, at a CAGR of 6.77% during the forecast period 2023 to 2033.

An industry consisting of a wide range of businesses and organizations involved in the design, development, manufacture, marketing, and sale of automobiles. In terms of revenue, it is among the biggest sectors in the world. Automakers are developing a variety of vehicles, including electric cars, SUVs, trucks, and vans. Automakers are investing in battery manufacturing to ensure a consistent supply of batteries for their electric vehicles. Automakers are investing in infrastructure for charging to make it easier for consumers to charge their electric vehicles. Automakers are investing in software and digitalization to develop new technologies for their electric vehicles, such as over-the-air upgrades and autonomous driving. Furthermore, Improving the logistics and transportation industry also requires e-commerce and digital transformation. Growing industrialization encourages the development of infrastructure. The growing popularity of shared mobility, telematics integration, and consumer demand for personalized transportation options are all important factors driving the automotive industry's expansion. Several OEMs have launched commercial vehicles with connectivity features like accident alerts, traffic data, weather reports, and roadwork updates after studying the advantages of connectivity and telematics in revolutionizing transportation and logistics operations. Sales of commercial vehicles will therefore probably increase during the projection period.

Report Coverage

This research report categorizes the market for the global automotive industry based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global automotive industry market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global automotive industry market.

Driving Factors

Commercial electric car demand has increased due to favorable regulations and additional government incentives. Governments are allocating a larger percentage of their funds to road infrastructure upgrades in an effort to strengthen the transportation and logistics sectors in their home regions. The Indian government allocated USD 24.27 billion for infrastructure in the 2020–2021 federal budget, primarily for transportation and highway renewable energy. Thus, increasing infrastructure investment and urbanization are projected to fuel the growth of the global automotive market. In addition, innovations in safety are initially introduced in the luxury and premium car segments, and the market for automotive industry would be driven by this increase in sales.

Restraining Factors       

The increasing popularity of rental and used cars may pose a hamper the market growth.

Market Segmentation

By Type Insights

The commercial vehicle segment dominates the market with the largest revenue share over the forecast period.

On the basis of type, the global automotive industry market is segmented into commercial vehicle (LCVs, heavy trucks, buses & coaches), and passenger car (hatchback, sedan, SUV, MUV)). Among these, the commercial vehicle segment is dominating the market with the largest revenue share over the forecast period. The commercial vehicles such as LCVs, heavy trucks, buses & coaches. By reducing risks, improving driver visibility, and optimizing routes, commercial vehicles help to smooth supply chains and increase overall industry productivity. The commercial vehicles, which serve as the foundation of the logistics and transportation sectors, are essential to the efficient flow of materials and goods, the promotion of economic expansion, and the fulfilment of the demands of an international marketplace.

By Propulsion Type Insights

The ICE vehicle segment is witnessing significant CAGR growth over the forecast period.

On the basis of propulsion type, the global automotive industry market is segmented into electric vehicle, and ICE vehicle. Among these, the ICE vehicle segment is witnessing significant growth over the forecast period. Technological advancements cause evolution in the design of internal combustion engines, allowing them to produce more power while using less fuel. The ICE engines will remain crucial to the development of the automotive industry in the interim. Additionally, there is improvement for a areas like electrification, emissions, and thermal efficiency. Introducing the innovative idea of low-temperature combustion (LTC), which has gained a lot of attention lately for internal combustion engines.

Regional Insights

Asia Pacific dominates the market with the largest market share over the forecast period.

Asia Pacific is dominating the market with the largest market share over the forecast period. This is due to the growing number of government mandates for improving vehicle safety, which has significantly boosted Asia-Pacific automotive demand. In addition, the Asia-Pacific region's fastest-growing market was India's automotive sector, while China's automotive sector held the biggest market share. In addition, the auto industry is a vital pillar of the Japanese economy and drives the market's growth because of the presence of significant players like Toyota, Honda, and Nissan. Asia-Pacific is therefore expected to grow at the fastest rate during the projection period. India is becoming a leader in the adoption of electric vehicles (EVs) as the industry makes a substantial contribution to the country's manufacturing sector and GDP.

North America is expected to grow the fastest during the forecast period. Engine technology is rapidly evolving, coinciding with rising emission standards around the world. The expansion of the automobile industry in the area is probably going to be aided by these factors. It is anticipated that the US will dominate the market in the area, followed by Canada and Mexico. The nation is home to significant automakers, and the US government's policies favouring electric vehicles and extensive supporting infrastructure have a positive impact. Growing aversion among young people to high-end and luxurious cars is also anticipated to present profitable prospects for the automotive industry.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the along the global automotive industry market with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Market Players

• Tesla Inc.
• Volkswagen AG
• Hyundai Motor Company
• SAIC Motor Corp Ltd.
• Nissan Motor Co Ltd
• Fiat S.P.A
• General Motors
• Mercedes-Benz Group AG
• Ford Motor Company
• Toyota Motor Corporation
• BYD Company Ltd.
• Others

Key Market Developments

• On January 2024, the new BMW 5 Series Sedan and BMW i5, developed exclusively for China and manufactured in China, will hit the country's roads just a few weeks after their debut at the Auto Guangzhou 2023 motor show. For the first time, the highly efficient combustion engines and all-electric drive of the latest version of the most popular business sedan in the world will be offered in China.

• In March 2023, L&T Technology Services Limited, a leading global pure-play engineering services company, announced the establishment of a new Centre of Excellence in Mysore that harnesses the power of the cloud via Amazon Web Services (AWS). With the support of the CoE, LTTS will be able to accelerate time-to-market for end users and shift its suite of cutting-edge technologies toward the future of mobility. LTTS will offer a chance to use AWS to support the automotive domain by utilizing AWS infrastructure.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Automotive Industry Market based on the below-mentioned segments:

Automotive Industry Market, Type Analysis

• Commercial Vehicle 
• LCVs
• Heavy Trucks
• Buses & Coaches 
• Passenger Car 
• Hatchback
• Sedan
• SUV
• MUV

Automotive Industry Market, Propulsion Type Analysis

• Electric Vehicle
• ICE Vehicle

Automotive Industry Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa