Top Key Trends In the Automotive Industry in 2024: Market Growth And Analysis
A research report by Spherical Insights & Consulting indicates that the global transgenic seeds market is projected to expand from USD 30.62 billion in 2023 to USD 80.91 billion by 2033, with a compound annual growth rate (CAGR) of 10.20% during the forecast period.
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The automotive industry encompasses businesses involved in designing, manufacturing, marketing, and selling vehicles, making it one of the largest global sectors by revenue. Automakers are developing a wide range of vehicles, including electric cars, SUVs, and trucks, while heavily investing in battery production, charging infrastructure, digitalization, and advanced technologies like autonomous driving. Government investments, such as India’s USD 24.27 billion for infrastructure, are expected to drive market growth. However, increased demand for used and rental cars may hinder expansion in the automotive market.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global Automotive Industry Market Size, Share, and COVID-19 Impact Analysis, By Type (Commercial Vehicle (LCVs, Heavy Trucks, Buses & Coaches), Passenger Car (Hatchback, Sedan, SUV, MUV)), By Propulsion Type (Electric Vehicle, ICE Vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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Market Insights: Commercial Vehicles Lead Revenue Growth While ICE Vehicles Show Strong CAGR
Commercial Vehicle Segment Dominates the Market
The global automotive industry is segmented by vehicle type into commercial vehicles (LCVs, heavy trucks, buses & coaches) and passenger cars (hatchbacks, sedans, SUVs, MUVs). Among these, the commercial vehicle segment holds the largest revenue share throughout the forecast period. Commercial vehicles play a crucial role in the logistics and transportation sectors, ensuring smooth goods movement, supporting economic growth, and meeting global market demands.
ICE Vehicle Segment Witnesses Significant Growth
Regarding propulsion type, the market is divided into electric vehicles and internal combustion engine (ICE) vehicles. The ICE vehicle segment is showing strong CAGR growth over the forecast period. Despite the push towards electrification, ICE engines remain vital to the automotive industry’s development, with advancements in thermal efficiency, emissions control, and partial electrification. Innovations like low-temperature combustion (LTC) have gained considerable attention as a novel approach for improving internal combustion engines.
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Asia Pacific Leads Global Automotive Market Growth, with North America Set for Rapid Expansion
Asia Pacific Dominates the Market with the Largest Share
Asia Pacific holds the largest market share in the automotive industry throughout the forecast period. China remains the dominant player in the region, while India’s automotive sector is experiencing the fastest growth. Japan’s automotive industry, driven by key manufacturers like Nissan, Honda, and Toyota, significantly contributes to the region’s market leadership. Additionally, India is emerging as a major hub for electric vehicles (EVs), playing a crucial role in boosting the country’s GDP and manufacturing sector. Overall, Asia Pacific is expected to maintain the highest growth rate during the projection period.
North America Poised for Rapid Growth
North America is anticipated to experience the fastest growth during the forecast period. The United States leads the regional market, followed by Canada and Mexico. Supportive government policies for electric vehicles and well-developed infrastructure have spurred market growth in the U.S., home to major automakers. Additionally, changing preferences among younger consumers, who are moving away from luxury vehicles, are expected to create lucrative opportunities for the automotive industry in North America.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along 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. Major vendors in the global automotive industry are 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. and others.
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Recent Developments
- On August 2023, according to plans revealed by China’s Geely Automobile Holdings, owner of the luxury electric car brand Zeekr, Zeekr 001 will launch shooting brakes and the Zeekr X SUV in Kazakhstan. Zeekr has now revealed its expansion into other regions, following its recent announcement of ambitions to sell cars in Europe and Israel by the end of 2023.
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
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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