Feb 25, 2021 (Heraldkeepers) -- The automotive industry has witnessed a significant uptick in production and sales in recent years mainly owing to an increased demand in emerging markets. At the same time, disruptive technologies are opening new avenue for the industry, which the focus steady shifting towards segments such as autonomous vehicles, electric vehicles and hybrid vehicles. Market Research Future (MRFR) projects that the global automotive industry will expand at a compound annual growth rate (CAGR) of 2.78% during the projection period (2018-2024). In terms of volume, the industry is expected to reach 1,13,366 thousand units by 2024 up from 96,804 thousand units in 2017.
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Infrastructure developments such as construction of highways and roads in developing countries has augured well for the automotive sector. Moreover, increased efforts to improve road transportation in order to caters the need of daily passengers is reflecting favourably on the sector.
The automotive industry has continued to expand with new entrants try to develop a niche. Multi-domain companies entering the industries are striving to fend off competition from tradition players by introduction innovation automotive solutions. Many automotive companies are investing heavily on product innovation in order to ensure future sustainability.
The automotive industry in broadly bifurcated into commercial vehicle vertical and passenger vehicle vertical. These verticals collectively cover a wide range of vehicles, which include trucks, buses, utility vans, sedans, hatchbacks, coupes, etc.
Global Automotive Industry: Segmental Analysis
Based on the vehicle type, key industry segments are commercial vehicle and passenger car. The later currently accounts for the leading share in terms of revenue. The passenger car segment is expected to maintain its leading position throughout the assessment period. Some of the forces driving the growth of the passenger car segment include increased purchasing power, stricter government regulation, and population growth. The segment is expected to be influenced by the increased concerned over emission levels.
A data released by the International Organization of Motor Vehicle Manufacturers (OICA) revealed that in from 2010 to 2017 there was 26.95% increase on the over sales on passenger cars. Macroeconomic factors such as growth the middle-class population, increased disposable income, are improving standard of living are also providing tailwinds to the passenger car segment. Vehicle manufacturers striving to make their product more efficient and environment friendly. Fuel-economy and vehicular population are among the key area of focus. The focus is shifting towards developing future-ready automotive solutions.
Global Automotive Industry: Regional Analysis
On the basis of region, the global automotive industry has been segmented into Asia-Pacific (APAC), Europe, North America and the Rest of the World (RoW). The automotive sector has witnessed unprecedented growth in APAC in recent years. The region has a become the go-to destination for car manufacturers. In APAC, countries such as China, Japan, South Korea, and India are making significant contribution to the industry. China especially has been a standout performer. During the forecast period, China's dominance in automotive manufacturing is likely to remain unchallenged despite the emergence of new low-cost alternatives. Major American, European and Japanese car makers have set up manufacturing facilities in China owing the cost-benefits and availability of raw materials. After APAC, North America and Europe are the other two key destinations for the stakeholders.
Global Automotive Industry: Competition Analysis
Volkswagen AG (Germany), Toyota Motor Corporation (Japan), Ford Motor Company (US), Hyundai Motor Company (South Korea), Honda Motor Corporation (Japan), General Motors (US), Daimler AG (Germany), Nissan Motor Corporation (Japan), SAIC Motor Corporation Limited (China), and Fiat Chrysler Automobiles (US) are among the leading companies operating in the global automotive industry.
Key Questions Addressed by the Report
What was the historic market size (2020)?
Which segmentation (Product/ Capacity) is driving market?
What will be the growth rate by 2023?
How are the key players in this market?
What are the strategies adopted by key players?
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TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY