CHICAGO, June 27, 2024 /PRNewswire/ -- Automotive
Industry, encompassing PV, LCV, and MHCV, size is projected to grow
from 88 million units in 2024 and is projected to hit 104 million
units by 2030, at a CAGR of 2.4%, according to a new report by
MarketsandMarkets. The growth of the automotive industry is
influenced by various factors such as adoption of electric
vehicles, development and manufacturing of long-range batteries
along with installation of fast and ultra-fast charging points,
introduction of autonomous vehicles, deployment of 5G connectivity
and trends related to shared mobility.
Download an Illustrative overview:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=142125279
Future Of Automotive Industry Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
88 million
units
|
Estimated Value by
2030
|
104 million
units
|
Growth Rate
|
Poised to grow at a
CAGR of 2.4%
|
Market Size Available
for
|
2020–2030
|
Forecast
Period
|
2024-2030
|
Forecast
Units
|
Value
(Units)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Covers Original
Equipment Manufacturer (OEM) Landscape, Connected Vehicles,
Autonomous Driving Technologies, Electric Vehicles (Evs),
Innovations In Battery Technology, Powertrains And Shared
Mobility
|
Geographies
Covered
|
Asia Pacific, Europe,
Row and North America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Growing adoption of
connected vehicles
|
Key Market
Drivers
|
Consistent growth in
the EV segment over traditional ICE vehicles
|
Autonomous vehicles are anticipated to witness significant
growth.
The introduction of autonomous cars with enhanced safety
features and higher level of automation is shifting the trends in
the automotive market. Numerous OEMs are introducing Level 2 (L2)
and Level 3 (L3) autonomous vehicles, including Nissan
(Japan), Honda (Japan), Audi
(Germany), BMW (Germany), and Mercedes-Benz (Germany). OEMs
such as BMW and Mercedes have received approval for L3 autonomous
vehicles in Germany and the US,
respectively. BMW has also received approval to test its L3
vehicles in Shanghai, China. We
expect L3 vehicle sales to gain pace in 2024 as these OEMs start
rolling out their L3 models. In addition to testing the cars on
roads several tech giants and OEMs have adopted acquisition
strategies to take over smaller companies that operate in the space
of developing driverless or autonomous technology. The number of
Level 3 (L3) autonomous vehicles is projected to grow at a CAGR of
86.5% between 2023 and 2030. The Level 4 (L4) autonomous vehicle
market is expected to experience limited commercial growth,
primarily in select markets.
Asia Pacific is expected to
be the largest market during the forecast period.
Asia-Pacific region hold the
major share in the sales volume of PV and CV combined. The major
factor for this is the intensive manufacturing and export of cars
in China. The Chinese market is
the world's largest market in terms of vehicle sales as well as
production. In 2023, China's sales
volume for passenger vehicles was over 25 million units, with a
share of around 50% globally. China is the most dominant nation in
automotive industry with respect to supplying raw materials,
manufacturing as well as its sales. China has the most powerful supply chain of EV
batteries. Over 50% of the EV batteries are manufactured in
China. Moreover, around 75% of the
components of EV batteries are manufactured in China. These Chinese manufacturers are looking
to expand their services and acquire additional market share around
the world. The Asia region has
seen growth in automobile production in 2022 and 2023. Continuing
this trend, the Asia region will
dominate the market during the forecast period.
Request Sample Pages:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=142125279
Future Of Automotive Industry Dynamics:
Drivers:
- Consistent growth in the EV segment over traditional ICE
vehicles
Restraints:
- Highly dependent on the global economic factors
Opportunities:
- Growing adoption of connected vehicles
Challenge:
- Short range of EVs and charging time
Key Market Players Future of Automotive
Industry:
Prominent players in the Future of Automotive Industry include
Toyota Motors Corporation (Japan),
Tesla (USA), Volkswagen AG
(Germany), Ford (USA), BYD
(China), Hyundai Motor Corporation
(South Korea).
Get 10% Free Customization on this Report:
https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=142125279
Future of Automotive Industry Recent
Developments:
- In June 2024, Honda started the
of production of its new 2025 Honda CR-V e:FCEV fuel cell electric
vehicle (FCEV) at the Performance Manufacturing Center (PMC) in
Ohio, US.
- In May 2024, BYD launched the
e-Platform 3.0 Evo, an upgraded version of its BEV model platform
and Sea Lion 07 EV SUV will be the first model based on this
model.
- In May 2024, Exicom, a leading EV
charger and power solution provider in India launched a Harmony Gen 1.5 DC fast
charger.
Future of Automotive Industry Size - Key Benefits of
Buying the Report:
- The report will help the market leaders/new entrants in this
market with information on the technologies that are predicted to
drive the automotive industry in future.
- This report will help stakeholders understand the competitive
landscape and gain more insights to position their businesses
better and to plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the
market and provides them with information on key market drivers,
restraints, challenges, and opportunities.
This report provides insights on:
- Analysis of key Trends in 2023 till 2030
(Electrification, Rise of 5G, Connected Cars, Smart Manufacturing
etc).
- Product Development/Innovation: Detailed insights on
upcoming technologies, research & development activities, and
new product & service launches in the automotive market.
- Market Development: Comprehensive information about
lucrative markets – the report analyses the automotive market
across varied regions.
- Market Diversification: Exhaustive information about
diversification of supply chains, untapped geographies, recent
developments, and investments in the automotive market.
- Competitive Assessment: Assessment of market shares,
growth strategies and service offerings of leading players like
across passenger and commercial vehicle segments which are then
dirther divided into ICE and electric among others in the
automotive market strategies. The report also helps stakeholders
understand the pulse of the autonomous vehicle market and provides
them information on key market drivers, challenges, and
opportunities.
Related Reports:
Global Automotive Industry Outlook, 2024
Autonomous / Self-Driving Cars Market -
Global Forecast to 2030
Connected Car Market - Global Forecast to
2030
Electric Vehicle Market - Global Forecast
2030
Get access to the latest updates on Automotive
Companies and Automotive Industry Growth
About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of
America's best management consulting firms by Forbes, as per
their recent report.
MarketsandMarkets™ is a blue ocean alternative in
growth consulting and program management, leveraging a man-machine
offering to drive supernormal growth for progressive organizations
in the B2B space. We have the widest lens on emerging technologies,
making us proficient in co-creating supernormal growth for
clients.
Earlier this year, we made a formal transformation into one of
America's best management consulting firms as per a survey
conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are
substituting existing revenue streams in this decade alone. We work
with clients on growth programs, helping them monetize this
$25 trillion opportunity through our
service lines - TAM Expansion, Go-to-Market (GTM) Strategy to
Execution, Market Share Gain, Account Enablement, and Thought
Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several
Forbes Global 2000 B2B companies - helping them stay relevant in a
disruptive ecosystem. Our insights and strategies are molded by our
industry experts, cutting-edge AI-powered Market Intelligence
Cloud, and years of research. The KnowledgeStore™ (our
Market Intelligence Cloud) integrates our research, facilitates an
analysis of interconnections through a set of applications, helping
clients look at the entire ecosystem and understand the revenue
shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us
on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/
Logo:
https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original
content:https://www.prnewswire.co.uk/news-releases/future-of-automotive-industry-worth-104-million-units-by-2030--marketsandmarkets-302184863.html