The automotive industry will grow by 205 million units by 2028,
New York, Oct 7, 2021 (GLOBE NEWSWIRE) – Auto Industry Snapshot: According to a comprehensive research report from Market Research Future (MRFR), “Automobile industry Research report, technology, application, vehicle type, end market and region – Forecast to 2028 » Automotive industry market is expected to grow 205 million units by 2028, registering a CAGR of 4.5% during the forecast period (2021 – 2028)
The list of major companies presented in Automotive Industry Research Report is –
- Hyundai Engines
- Message of public interest
- Daimler AG
- Chana Automotive
- Tata Engines
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The automotive industry is witnessing important strategic approaches, such as collaboration, mergers and acquisitions, expansion and technology launch. The main players in the industry make strategic investments to drive research and development activities and expansion plans.
For example, recently on August 26, 2021, the Indian government announced its unique program named – The Automotive Mission Plan to set a target to increase the contribution of the automotive sector to the national GDP to 12% and generate around 50 million new jobs. . .
The automotive industry in India is a key player in the country’s vision to become a $ 5,000 billion economy. Therefore, the government aims to increase the contribution of the automotive sector to GDP, creating jobs. Many multinational car brands are now available in India, and the government is encouraging these car manufacturers to promote alternative fuel technologies and fund R&D for alternative fuels.
Future’s Review Automotive Industry Market Research
The global auto industry continues to grow. Vehicle production is one of the most important sectors in the world. In addition, increasing auto sales and demand for OEM technologies are driving the growth of the market. Growing economic growth, along with the production and sale of autonomous vehicles around the world, is influencing market revenues.
In addition, the increasing production of passenger cars, trucks, buses and other commercial vehicles is driving the growth of the market. The increasing improvement in road conditions and the development of new roads, along with increasing infrastructure development programs, are positively impacting the market value.
Changing consumer demands are accelerating developments in the automotive industry market
In addition, the growing demand for OEMs and spare parts is increasing the size of the automotive industry. Technological upgrades, new product development of many parts, and the rise of OEMs and aftermarket parts are important favorable winds that are benefiting the growth of the automotive industry.
Rapid urbanization and the expansion of global automakers into new emerging markets are driving industry growth. In addition, the increasing demand for reliable and high-quality manufacturing techniques is pushing the development of the market.
Browse the in-depth automotive industry market research report (185 pages)
High overall manufacturing costs are a major obstacle to the growth of the automotive industry
Vehicle production is an expensive business involving many high-end components, products, technologies and services. This is mainly due to fluctuating prices and the limited availability of major raw materials and auto parts required for production. Therefore, the overall cost of a vehicle is relatively higher for lower income groups. These are some of the important facts estimated to hinder the growth of the market.
In addition, the increasing complexity of vehicles can significantly slow the growth of the automotive industry. Nonetheless, automakers continually seek to seek alternatives with product availability and durability. In addition, the availability of credit systems and new developments in alternative components would support the automotive industry throughout the evaluation period.
Impact of COVID-19
The COVID-19 outbreak has hit the auto industry hard. Automakers faced several challenges, such as obtaining raw materials, attracting workers from quarantines, and delivering finished products. In addition, strict lockdown warrants have halted vehicle production and forced several manufacturers to cut production.
However, the auto industry is quickly returning to normal, witnessing ever-increasing demand. Additionally, market revenues would increase after the lockdown is eased in many countries.
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The automotive industry is segmented into types, power output, and regions. The type segment is sub-segmented into AC and BDC. The motor type segment is sub-segmented into PMSM, Brushless DC, and AC Induction. The EV type segment is sub-segmented into BEV, HEV and PHEV.
The output power segment is sub-segmented into less than 200 kW, 200-400 kW and above 400 kW. The vehicle types segment is sub-segmented into commercial vehicles and passenger cars.
Europe leads the global automotive industry, mainly due to the strong presence of major car manufacturers. In addition, the major automotive components and solutions supplied to companies in the region are increasing the size of the market. Public funds, subsidies and incentives, as well as new technological opportunities, promote the the automotive industry in this region.
Countries such as Germany, UK, France and Italy have a significant influence on the growth of automotive industry market in the region. Growing purchasing power of consumers and increasing spending on luxury cars is driving regional market growth. Furthermore, the significant demand for fuel efficient and light vehicles in the region is propelling the market growth.
Germany holds the main share of the regional market with its thriving automotive companies and advanced technologies, followed by Italy, Spain, France, Germany and the United Kingdom. In addition, the penetration of new technologies and inventions in automotive OEMs is giving massive impetus to the growth of the market. The European automotive industry is expected to remain dominant throughout the assessment period.
Market segmentation covered by research:
Automotive Industry Research Report, Information Segmentation by Vehicle Type (Passenger Cars, Commercial Vehicles) and Region – Global Report Forecast to 2028
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