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Automotive Industry Market Growth 2020 - Overview
Global Automotive Industry Market Growth Research Report, Information Segmentation by Vehicle Type (Passenger Cars, Commercial Vehicle), and Region - Global Report Forecast till 2024
Automotive Industry Market Growth Overview
The global Automotive Industry Market Growth is estimated to account for, 13,366 thousand units by 2024 with a CAGR of 2.78% during the forecast period. Market Research Future (MRFR) in their report covers segmentations and drivers for a better glimpse of the market in the coming years. The global Automotive Industry Market Growth is expected to witness tremendous growth owing to rising new vehicle sales. The major global players in the Automotive Industry Market Growth are adopting various techniques to enhance their existing product portfolio and come up with the innovative technologies to increase the vehicle sales all over the world. Additionally, increasing investment in research and development and rapid growth of the component aftermarket are among the major drivers of the global Automotive Industry Market Growth in the coming years. However, there are some factors such as the high costs of vehicle and component manufacturing and increasing complexities within vehicles that restrain the growth of the global Automotive Industry Market Growth.
Leading players profiled in the Automotive Industry Market Growth report include Daimler AG (Germany), Ford Motor Company (US), SAIC Motor Corporation Limited (China), Toyota Motor Corporation (Japan), Honda Motor Corporation (Japan), Fiat Chrysler Automobiles (US), Hyundai Motor Company (South Korea), Nissan Motor Corporation (Japan), General Motors (US), Volkswagen AG (Germany), and others.
The Market Research Future report offers a wide segmental analysis of the Automotive Industry Market Growth based on the vehicle type.
Based on vehicle type, the Automotive Industry Market Growth is segmented into commercial vehicles and passenger cars. Of these, the passenger car segment will dominate the market over the forecast period. Passenger cars are used for carrying passengers instead of goods. Factors that are boosting the growth of passenger cars include increasing living standards across the world, stringent regulations laid down by the government concerning vehicle emission level, increasing purchasing power, and increased population. Besides, the growth of this segment is also driven by other factors such as increased spending capacity of customers, growing economies of developing regions, emerging upper and middle classes, growing awareness regarding vehicular pollution and fuel consumption, rolling resistance, and the entire vehicle operating expenditure.
Based on the region, the Automotive Industry Market Growth report covers growth opportunities and the latest trends across Europe, Asia Pacific, North America, and the Rest of the World. Of these, Asia Pacific will have lion's share in the market over the forecast period. It is estimated to grow at the fastest pace owing to the shifting preference of consumers for electric cars, stringent environmental policies, and advancements in vehicle technologies. OEMs here are laying emphasis on making hybrid and electric car components that will help in enhancing fuel efficiency and reducing emissions. Increasing spending power of consumers and developed economic conditions have boosted the need for luxury cars and SUVs. Moreover, a rise in partnerships and collaborations between the governments in this region as well as automobile OEMs is predicted to offer higher opportunities for higher growth in the Automotive Industry Market Growth.
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About Market Research Future
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
More information: https://www.marketresearchfuture.com/reports/automotive-industry-7683