Global Automotive Market to be Led by Passenger cars through 2028
The major drivers for the Global Automotive Market
include Consumer Demand for personal vehicle with Enhanced User Experience and
it is expected to grow in forecast period.
According to TechSci Research report, “Global Automotive Market– By Region,
Competition, Forecast & Opportunities, 2028,” Global Automotive
Market has valued at USD 2,900 Billion in 2022 and is anticipated to project
robust growth in the forecast period with a CAGR of 3.5 % through 2028. The
Global Automotive Market is the industry that designs, manufactures,
distributes, and sells motor vehicles, including passenger cars and commercial
vehicles. The Global Automotive Market is a dynamic and multi-faceted industry
that covers the entire life cycle of motor vehicles and shapes economies,
societies and personal mobility. From design and manufacturing, to
distribution, sales and post-sale services, the automotive market plays a
critical role in global trade and infrastructure. The automotive market
landscape is vast and multifaceted. It covers continents, cultures and economic
systems. It reflects a global demand for mobility and transportation solutions.
The automotive industry touches on various aspects such as manufacturing,
supply chain, innovation, policy making, environment, and consumer behavior.
Vehicle sales are affected by global economic
conditions such as GDP growth, income level, interest rates, consumer
confidence, and more. When the economy takes a downturn, consumers spend less
on non-essential products such as vehicles. Technological innovation is
changing the industry. From long-range EVs to autonomous vehicles with ADAS
(advanced driver assistance systems), innovation is changing mobility.
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Pages and an in-depth TOC on "Global
Automotive Market."
Environmental concerns and advances in battery
technology are driving the shift towards electric vehicles (EVs). Governments
around the world are offering incentives to promote EV adoption and
manufacturers are spending heavily on EV research and development.
The global automotive market is a multi-faceted
sector that affects economies, cultures and everyday life. Its development is
characterized by the quest for cleaner technologies, enhanced safety and
improved driving experiences. As the automotive market moves towards
electrification and connectivity, autonomy and shared mobility the industry
will continue to define transportation and shape future mobility on a
world-wide scale. Different regions of the world contribute to the automotive
market dynamics, from North America and Europe to Asia Pacific and emerging
economies. Cultural differences, regulatory frameworks and economic conditions
shape the automotive market dynamics. Supply chain disruptions and regulatory
complexities, as well as the need for strong EV charging infrastructure,
highlight the constant adaptation of the automotive market. Not only does the
automotive market shape transportation, but it also shapes urban planning and
environmental sustainability, as well as technological innovation. The
automotive market is at the core of modern society’s mobility and progress.
The Global Automotive Market is analyzed based on vehicle
type, propulsion type, and by region. Based on the vehicle type the market is
divided into Passenger Cars, Light Commercial Vehicles, and Heavy Commercial
Vehicles. Based on the propulsion type, the market is divided into Electric
Vehicle, Hybrid Electric Vehicle, Natural Gas Vehicle, Fuel Cell Electric
Vehicle, Diesel Vehicle, Petrol Vehicle. Based on the region, the market is segmented
into Asia-Pacific, Europe & CIS, North America, South America, and Middle
East & Africa.
Key market players in the Global Automotive Market
include:
- Volkswagen
- Toyota Motor Corporation
- Daimler AG
- Ford Motor Company
- Honda Motor Company
- General Motors
- Suzuki
- BMW
- Nissan
- Hyundai
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“The increase in vehicle sales worldwide, combined
with a growing emphasis on electric vehicles, contributes significantly to the
expansion of Global Automotive Market. Moreover, in addition of rising demand
for personal vehicles, which necessitate specialized and customized vehicles
increases its demand among people. The global automotive market is expected to
grow at 3.5% through forecast period.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Global Automotive Market
By Vehicle Type (Passenger Car, Light Commercial Vehicles, Medium & Heavy
Commercial Vehicles), By Propulsion Type (Electric Vehicle, Hybrid Electric
Vehicle, Natural Gas Vehicle, Fuel Cell Electric Vehicle, Diesel Vehicle,
Petrol Vehicle), By Regional, Competition, Forecast & Opportunities, 2028,” has evaluated the future growth potential of Automotive
Infotainment Systems market globally and provides statistics and information on
market structure, size, share and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities
present in the Global Automotive Market.
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