Press Release

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.


 

Browse over xx market data Figures spread through xx 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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