Automotive Market By Size, Share and Forecast 2028

Report Description

Forecast Period	2024-2028
Market Size (2022)	USD 2,900 Billion
CAGR (2023-2028)	3.5%
Fastest Growing Segment	Passenger Cars
Largest Market	Asia Pacific

Market Overview

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 a dynamic and multifaceted industry that encompasses the entire lifecycle of motor vehicles, shaping economies, societies, and personal mobility. From design and manufacturing to distribution, sales, and post-sales services, this market plays a pivotal role in global commerce and infrastructure. Comprising a wide spectrum of vehicle types, including passenger cars, commercial vehicles, and motorcycles, the automotive market caters to diverse transportation needs and preferences. It is a hub of innovation, technological advancement, and consumer-driven evolution, with various stakeholders such as automakers, suppliers, dealerships, and service providers contributing to its intricate ecosystem. The market's landscape is shaped by a multitude of factors, including changing consumer preferences, economic conditions, environmental regulations, and technological breakthroughs. The rise of electric vehicles (EVs), autonomous driving technology, connectivity features, and shared mobility models are driving transformative changes in how vehicles are conceptualized, manufactured, and used. Regions such as North America, Europe, Asia Pacific, and emerging economies each contribute distinct market dynamics, reflecting cultural variations, regulatory frameworks, and economic conditions. Challenges such as supply chain disruptions, regulatory complexities, and the need for robust EV charging infrastructure underscore the industry's ongoing adaptation to shifting paradigms. As the automotive market continues to evolve, it not only shapes transportation but also influences urban planning, environmental sustainability, and technological innovation, making it a cornerstone of modern society's mobility and progress.

Key Market Drivers

Consumer Preferences and Trends

Consumer preferences continually evolve, impacting demand for specific vehicle types, features, and technologies. Trends such as electric vehicles (EVs), connectivity, autonomous driving, and sustainability influence manufacturers' strategies.

Economic Factors

Global economic conditions, including GDP growth, income levels, interest rates, and consumer confidence, significantly influence vehicle sales. Economic downturns can lead to reduced consumer spending on non-essential items like vehicles.

Environmental Considerations

The automotive industry is undergoing a transformation to address environmental concerns. Stricter emissions regulations are propelling the adoption of cleaner technologies, such as electric and hybrid vehicles.

Technological Advancements

Technological innovations are reshaping the industry. From EVs with extended range capabilities to autonomous vehicles with advanced driver assistance systems (ADAS), innovation is revolutionizing mobility.

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Key Market Challenges

Supply Chain Disruptions

The COVID-19 pandemic highlighted vulnerabilities in global supply chains, leading to production halts, delays, and inventory shortages. This results in delay in automobile manufacturing and its sales.

Regulatory Complexity

The automotive industry must navigate complex regulations related to safety, emissions, and vehicle standards. Adapting to changing standards requires significant investments in research and development.

Infrastructure Readiness

As EV adoption grows, the need for robust charging infrastructure becomes evident. Establishing a comprehensive charging network is essential for the widespread adoption of electric vehicles.

Key Market Trends

Electric Vehicles (EVs)

The shift towards EVs is driven by environmental concerns and advancements in battery technology. Governments around the world provide incentives to encourage EV adoption, and manufacturers are investing heavily in EV research and development.

Autonomous Driving

Autonomous vehicles have the potential to revolutionize transportation. They promise increased safety, reduced accidents, and changes in urban planning and commuting patterns.

Connectivity and Digitalization

In-car connectivity, infotainment systems, and vehicle-to-vehicle communication are transforming the driving experience. Features such as GPS navigation, smartphone integration, and real-time data are becoming standard.

Shared Mobility

The rise of ride-hailing services, car-sharing, and subscription models is changing how people access transportation. Shared mobility offers a solution to urban congestion and promotes efficient resource utilization.

Segmental Insights

Vehicle Type Segment:

Passenger Cars segment encompasses a wide range of vehicles designed primarily for personal transportation. It includes categories like sedans, hatchbacks, SUVs (sport utility vehicles), and crossovers. Passenger cars cater to diverse consumer preferences, from fuel efficiency to luxury and performance. Furthermore, The commercial vehicle segment covers a spectrum of vehicles used for business and industrial purposes. This includes trucks, vans, buses, delivery vehicles, and heavy-duty trucks. Commercial vehicles are crucial for transporting goods, people, and services, forming the backbone of global economies.

Propulsion Type Insights

The Global Automotive Market, segmented by propulsion types, embodies a diverse landscape that reflects the industry's pursuit of cleaner and more efficient transportation solutions. Electric vehicles (EVs) represent a revolutionary shift, propelled by environmental concerns and advancements in battery technology. These vehicles operate solely on electric power, emitting zero tailpipe emissions and reducing carbon footprint. Hybrid electric vehicles (HEVs) combine internal combustion engines with electric propulsion, providing improved fuel efficiency and reduced emissions. Natural gas vehicles (NGVs) utilize compressed natural gas (CNG) or liquefied natural gas (LNG) as fuel, offering lower emissions compared to traditional petrol and diesel options. Fuel cell electric vehicles (FCEVs) leverage hydrogen fuel cells to generate electricity, emitting only water vapor as a byproduct. Diesel vehicles, while once popular for their efficiency, face scrutiny due to emissions concerns, although modern diesel engines are designed to meet stricter standards. Petrol vehicles remain a dominant choice, offering convenience and familiarity. The industry's propulsion segmentation reflects a pivotal juncture where sustainable alternatives, including EVs, HEVs, NGVs, and FCEVs, are poised to transform the market, while petrol and diesel vehicles continue to play a role in the transition toward a cleaner automotive landscape.

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Regional Insights

The global automotive market is not homogenous; it varies across regions. North America region is home to major automakers, and consumer preferences are diverse. North America has seen a growing trend towards larger vehicles, such as SUVs and trucks. European manufacturers emphasize compact and fuel-efficient vehicles. The region has been at the forefront of environmental regulations and EV adoption. Asia Pacific region is a manufacturing powerhouse, producing a significant portion of the world's vehicles. Emerging economies like China and India contribute to rapid growth.

Key Market Players

· Volkswagen

· Toyota Motor Corporation

· Daimler AG

· Ford Motor Company

· Honda Motor Company

· General Motors

· Suzuki

· BMW

· Nissan

· Hyundai

By Vehicle Type	By Propulsion Type	By Region
Passenger Car Light Commercial Vehicle Medium & Heavy Commercial Vehicle	Electric Vehicle Hybrid Electric Vehicle Natural Gas Vehicle Fuel Cell Electric Vehicle Diesel Vehicle Petrol Vehicle	Asia-Pacific Europe & CIS North America South America Middle East & Africa

Report Scope:

In this report, the Global Automotive Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Global Automotive Market, By Vehicle Type:

o Passenger Car

o Light Commercial Vehicle

o Heavy Commercial Vehicle

Global Automotive Market, By Propulsion Type:

o Electric Vehicle

o Hybrid Electric Vehicle

o Natural Gas Vehicle

o Fuel Cell Electric Vehicle

o Diesel Vehicle

o Petrol Vehicle

Global Automotive Market, By Region:

o Asia-Pacific

§ China

§ India

§ Japan

§ Indonesia

§ Thailand

§ South Korea

§ Australia

o Europe & CIS

§ Germany

§ Spain

§ France

§ Russia

§ Italy

§ United Kingdom

§ Belgium

o North America

§ United States

§ Mexico

§ Canada

o South America

§ Brazil

§ Argentina

§ Colombia

o Middle East & Africa

§ Turkey

§ Iran

§ Saudi Arabia

§ UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Automotive Market.

Available Customizations:

Global Automotive Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Automotive Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Introduction

1.1. Product Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Impact of COVID-19 on Global Automotive Market

5. Global Automotive Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.1.2. By Volume

5.2. Market Share & Forecast

5.2.1. By Vehicle Type Market Share Analysis (Passenger Car, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles)

5.2.2. By Propulsion Type (Electric Vehicle, Hybrid Electric Vehicle, Natural Gas Vehicle, Fuel Cell Electric Vehicle, Diesel Vehicle, Petrol Vehicle)

5.2.3. By Regional Market Share Analysis

5.2.3.1. Asia-Pacific Market Share Analysis

5.2.3.2. Europe & CIS Market Share Analysis

5.2.3.3. North America Market Share Analysis

5.2.3.4. South America Market Share Analysis

5.2.3.5. Middle East & Africa Market Share Analysis

5.2.4. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)

5.3. Global Automotive Market Mapping & Opportunity Assessment

5.3.1. By Vehicle Type Market Mapping & Opportunity Assessment

5.3.2. By Propulsion Type Mapping & Opportunity Assessment

5.3.3. By Regional Market Mapping & Opportunity Assessment

6. Asia-Pacific Automotive Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.1.2. By Volume

6.2. Market Share & Forecast

6.2.1. By Vehicle Type Market Share Analysis

6.2.2. By Propulsion Type Market Share Analysis

6.2.3. By Country Market Share Analysis

6.2.3.1. China Market Share Analysis

6.2.3.2. India Market Share Analysis

6.2.3.3. Japan Market Share Analysis

6.2.3.4. Indonesia Market Share Analysis

6.2.3.5. Thailand Market Share Analysis

6.2.3.6. South Korea Market Share Analysis

6.2.3.7. Australia Market Share Analysis

6.2.3.8. Rest of Asia-Pacific Market Share Analysis

6.3. Asia-Pacific: Country Analysis

6.3.1. China Automotive Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.1.2. By Volume

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By Vehicle Type Market Share Analysis

6.3.1.2.2. By Propulsion Type Market Share Analysis

6.3.2. India Automotive Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.1.2. By Volume

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By Vehicle Type Market Share Analysis

6.3.2.2.2. By Propulsion Type Market Share Analysis

6.3.3. Japan Automotive Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.1.2. By Volume

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By Vehicle Type Market Share Analysis

6.3.3.2.2. By Propulsion Type Market Share Analysis

6.3.4. Indonesia Automotive Market Outlook

6.3.4.1. Market Size & Forecast

6.3.4.1.1. By Value

6.3.4.1.2. By Volume

6.3.4.2. Market Share & Forecast

6.3.4.2.1. By Vehicle Type Market Share Analysis

6.3.4.2.2. By Propulsion Type Market Share Analysis

6.3.5. Thailand Automotive Market Outlook

6.3.5.1. Market Size & Forecast

6.3.5.1.1. By Value

6.3.5.1.2. By Volume

6.3.5.2. Market Share & Forecast

6.3.5.2.1. By Vehicle Type Market Share Analysis

6.3.5.2.2. By Propulsion Type Market Share Analysis

6.3.6. South Korea Automotive Market Outlook

6.3.6.1. Market Size & Forecast

6.3.6.1.1. By Value

6.3.6.1.2. By Volume

6.3.6.2. Market Share & Forecast

6.3.6.2.1. By Vehicle Type Market Share Analysis

6.3.6.2.2. By Propulsion Type Market Share Analysis

6.3.7. Australia Automotive Market Outlook

6.3.7.1. Market Size & Forecast

6.3.7.1.1. By Value

6.3.7.1.2. By Volume

6.3.7.2. Market Share & Forecast

6.3.7.2.1. By Vehicle Type Market Share Analysis

6.3.7.2.2. By Propulsion Type Market Share Analysis

7. Europe & CIS Automotive Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.1.2. By Volume

7.2. Market Share & Forecast

7.2.1. By Vehicle Type Market Share Analysis

7.2.2. By Propulsion Type Market Share Analysis

7.2.3. By Country Market Share Analysis

7.2.3.1. Germany Market Share Analysis

7.2.3.2. Spain Market Share Analysis

7.2.3.3. France Market Share Analysis

7.2.3.4. Russia Market Share Analysis

7.2.3.5. Italy Market Share Analysis

7.2.3.6. United Kingdom Market Share Analysis

7.2.3.7. Belgium Market Share Analysis

7.2.3.8. Rest of Europe Market Share Analysis

7.3. Europe & CIS: Country Analysis

7.3.1. Germany Automotive Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.1.2. By Volume

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By Vehicle Type Market Share Analysis

7.3.1.2.2. By Propulsion Type Market Share Analysis

7.3.2. Spain Automotive Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.1.2. By Volume

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By Vehicle Type Market Share Analysis

7.3.2.2.2. By Propulsion Type Market Share Analysis

7.3.3. France Automotive Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.1.2. By Volume

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By Vehicle Type Market Share Analysis

7.3.3.2.2. By Propulsion Type Market Share Analysis

7.3.4. Russia Automotive Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.1.2. By Volume

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By Vehicle Type Market Share Analysis

7.3.4.2.2. By Propulsion Type Market Share Analysis

7.3.5. Italy Automotive Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.1.2. By Volume

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By Vehicle Type Market Share Analysis

7.3.5.2.2. By Propulsion Type Market Share Analysis

7.3.6. United Kingdom Automotive Market Outlook

7.3.6.1. Market Size & Forecast

7.3.6.1.1. By Value

7.3.6.1.2. By Volume

7.3.6.2. Market Share & Forecast

7.3.6.2.1. By Vehicle Type Market Share Analysis

7.3.6.2.2. By Propulsion Type Market Share Analysis

7.3.7. Belgium Automotive Market Outlook

7.3.7.1. Market Size & Forecast

7.3.7.1.1. By Value

7.3.7.1.2. By Volume

7.3.7.2. Market Share & Forecast

7.3.7.2.1. By Vehicle Type Market Share Analysis

7.3.7.2.2. By Propulsion Type Market Share Analysis

8. North America Automotive Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.1.2. By Volume

8.2. Market Share & Forecast

8.2.1. By Vehicle Type Market Share Analysis

8.2.2. By Propulsion Type Market Share Analysis

8.2.3. By Country Market Share Analysis

8.2.3.1. United States Market Share Analysis

8.2.3.2. Mexico Market Share Analysis

8.2.3.3. Canada Market Share Analysis

8.3. North America: Country Analysis

8.3.1. United States Automotive Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.1.2. By Volume

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By Vehicle Type Market Share Analysis

8.3.1.2.2. By Propulsion Type Market Share Analysis

8.3.2. Mexico Automotive Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.1.2. By Volume

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By Vehicle Type Market Share Analysis

8.3.2.2.2. By Propulsion Type Market Share Analysis

8.3.3. Canada Automotive Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.1.2. By Volume

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By Vehicle Type Market Share Analysis

8.3.3.2.2. By Propulsion Type Market Share Analysis

9. South America Automotive Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.1.2. By Volume

9.2. Market Share & Forecast

9.2.1. By Vehicle Type Market Share Analysis

9.2.2. By Propulsion Type Market Share Analysis

9.2.3. By Country Market Share Analysis

9.2.3.1. Brazil Market Share Analysis

9.2.3.2. Argentina Market Share Analysis

9.2.3.3. Colombia Market Share Analysis

9.2.3.4. Rest of South America Market Share Analysis

9.3. South America: Country Analysis

9.3.1. Brazil Automotive Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.1.2. By Volume

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By Vehicle Type Market Share Analysis

9.3.1.2.2. By Propulsion Type Market Share Analysis

9.3.2. Colombia Automotive Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.1.2. By Volume

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By Vehicle Type Market Share Analysis

9.3.2.2.2. By Propulsion Type Market Share Analysis

9.3.3. Argentina Automotive Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.1.2. By Volume

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By Vehicle Type Market Share Analysis

9.3.3.2.2. By Propulsion Type Market Share Analysis

10. Middle East & Africa Automotive Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.1.2. By Volume

10.2. Market Share & Forecast

10.2.1. By Vehicle Type Market Share Analysis

10.2.2. By Propulsion Type Market Share Analysis

10.2.3. By Country Market Share Analysis

10.2.3.1. Turkey Market Share Analysis

10.2.3.2. Iran Market Share Analysis

10.2.3.3. Saudi Arabia Market Share Analysis

10.2.3.4. UAE Market Share Analysis

10.2.3.5. Rest of Middle East & Africa Market Share Analysis

10.3. Middle East & Africa: Country Analysis

10.3.1. Turkey Automotive Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.1.2. By Volume

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By Vehicle Type Market Share Analysis

10.3.1.2.2. By Propulsion Type Market Share Analysis

10.3.2. Iran Automotive Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.1.2. By Volume

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By Vehicle Type Market Share Analysis

10.3.2.2.2. By Propulsion Type Market Share Analysis

10.3.3. Saudi Arabia Automotive Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.1.2. By Volume

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By Vehicle Type Market Share Analysis

10.3.3.2.2. By Propulsion Type Market Share Analysis

10.3.4. UAE Automotive Market Outlook

10.3.4.1. Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.1.2. By Volume

10.3.4.2. Market Share & Forecast

10.3.4.2.1. By Vehicle Type Market Share Analysis

10.3.4.2.2. By Propulsion Type Market Share Analysis

11. SWOT Analysis

11.1. Strength

11.2. Weakness

11.3. Opportunities

11.4. Threats

12. Market Dynamics

12.1. Market Drivers

12.2. Market Challenges

13. Market Trends and Developments

14. Competitive Landscape

14.1. Company Profiles (Up to 10 Major Companies)

14.1.1. Volkswagen

14.1.1.1. Company Details

14.1.1.2. Key Product Offered

14.1.1.3. Recent Developments

14.1.1.4. Key Management Personnel

14.1.2. Toyota Motor Corporation

14.1.2.1. Company Details

14.1.2.2. Key Product Offered

14.1.2.3. Recent Developments

14.1.2.4. Key Management Personnel

14.1.3. Daimler AG

14.1.3.1. Company Details

14.1.3.2. Key Product Offered

14.1.3.3. Recent Developments

14.1.3.4. Key Management Personnel

14.1.4. Ford Motor Company

14.1.4.1. Company Details

14.1.4.2. Key Product Offered

14.1.4.3. Recent Developments

14.1.4.4. Key Management Personnel

14.1.5. Honda Motor Company

14.1.5.1. Company Details

14.1.5.2. Key Product Offered

14.1.5.3. Recent Developments

14.1.5.4. Key Management Personnel

14.1.6. General Motors

14.1.6.1. Company Details

14.1.6.2. Key Product Offered

14.1.6.3. Recent Developments

14.1.6.4. Key Management Personnel

14.1.7. Suzuki

14.1.7.1. Company Details

14.1.7.2. Key Product Offered

14.1.7.3. Recent Developments

14.1.7.4. Key Management Personnel

14.1.8. BMW

14.1.8.1. Company Details

14.1.8.2. Key Product Offered

14.1.8.3. Recent Developments

14.1.8.4. Key Management Personnel

14.1.9. Nissan

14.1.9.1. Company Details

14.1.9.2. Key Product Offered

14.1.9.3. Recent Developments

14.1.9.4. Key Management Personnel

14.1.10. Hyundai

14.1.10.1. Company Details

14.1.10.2. Key Product Offered

14.1.10.3. Recent Developments

15. Strategic Recommendations

15.1. Key Focus Areas

15.1.1. Target Regions & Countries

15.1.2. Target Vehicle Type

15.1.3. Target Propulsion Type

16. About Us & Disclaimer

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Frequently asked questions

What was the market size of the Global Automotive Market in 2022?

Which was the dominant segment by vehicle type in the Global Automotive Market in 2022?

Which is the dominant region in the Global Automotive Market?

What are the major drivers for the Global Automotive Market?

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Report Description

Table of content

Figures and Tables

Frequently asked questions

What was the market size of the Global Automotive Market in 2022?

Which was the dominant segment by vehicle type in the Global Automotive Market in 2022?

Which is the dominant region in the Global Automotive Market?

What are the major drivers for the Global Automotive Market?

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