Global Automotive Industry News Market by Manufacturers, Type and Application

Posted by Rishikesh Kurane on November 25th, 2019

Overview

The global automotive industry 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 is expected to witness tremendous growth owing to rising new vehicle sales. The major global players in the automotive industry 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 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.

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Competitive Analysis

Prominent players operating in the global automotive industry are Volkswagen AG (Germany), General Motors (US), Toyota Motor Corporation (Japan), Nissan Motor Corporation (Japan), Hyundai Motor Company (South Korea), Fiat Chrysler Automobiles (US), Honda Motor Corporation (Japan), SAIC Motor Corporation Limited (China), Ford Motor Company (US), and Daimler AG (Germany). They employ mergers, acquisitions, collaborations, and other strategies to stay ahead of the rest. 

In December 2018, Volkswagen Group acquired 75.1% majority stake in “WirelessCar”, a Volvo Group subsidiary. WirelessCar is a telematics provider of electric vehicle manufacturers.

In November 2018, Toyota Motor Corporation launched new sedan models in the Corolla series and New Corolla and New Levin Sedans at the Guangzhou International Automobile Exhibition. The vehicle will be available for sale in the US and Europe by spring 2019.

In June 2018, Ford Motor Company launched two new fuel-efficient taxis. The new transit connects taxis equipped with Eco blue diesel engines and new fusion hybrid taxi, which are fuel efficient and low costs sedans.

Segmental Analysis

Extensive research of the automotive industry segments the market by vehicle type, and sales channel.

On the basis of vehicle type, the global automotive industry comprises passenger vehicles and commercial vehicles. The commercial vehicle segment is expected to be the fastest growing segment with a 3.38% CAGR over the forecast period. The passenger car segment is projected to be the second fastest growing segment with a 2.55% CAGR.

Regional Analysis

Geographic analysis of the automotive industry spans across North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW).

Asia-Pacific is estimated to hold the largest market share in the global automotive industry. The region accounted for the largest market share of 47.50% in 2017, accounting for 45,548.55 thousand units in 2017 and is projected to register a CAGR of 2.51% during the forecast period.

North America is projected to be the second largest market for global automotive industry, with a 3.41% CAGR over the forecast period. Additionally, Mexico is presumed to be the fastest growing market in the region, with a 4.33% CAGR, followed by US and Canada, with 3.36% and 3.14% CAGR, respectively.

Europe is among the leading market with its market valuation pinned at 20,916.03 thousand units in 2017, with 2.75% CAGR. The growth can be attributed to the fastest growing countries in the region such as Italy, followed by the Germany and UK. Italy is the fastest growing country in the region with 3.47% CAGR, followed by the Germany with a CAGR of 2.46%.

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