Automobile Market Size, Share, Growth, and Industry Analysis, By Type (Passenger Cars, Light Commercial Vehicles, Heavy Trucks, Buses, Vans, Motor Cycles), By Application (Industry Use, Personal Use, Public Use, Business Use, Others), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

REPORT OVERVIEW

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The global automobile market size was USD 3601177.62 million in 2021. As per our research, the automobile market is expected to reach USD 5221295.94 million by 2027, exhibiting a CAGR of 6.39% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, automobile experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

An automobile, also known as an auto, motorcar, or car, is a four-wheel drive vehicle primarily used for the transportation of passengers and typically powered by an internal combustion engine using a variable fuel source.

The nation's expanding population, rising standard of living, and ease of acquiring credit and finance all help to support the auto sector. The automobile market is also anticipated to see increased demand for commercial vehicles due to the expanding logistics and passenger transportation sectors. Government programs and policies have a significant impact on the expansion of market and are predicted to continue doing so in the years to come.

COVID-19 Impact: Dwindling Sales to Deplete Market Share  

Most automakers had dealt with a perfect storm of difficulties since 2019 because to dwindling sales, unrest in world politics, CO2 penalties, and quickly shifting consumer demand. The arrival of COVID-19, a worldwide outbreak affecting all aspects of the automotive industry, from suppliers of parts to dealers, has only made these problems worse.

Since OEM supply chains mainly rely on just-in-time production, they were quickly affected. The industrial lockdown in China immediately impacted approximately two thirds of the country's auto output, and it also had a significant effect on their suppliers. The lack of Chinese-made components has also had a significant negative impact on global output. The ensuing partial or whole production shutdowns made the resource constraints and excess unneeded production hindered the industry. Later, this led to huge financial losses, which had an immediate effect on the world GDP.

LATEST TRENDS

"Rising Disposable Income to Stimulate Market Development "

Due to factors including rising disposable income, a variety of financing options, an increase in the number of urban residents, and close alternatives for each segment that are outfitted with the best technological advancements consisting of both active and passive security features, comfort amenities, and high performing powertrains, the automobile industry is an extremely competitive sector that is experiencing growth. The market is expanding as a result of the vibrant Indian public transportation system and the expanding logistical environment.

SEGMENTATION

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• By Type

Based on type; the market is divided into passenger cars, light commercial vehicles, heavy trucks, buses, vans, motor cycles

Passenger cars is the leading part of the type segment.

• By Application

Based on the application; the market is divided into industry use, personal use, public use, business use, others

Industry use is the leading part of the application segment.

DRIVING FACTORS

"Adoption of Alternative Fuel Vehicles to Aid Market Expansion  "

Over the anticipated period, it is anticipated that the market perspective will alter due to the growing usage of technology in automotive, the industry supply chain, and business models. Because they make driving simpler, safer, and more comfortable, autonomous, powered by electricity, and connected vehicles have contributed to the market's rise.

The adoption of alternative fuel vehicles is encouraged by growing consumer awareness of the environmental dangers posed by ICE vehicle emissions. By offering tax breaks and incentives for the purchase of electric vehicles, the authorities focuses on the transition to electric transportation. As a result, the automobile market growth is anticipated to continue from 2020 to 2027 thanks to the trend toward electric mobility and the development of technologically superior automobiles.

"Lower Purchasing Price of Heavy Duty Trucks to Foster Industry Progress "

The main elements driving the demand for heavy trucks are a growth in building and infrastructure development as well as an increase in the demand for goods. In comparison to earlier models, the manufactured trucks have great load carrying capacity and are fuel-efficient, dependable, and effective. The truck manufacture market has development prospects thanks to the rise in vendors selling vehicle parts.

Over the projected period, the sector for trucks is expected to grow at the quickest CAGR and benefit the automobile market share. Large load carrying capacities are not necessary for applications including intrastate commodities transportation. However, since tractor-trailers and LCVs cannot transport goods, customers have begun to employ medium-duty trucks, which have a tonnage capacity of 7.5 to 12 tons. The lower purchasing price of these trucks is also anticipated to play a significant role in the segmental expansion over the future years.

RESTRAINING FACTOR

"Continuing Supply Chain Problems to Stop Market Evolution "

The continuing supply chain problems, lack of semiconductors, and the various levels of lockdowns that various nations enacted to cope with the virus's countless waves and mutations previously severely hindered the efforts of industry players of the market.

Significantly lower vehicle sales during the height of COVID-19 became a significant issue for the automobile industry. Two years later, the industry is still struggling with low sales as a result of the repercussions of various causes that each work in turn to maintain the numbers low. Sales were damaged by the pandemic's global lockdowns since people were forced to stay at home and work remotely, which eliminated the need for travel.

REGIONAL INSIGHTS

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"Asia Pacific to Support Market Advancement owing to Prevailing Modern Technologies "

Asia Pacific is expected to account for a significant share of the automotive market share due to the continued development of modern technologies by the automotive sector. The region is focused on the continuous growth of the automotive sector. Resisting disposable income is driving the demand for automobiles in the region.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• MITSUBISHI (Japan)
• Hyundai (South Korea)
• Ford (U.S.)
• Doha bus (Qatar)
• Toyota (Japan)
•  Nissan (Japan)
• GMC (U.S.)
• Subaru (Japan)
• Chevrolet (U.S.)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.