The automotive industry has transformed over the past decade due to increasing consumer demand for upgraded vehicle features and technologies. Original equipment manufacturers (OEMs) are investing heavily in research and development to deliver innovative automotive designs with superior performance, fuel-efficiency, and safety mechanisms. Rising adoption of Industry 4.0 technologies like robotic process automation, artificial intelligence, and 3D printing is boosting productivity and quality across automotive assembly lines. Governments worldwide are also implementing stringent emission norms to curb pollution levels, and this compels automakers to develop eco-friendly vehicles.
Market Dynamics:
Global automotive assembly market growth is driven by factors like rising disposable incomes, improving living standards, and growing preference for personal mobility solutions. Moreover, low-interest rates and easy financing options have made vehicle ownership more affordable. This positively impacts sales of passenger cars and light commercial vehicles. However, the outbreak of COVID-19 pandemic adversely impacted the market growth due to reduced production levels and supply chain disruptions. High raw material prices can pose a major challenge for component suppliers. Growing electric vehicle adoption can offer significant opportunities for automakers to expand their portfolios and venture into new mobility services.
Key features of the study:
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