Global Automotive Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029
Automobile is a wheeled motor vehicle used for transportation. Automobile have controls for driving, parking, passenger comfort, and a variety of lights. Automotive industry include Passenger Cars, Commercial Vehicles.
The latest research study on the global Automotive market finds that the global Automotive market reached a value of USD 2085778.43 million in 2022. It’s expected that the market will achieve USD 2460225.7 million by 2028, exhibiting a CAGR of 2.79% during the forecast period.
Influence of COVID-19 Outbreak on Automotive Industry Development
As in many sectors, Covid-19 had a significant impact on the automotive industry in 2021. Across the globe, factories closed, production declined, supply chains were severely affected, and demand decreased, clearly reflecting a tumultuous period of change.
In order to curb the COVID-19 epidemic, most countries have introduced many policies, including border blockade and social distancing. The epidemic prevention and control measures will affect the flow of people and activities, and in turn affect logistics, making the production of manufacturing, especially labor-intensive industries, affected by the supply of raw materials and labor shortages.
For the Automotive industry, the blockade policy will affect the supply of raw materials and export trade of products. The social distancing policy may have a great impact on the production of products, especially for some small factories, they will spend more money to maintain production during the epidemic, and factories may face the risk of closure in some areas. With the gradual control of the epidemic, some factories began to resume operation. However, while operating production, enterprises need to protect the life and health of employees, such as purchasing masks, disinfectants and other epidemic prevention materials, disinfecting the working environment before and after the production, and testing the body temperature of employees every day to ensure the health of employees. These measures will increase the production cost of enterprises and affect the development of enterprises.
Growing Demand from Key Regions
With the rapid development of economy, the industry and manufacturing industry in China have developed rapidly. There are quite a few enterprises that have passed ISO quality management system certification. At present, Automotive are becoming more and more mature in technology, and the prices of products are highly competitive in the market. With the proposal of Industry 4.0 and Made in China 2025, the manufacturing industry has entered a new ecological environment.
With the rapid development of various industries in Europe and North America, the Automotive industry is supported by strong economy and technology. Some large Automotive enterprises are located in Europe and North America. These enterprises have certain brand influence and occupy a large market share. These factors will provide opportunities for the expansion of the Automotive market in Europe and North America.
The shortage of chips has had a huge impact on the automobile industry
Intel Corporation, an American chipmaker, predicts that the global shortage of semiconductors will continue until at least 2023. During the COVID-19 pandemic, people worked more from home, especially the extra demand for computers and tablets from schools and individuals increased rapidly. At the same time, the demand for chips in areas such as artificial intelligence, 5G technology and automatic driving is increasing. All these bring great pressure to the supply chain. Chip shortage has already put a heavy burden on some economic sectors, including the German automobile industry. Due to the bottleneck of chip supply, manufacturers all over the world have to stop production partially. Many factories of Volkswagen Group and other manufacturers have cancelled shifts and implemented short-term work for many times due to chip shortage. A sharp increase in the price of raw materials may lead to a large number of losses. In addition, especially in China, the shortage of semiconductor components has become more and more obvious recently. This has affected Volkswagen Group's business in China, the most important automobile market in the world. The shortage of chips has had a huge impact on the automobile industry and is expected to continue for some time.
Automobile manufacturers to change to a new direction
In recent months, several carmakers have promised to halt or significantly reduce production of internal-combustion engines between 2030 and 2035. Audi, a subsidiary of Volkswagen, promised to launch only all-electric vehicles from 2026 and stop producing internal-combustion engines by 2033. BMW has raised its sales targets for electric vehicles as tighter EU emission limits push all manufacturers to make changes. Over the next decade, BMW now hopes to sell 10 million all-electric vehicles, up from its previous target of 4 million. Volkswagen plans to make electric vehicles account for 60% of its sales in Europe and 50% of its global sales by 2030.
Asia Pacific had the highest growth rate of all regions.
Toyota is one of the major players operating in the Automotive market, holding a share of 14.61% in 2021.
Toyota Motor Corporation is a Japanese multinational automotive manufacturer headquartered in Toyota City, Aichi, Japan. It was founded by Kiichiro Toyoda and incorporated on August 28, 1937. Toyota is one of the largest automobile manufacturers in the world.
Volkswagen AG, known internationally as the Volkswagen Group, is a German multinational automotive manufacturing corporation headquartered in Wolfsburg, Lower Saxony, Germany, and owned by Porsche SE, part of the Austrian-German Porsche and Piëch family.
Among different product types, Commercial Vehicles segment is anticipated to contribute the largest market share in 2027.
By application, the Personal Use segment occupied the biggest share from 2017 to 2022.
Key Companies in the global Automotive market covered in Chapter 3:
Fiat Chrysler Automobiles
In Chapter 4 and Chapter 14.2, on the basis of types, the Automotive market from 2018 to 2029 is primarily split into:
In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Automotive market from 2018 to 2029 covers:
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:
North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)
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