Increasing Disposable Incomes of People has Propelled the Growth of the Automobile Market in the APAC Region!

• Himanshu Patni
• August 12, 2023
• AUTOMOTIVE, NEWS
• Automobile Market, Automobile Market Share, Automobile Market Size, Automobile Market Trends, Bahrain Automobile Market, Kuwait Automobile Market, Middle East Automobile Market, Oman Automobile Market, Qatar Automobile Market, Saudi Arabia Automobile Market, UAE Automobile Market
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Increasing disposable incomes of people in the Asia-Pacific region are playing a significant role in boosting the growth of the automotive market. Increasing incomes are leading to an increase in demand for personal transportation. In many countries in the region, owning a car is seen as a status symbol and a way to improve mobility and access to employment and education opportunities. This has led to an increase in demand for cars, SUVs, and other types of personal transportation vehicles. For example, in China, the number of cars on the road has been increasing rapidly and is expected to continue to do so in the coming years.

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Additionally, increasing incomes are also enabling people in the region to purchase more expensive and premium vehicles. As incomes rise, people are willing to spend more on their vehicles, which is driving demand for luxury and premium cars, SUVs, and other types of high-end vehicles. For example, in Australia, the luxury car market has been growing rapidly in recent years, driven by an increase in demand from wealthy consumers.

Further, the APAC Automobile Market is expected to grow at a strong CAGR of 8.0% during the forecast period (2022-2030S). Rising incomes are also enabling people in the region to purchase more expensive vehicles with advanced features and technologies, such as electric and hybrid vehicles. Governments in the region are offering incentives and regulations to encourage the adoption of electric and hybrid vehicles, which is helping to spur demand for these products. For example, in Japan, the government has been offering tax incentives and other incentives to encourage the adoption of electric vehicles.

APAC Automobile Market Revenue (2020-2030)- USD Mn

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Based on technology, the automobile market is bifurcated into wireless automobile technology and wired automobile technology. The wireless automobile technology segment led the market in 2021 with the highest market share. Reliable connectivity and robust security, high bandwidth requirement, low installation costs, long battery life, mobility, geolocation, and deep coverage have tremendously driven the development of both established technologies such as Bluetooth and Wi-Fi, this has further intensified the competition among wireless connections and has risen huge complexities for enterprises planning IoT projects. Furthermore, the ongoing trend of BYOD, cloud computing, and artificial intelligence along with the growing network and technology infrastructure among various industry verticals, demand for high-speed data transmission and connectivity has bolstered remarkably.

By end-users, the market is bifurcated into residential end-users and commercial end-users. Among these, residential end-users captured the majority share of the automobile market in 2021. The residential automobile market has drastically gathered steam as consumers have significantly found the value of connected devices that help to automate their homes and offer greater energy efficiency. The wide adoption of smartphones, the proliferation of connectivity within their homes, and the soaring IoT trends have resulted in an emerging paradigm where consumers can access affordable tools to create more intelligent homes that purpose to enhance their comfort, security, and efficiency.

Global Automobile Market Segmentation

Market Insight, by Vehicle Type

• Two-Wheelers
• Passenger Vehicles
• Commercial Vehicles
• Three-wheelers

Market Insights, by Fuel Type

• Diesel
• Petrol/Gasoline
• CNG and LPG
• Electric
• Others

Market Insight, by Region

• North America
  •  U.S.
  •  Canada
  •  Rest of North America
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Rest of Europe
• APAC
  • China
  • Japan
  • India
  • Rest of APAC
• Rest of the World

Top Company Profiles

• Maruti Suzuki India Limited
• Tata Motors Limited
• Hyundai Motor India Ltd
• Mahindra & Mahindra Limited
• MG Motor India Pvt. Ltd
• Volkswagen India
• Honda Cars India Ltd.
• BYD Company Ltd.
• BMW AG