Automobile Market: Current Analysis and Forecast (2022-2030)
Emphasis on Vehicle Type (Two-Wheelers, Passenger Vehicles, Commercial Vehicles, and Three-wheelers); Fuel Type (Diesel, Petrol/Gasoline, CNG and LPG, Electric, and Others); Region/Country
Automobile Market was valued at USD 2800 billion in 2021 & is expected to grow at a CAGR of 5.0% from 2022-2030. As economies around the world continue to grow, there is an increasing demand for personal transportation, particularly in developing countries. This has led to an increase in demand for cars and motorcycles, which has in turn driven growth in the global automotive market. Technological innovation is also a significant driver of the global automotive market. Advances in areas such as electric and autonomous vehicles, connectivity, and in-car technology are leading to the development of new products and services that are attracting consumers and driving growth in the market. Finally, consumer preferences and lifestyles are also important drivers of the global automotive market. As consumers become more environmentally conscious and seek more convenient and connected transportation options, they are driving demand for electric, hybrid, and autonomous vehicles. For instance, in 2023, General Motors has been working on developing autonomous driving technology, and it has introduced several new electric vehicles, including the Bolt EUV and the Ultium SUV. The company has also announced plans to release a fully autonomous vehicle.
Some of the major players operating in the market include Maruti Suzuki India Limited, Tata Motors, Hyundai Motor India., Mahindra&Mahindra Ltd., MG Motor India Pvt. Ltd, Volkswagen, Honda Car India, BYD Company Ltd., BMW AG , and Mercedes-Benz India Pvt Ltd.. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst vehicle type, the passenger vehicle segment experience significant growth in 2021”
Based on vehicle type, the market is segmented into two-wheelers, passenger vehicles, commercial vehicles and three-wheelers. Amongst these, the passenger vehicle segment experience significant growth in 2021. Firstly, the increasing disposable income of consumers in developing countries has led to an increase in demand for personal transportation, particularly in the form of cars and SUVs. This is particularly true in countries like China, India, and Indonesia, where the middle class is growing rapidly, and disposable incomes are rising. Additionally, the passenger vehicle segment is constantly evolving, with new technologies and features being introduced on a regular basis. This has kept the segment exciting and appealing to consumers, who are looking for the latest and greatest in automotive technology.
“Amongst fuel type, the electric segment experienced significant growth in 2021.”
By fuel type, the market is bifurcated into diesel, petrol/gasoline, CNG and LPG, electric and others. Among these, wireless automobile technology captured the majority share of the automobile market in 2021. The electric segment has a significant growth rate in the automobile market due to several advantages over traditional internal combustion engine vehicles, including lower operating costs, lower emissions, and quieter operation. Moreover, the cost of electric vehicles has been decreasing rapidly in recent years, making them more affordable for consumers. Finally, the increasing availability of charging infrastructure, particularly in urban areas, has made it easier for consumers to charge their electric vehicles.
“Asia-Pacific is expected to grow at the highest CAGR during the forecasted period.”
The growth of the automotive market in the Asia-Pacific region is being driven by several factors, including rising disposable incomes, increasing demand for personal transportation, and a growing middle class. In addition, governments in the region are investing in infrastructure projects such as roads, highways, and airports, which are helping to support the growth of the automotive market. The increasing popularity of electric and hybrid vehicles is also a key factor driving growth in the Asia-Pacific region. 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.
Overall, the Asia-Pacific region is expected to remain a key driver of growth in the global automotive market in the coming years, due to a combination of economic, technological, and regulatory factors.
Automobile Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global automobile market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Automobile Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global automobile market were the three major steps undertaken to create and analyze the adoption of automobiles in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automobile market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the automobile market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the automobile market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vehicle type and fuel type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automobile market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type and fuel type of the automobile market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automobile market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automobile market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the automobile market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global automobile market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automobile market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the vehicle type and fuel type in the global automobile market.
The main Objective of the Global Automobile Market Study
The current & future market trends of the global automobile market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the automobile market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the vehicle type and fuel type.
- Define and analysis of the regulatory framework for the automobile
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the automobile market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the automobile market and the growth strategies adopted by the market players to sustain in the fast-growing market.
- Deep dive regional level analysis of the industry
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