Future Of Automotive Industry worth 104 million units by 2030 Globally, at a CAGR of 2.4%, says MarketsandMarkets™

/EIN News/ -- Chicago, July 22, 2024 (GLOBE NEWSWIRE) -- Automotive Industry, encompassing PV, LCV, and MHCV, size is projected to grow from 88 million units in 2024 and is projected to hit 104 million units by 2030, at a CAGR of 2.4%, as per the recent study by MarketsandMarkets™.  The growth of the automotive industry is influenced by various factors such as adoption of electric vehicles, development and manufacturing of long-range batteries along with installation of fast and ultra-fast charging points, introduction of autonomous vehicles, deployment of 5G connectivity and trends related to shared mobility.

Countries such as China, Brazil, South Korea and India have increased their investments in the development of automotive industry due to the growing urban population and economy in these countries. Due to such investment demand for automotive market will be more during the forecast period.

Browse in-depth TOC on “Future of Automotive Industry”

01 - Tables
01 - Figures
101 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=142125279     

List of Key Players in Future of Automotive Industry:

• Toyota Motors Corporation (Japan)
• Tesla (USA)
• Volkswagen AG (Germany)
• Ford (USA)
• BYD (China)
• Hyundai Motor Corporation (South Korea) 

Drivers, Opportunities and Challenges in Future of Automotive Industry:

1. Driver: Consistent growth in the EV segment over traditional ICE vehicles
2. Restraint: Highly dependent on the global economic factors
3. Opportunity: Growing adoption of connected vehicles
4. Challenge: Short range of EVs and charging time

Key Findings of the Study:

1. Digital connected living services to cross $500 billion mark by 2035
2. Asia holds the major share of vehicle parc

Get Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=142125279   

The automotive industry, encompassing PV, LCV, and MHCV, size is projected to grow from 88 million units in 2024 and is projected to hit 104 million units by 2030, at a CAGR of 2.4%. Factors such as the extended driving range of EVs and the increasing interest among consumers indicate EVs potential as an alternative for zero-emission mobility. Additionally, the rising involvement of investors, advancements in technology by OEMs, and governmental initiatives toward zero-emission transportation are expected to boost the market growth. This shift towards shared mobility and connected living is already experiencing global traction, notably in passenger vehicles, where autonomous driving is also progressively gaining favor.

“Autonomous vehicles are anticipated to witness significant growth”

The introduction of autonomous cars with enhanced safety features and higher level of automation is shifting the trends in the automotive market. Numerous OEMs are introducing Level 2 (L2) and Level 3 (L3) autonomous vehicles, including Nissan (Japan), Honda (Japan) , Audi (Germany), BMW (Germany), and Mercedes-Benz (Germany). OEMs such as BMW and Mercedes have received approval for L3 autonomous vehicles in Germany and the US, respectively. BMW has also received approval to test its L3 vehicles in Shanghai, China. We expect L3 vehicle sales to gain pace in 2024 as these OEMs start rolling out their L3 models. In addition to testing the cars on roads several tech giants and OEMs have adopted acquisition strategies to take over smaller companies that operate in the space of developing driverless or autonomous technology. The number of Level 3 (L3) autonomous vehicles is projected to grow at a CAGR of 86.5% between 2023 and 2030. The Level 4 (L4) autonomous vehicle market is expected to experience limited commercial growth, primarily in select markets.

“Asia Pacific is expected to be the largest market during the forecast period”

Asia-Pacific region hold the major share in the sales volume of PV and CV combined. The major factor for this is the intensive manufacturing and export of cars in China. The Chinese market is the worlds largest market in terms of vehicle sales as well as production. In 2023, China’s sales volume for passenger vehicles was over 25 million units, with a share of around 50% globally. China is the most dominant nation in automotive industry with respect to supplying raw materials, manufacturing as well as its sales. China has the most powerful supply chain of EV batteries. Over 50% of the EV batteries are manufactured in China. Moreover, around 75% of the components of EV batteries are manufactured in China. These Chinese manufacturers are looking to expand their services and acquire additional market share around the world. The Asia region has seen growth in automobile production in 2022 and 2023. Continuing this trend, the Asia region will dominate the market during the forecast period.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=142125279   

Recent Developments:

• In June 2024, Honda started the of production of its new 2025 Honda CR-V e:FCEV fuel cell electric vehicle (FCEV) at the Performance Manufacturing Center (PMC) in Ohio, US.
• In May 2024, BYD launched the e-Platform 3.0 Evo, an upgraded version of its BEV model platform and Sea Lion 07 EV SUV will be the first model based on this model.
• In May 2024, Exicom, a leading EV charger and power solution provider in India launched a Harmony Gen 1.5 DC fast charger.

Related Reports:

1. Electric Vehicle Market
2. Connected Car Market
3. Autonomous / Self-Driving Cars Market
4. EV Battery Market

About MarketsandMarkets™
                    
                    MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
                    
                    MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
                    
                    Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
                    
                    The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
                    
                    Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
                    
                    To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
                    
                    Contact:
                    Mr. Rohan Salgarkar
                    MarketsandMarkets™ INC.
                    630 Dundee Road
                    Suite 430
                    Northbrook, IL 60062
                    USA: +1-888-600-6441
                    Email: sales@marketsandmarkets.com