Future of Automotive Industry worth 104 million units by 2030 | MarketsandMarkets

CHICAGO, June 27, 2024 /PRNewswire/ -- 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%, according to a new report 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.

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Future Of Automotive Industry Scope:

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 world's 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.

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Future Of Automotive Industry Dynamics:

Drivers:

1. Consistent growth in the EV segment over traditional ICE vehicles

Restraints:

1. Highly dependent on the global economic factors

Opportunities:

1. Growing adoption of connected vehicles

Challenge:

1. Short range of EVs and charging time

Key Market Players Future of Automotive Industry:

Prominent players in the Future of Automotive Industry include Toyota Motors Corporation (Japan), Tesla (USA), Volkswagen AG (Germany), Ford (USA), BYD (China), Hyundai Motor Corporation (South Korea).

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Future of Automotive Industry 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.

Future of Automotive Industry Size - Key Benefits of Buying the Report:

• The report will help the market leaders/new entrants in this market with information on the technologies that are predicted to drive the automotive industry in future.
• This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
• The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

This report provides insights on:

• Analysis of key Trends in 2023 till 2030 (Electrification, Rise of 5G, Connected Cars, Smart Manufacturing etc).
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the automotive market.
• Market Development: Comprehensive information about lucrative markets ? the report analyses the automotive market across varied regions.
• Market Diversification: Exhaustive information about diversification of supply chains, untapped geographies, recent developments, and investments in the automotive market.
• Competitive Assessment: Assessment of market shares, growth strategies and service offerings of leading players like across passenger and commercial vehicle segments which are then dirther divided into ICE and electric among others in the automotive market strategies. The report also helps stakeholders understand the pulse of the autonomous vehicle market and provides them information on key market drivers, challenges, and opportunities.

Related Reports:

Global Automotive Industry Outlook, 2024

Autonomous / Self-Driving Cars Market - Global Forecast to 2030

Connected Car Market - Global Forecast to 2030

Electric Vehicle Market - Global Forecast 2030

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