Press release
Future Of Automotive Industry worth 104 million units by 2030, at a CAGR of 2.4%
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%.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=142125279
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.
"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.
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=142125279
"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.
Key Players
The top automobile OEMs in the market are Toyota Motors Corporation (Japan), Tesla (USA), Volkswagen AG (Germany), Ford (USA) , BYD (China), Hyundai Motor Corporation (South Korea) and so on. The other companies that support the automobile industry with technology development are ABB, Siemens, Nvidia, Waymo, Bosch and others. These companies adopted new product launches, acquisitions, partnerships, collaborations, and other key strategies to gain traction in the automotive market.
View Detailed TOC @ https://www.marketsandmarkets.com/Market-Reports/future-of-automotive-industry-142125279.html
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road, Suite 430
Northbrook, Illinois - 60062
USA : 1-888-600-6441
UK +44-800-368-9399
About MarketsandMarkets™
MarketsandMarkets™ has been recently recognized as one of America's best management consulting firms by Forbes, as per their recent report.
Founded in 2009, MarketsandMarkets recognized uncharted business potentials within disruptive trends, forecasting a surge of $25 trillion in new B2B revenues by 2030. In our 13-year journey, we've collaborated with over 10,000 companies, generating $140+ billion in revenue impact. From a market research publisher, we've transformed into a growth-enabling leader, backed by a 1500+ strong team.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Future Of Automotive Industry worth 104 million units by 2030, at a CAGR of 2.4% here
News-ID: 3566883 • Views: …
More Releases from MarketsandMarkets™ Research Private Ltd
![Rolling Stock Market worth $65.6 billion by 2028, at a CAGR of 3.8%](https://cdn.open-pr.com/L/8/L808413921_g.jpg)
Rolling Stock Market worth $65.6 billion by 2028, at a CAGR of 3.8%
The global rolling stock market, by value, is estimated to be 54.6 USD billion in 2023 and is projected to reach 65.6 USD billion by 2028, at a CAGR of 3.8% from 2023 to 2028.
The market for rolling stock is expected to rise as a result of reasons including, the adoption of emissions-free transportation, and advantageous government policies including subsidies, rise in railway electrification.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=4380892
Smart transportation…
![Automotive Telematics Market Size worth USD 16.1 billion by 2030, at a CAGR of 10.1%](https://cdn.open-pr.com/L/8/L806676181_g.jpg)
Automotive Telematics Market Size worth USD 16.1 billion by 2030, at a CAGR of 1 …
The Automotive Telematics Market is projected to grow from an estimated USD 9.0 billion in 2024 to reach USD 16.1 billion by 2030 at a CAGR of 10.1% during the forecast period.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=245073008
Automotive manufacturers are highly focused on collaborating with telematic suppliers to integrate their services into their new models to increase drivers' and on-road safety. Several automakers offer e-SIM card facilities in their top-end variants,…
![Fire Truck Market Size worth USD 9.6 billion by 2030, at a CAGR of 2.7%](https://cdn.open-pr.com/L/8/L802134732_g.jpg)
Fire Truck Market Size worth USD 9.6 billion by 2030, at a CAGR of 2.7%
The global fire truck market is estimated to grow from USD 8.1 billion in 2024 to USD 9.6 billion by 2030, at a CAGR of 2.7%.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=69483030
Rapid urbanization, infrastructural development, safety regulations for fire safety, technological improvements, and increase in government spending are projected to be the driving force for a fire truck market. There was a huge demand for the modernization and expansion of capacities…
![Electric Commercial Vehicle Market Size worth USD 255.6 billion by 2030, at a CAGR of 23.8%](https://cdn.open-pr.com/L/7/L724253352_g.jpg)
Electric Commercial Vehicle Market Size worth USD 255.6 billion by 2030, at a CA …
The global Electric Commercial Vehicle market is projected to grow from USD 70.9 billion in 2024 to USD 255.6 billion by 2030, registering a CAGR of 23.8%.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=16430819
ECVs aim to provide a cleaner and more sustainable alternative to traditional fossil fuel-powered commercial vehicles, thereby reducing greenhouse gas emissions, air pollution, and reliance on finite fossil fuel resources. ECVs serve to lower the overall operational costs for…
More Releases for China
Forehead Thermometer Market Analysis (2019- 2025)| Microlife (China), Radiant (C …
This research study is one of the most detailed and accurate ones that solely focus on the global Forehead Thermometer market. It sheds light on critical factors that impact the growth of the global Forehead Thermometer market on several fronts. Market participants can use the report to gain a sound understanding of the competitive landscape and strategies adopted by leading players of the global Forehead Thermometer market. The authors of…
Analysis of the Global And China Handheld Transceiver Market-Top players BAOFENG …
The Global And China Handheld Transceiver Market is a professional report which provides thorough knowledge along with complete information perta¬ining to the Handheld Transceiver industry propos classifications, definitions, applications, industry chain summary, industry policies in addition to plans, product specifications, manufacturing processes, cost structures, etc.
Key Regions
First-tier Cities
• Beijing
• Shanghai
• Guangzhou
• Shenzhen
Free Sample PDF Copy of Handheld Transceiver Market research report @ https://www.qyresearchgroups.com/request-sample/453291
Report Includes:-
This report focus Chinese market, it covers details as following:
Key…
Analysis of the Global And China Calculator Market-Top players Aurora(Taiwan, Ch …
The Global And China Calculator Market is a professional report which provides thorough knowledge along with complete information perta¬ining to the Calculator industry propos classifications, definitions, applications, industry chain summary, industry policies in addition to plans, product specifications, manufacturing processes, cost structures, etc.
Key Regions
First-tier Cities
• Beijing
• Shanghai
• Guangzhou
• Shenzhen
Free Sample PDF Copy of Calculator Market research report @ https://www.qyresearchgroups.com/request-sample/453273
Report Includes:-
This report focus Chinese market, it covers details players regions product type and…
Analysis of the Global And China Activity Tracker Market-Top MI(China), Huawei(C …
The Global And China Activity Tracker Market is a professional report which provides thorough knowledge along with complete information perta¬ining to the Activity Tracker industry propos classifications, definitions, applications, industry chain summary, industry policies in addition to plans, product specifications, manufacturing processes, cost structures, etc.
Key Regions
First-tier Cities
• Beijing
• Shanghai
• Guangzhou
• Shenzhen
Free Sample PDF Copy of Activity Tracker Market research report @ https://www.qyresearchgroups.com/request-sample/453264
Report Includes:-
This report focus Chinese market, it covers details players regions…
Analysis of the Global And China Money Counter Market-Top players Deli(China) ,W …
The Global And China Money Counter Market is a professional report which provides thorough knowledge along with complete information perta¬ining to the Money Counter industry propos classifications, definitions, applications, industry chain summary, industry policies in addition to plans, product specifications, manufacturing processes, cost structures, etc.
Key Regions
First-tier Cities
• Beijing
• Shanghai
• Guangzhou
• Shenzhen
Free Sample PDF Copy of Money Counter Market research report @ https://www.qyresearchgroups.com/request-sample/453304
Report Includes:-
This report focus Chinese market, it covers details as following:
Key…
Global Color Steel Tile Market 2017 - South China, East China, Southwest China, …
Color Steel Tile Market Research Report
A market study based on the " Color Steel Tile Market " across the globe, recently added to the repository of Market Research, is titled ‘Global Color Steel Tile Market 2017’. The research report analyses the historical as well as present performance of the worldwide Color Steel Tile industry, and makes predictions on the future status of Color Steel Tile market on the basis…