Automotive - Industry - Global Market, Share and Trends 2023-2028

Summary of Automotive

This report examines the key technological and business trends reshaping the global automotive landscape. From the rise of electric and autonomous vehicles to new mobility solutions, automakers and suppliers face both challenges and opportunities in adapting to rapid industry changes. We analyze the automotive industry’s transformation across product innovation, manufacturing modernization and business model evolution. Actionable insights and strategic recommendations are provided to help organizations successfully navigate emerging opportunities.

The global automotive market refers to the vast ecosystem encompassing the manufacturing, distribution, sales and consumption of vehicles designed for transporting people and goods. Traditionally centered around internal combustion engine (ICE) vehicles, the industry is undergoing profound transformation driven by electrification, connectivity, autonomous capabilities and new mobility solutions.

This comprehensive research report delves into the dynamic landscape of the automotive market, investigating its key players, segmentation, trend and growth opportunities. With the global Automotive market projected to reach USD 5807.7 Bn by 2029, growing at a CAGR of 7.05%, understanding the nuances of this industry is crucial for businesses, investors and policymakers.

Regulatory support for clean technologies, declining battery costs and consumer environmental awareness are accelerating EV adoption globally despite supply chain challenges. Meanwhile, autonomous driving capabilities continue advancing towards commercialization over the next decade through ongoing road testing and pilot programs.

Recent Trends and Insights

Over 2.3 million electric cars were sold in the first quarter, about 25% more than in the same period last year. We currently expect to see 14 million in sales by the end of 2023, representing a 35% year-on-year increase with new purchases accelerating in the second half of this year.

Electric cars could account for 18% of total car sales across the full calendar year. National policies and incentives will help bolster sales, while a return to the exceptionally high oil prices seen last year could further motivate prospective buyers.

Ride-hailing continues expanding with Uber reporting gross bookings up 25% in Q1 2022. Profitability remains elusive due to high driver incentives and subsidies. Investments are shifting towards autonomous vehicle deployment.

Digital cockpits are becoming the norm in modern vehicles, offering advanced infotainment, navigation and over-the-air updates. The digital cockpit is a comprehensive in-car experience that integrates various functionalities and interfaces into a unified system.

In 2030– up to 15% of newly sold cars might be fully autonomous when technical and regulatory issues are resolved. In a more optimistic scenario- fully autonomous cars might account for up to 15% of all passenger cars sold globally by 2030.

Product Insights

Breakthrough technologies like electric vehicles, self-driving systems and advanced connectivity are reshaping automotive product development and the customer experience. New entrants from the technology sector threaten to disrupt existing industry structures if traditional players do not successfully transition to emerging business opportunities and consumer trends.

The shift towards electric vehicles (EVs) is one of the most significant trends in the automotive market. Governments worldwide are introducing stringent emissions regulations, prompting automakers to invest heavily in EV technology. This shift is driven by the need for cleaner, more sustainable transportation solutions. The global electric vehicle market was valued at $344 billion in 2022 and is projected to reach $845.04 billion by 2029, registering a CAGR of 13.7% from 2022 to 2029.

Ride-sharing platforms and on-demand transportation services are complementing and in some cases disrupting traditional ownership models. Automakers and suppliers must now compete in an expanding mobility marketplace valued at over $5 trillion annually according to recent insights, with projections that new business streams could add $1.5 trillion in additional revenue potential by 2030.

Our projections indicate that about one in three kilometres travelled may already include notion sharing by 2030. User preferences will also shift in favour of autonomous mobility at the same time. Based on distance travelled– we estimate that by 2030– up to 40% of all traffic may be driven autonomously.

Key Companies

Some major players within this vast domain of industry are

• Ampere Vehicles
• Benling India Energy and Technology Pvt Ltd
• BMW AG
• BYD Company Limited
• Chevrolet Motor Company
• Ford
• Fiat Chrysler Automobiles
• Geely
• Volkswagen Group
• Xiaopeng Motors

Regional Analysis

The Asia-Pacific region is poised to showcase a large-scale growth in the automotive segment. Electric car sales are generally low outside the major markets, but 2022 was a growth year within this region. Collectively, sales of electric cars in these countries more than tripled compared to 2021, reaching 80 000. The share of electric cars in total sales came in at slightly over 3% in 2022, while some segments within this region averaged around 1.5% last year.

Norway is one of the European markets for electric cars with the quickest rate of growth. The country’s developing EV market is primarily being driven by concerns about the environment and rising fuel prices, which have resulted in a notable increase in the adoption of electric vehicles in Norway.

The prosperity of Europe is contingent upon the car sector. 13.8 million Europeans work in the automobile industry directly or indirectly, making about 6.1 percent of all jobs in the EU. 2.6 million workers, or 8.5% of all manufacturing jobs in the EU, are employed directly in the production of motor vehicles.

Market Segmentation

By Type:

• Connected vehicle technologies (telematics, infotainment, OTA updates)
• Advanced driver assistance systems (ADAS)
• Electric powertrain components
• Vehicle safety systems
• Automotive manufacturing equipment
• Industrial automation solutions

By End User:

• Original Equipment Manufacturers (OEMs)
• Automotive suppliers
• Mobility service providers
• Infrastructure providers
• Automotive dealerships

By Enterprise Size:

• Large automakers
• Mid-size vehicle manufacturers
• Component and parts suppliers
• Startups in mobility, EV, and self-driving technologies

By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Our Methodology

We have offered a well-founded review of the global agriculture industry along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.