The automotive industry includes companies and organizations involved in the design, development, and manufacturing of automobiles. The vehicles are broadly classified into passenger car and commercial vehicles, with passenger cars covering sport utility vehicles, sedan, coupe, hatchback cars, and commercial vehicle includes light trucks, buses, and large transport trucks. However, the automotive industry does not include the entities dedicated to the maintenance of automobiles, such as delivery to the end-user, repair shops and motor fuel filling stations.
Urbanization and the increasing per capita income and the rise in demand for vehicles in tier 2 and tier 3 cities are the major factors driving the demand for automobiles, all over the world. Furthermore, the rising standard of living, availability of credit system, and the proliferating component aftermarket are expected to drive the automotive industry further. The major automotive OEMs, around the world are heavily investing in research and development activities for innovative products to cater to the increasing demand for technologically advanced vehicles. This helps them achieve a competitive advantage over other market players. China, Germany, and the US are the countries that are leading in terms of production and sale of automobiles. However, increasing investments in the automotive sector have led to an increase in the number of vehicle and component manufacturers in the automotive industry. Intense competition makes it difficult for companies to achieve the required profit margins, as the small increase in input prices, which adversely affects margins by a significant percentage.
For the study, the global automotive industry been segmented based on type, and region. On the basis of type, the global automotive indusrty has been segmented into passenger cars and commercial vehicles. The passenger car segment accounted for the larger market share in 2017; it is expected to register the higher CAGR during the forecast period.
The key players operating in the global automotive industry are Volkswagen AG (Germany), General Motors (US), Toyota Motor Corporation (Japan), SAIC Motor Corporation Limited (China), Ford Motor Company (US), Nissan Motor Corporation (Japan), Hyundai Motor Company (South Korea), Fiat Chrysler Automobiles (US), Honda Motor Corporation (Japan), and Daimler AG (Germany).
Objectives of the Global Automotive Industry Research Report: Forecast to 2024:
• To provide a detailed analysis of the market structure along with a forecast for the next six years of various segments and sub-segments of the global automotive industry
• To provide insights into factors affecting market growth
• To analyze the global automotive industry based on various tools, such as Supply Chain Analysis and Porter’s Five Forces Analysis
• To provide historical and forecast revenue of the market segments and sub-segments with respect to regions and their respective key countries
• To provide country-level analysis of the market with respect to the current market size and future prospects
• To provide country-level analysis of the market for segments by type and region
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape of the market
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the global automotive industry
• Vehicle manufacturers
• Automotive suppliers
• Fleet owners
• Government Bodies
• The global automotive industry is estimated to reach 1,14,250 thousand units by 2024.
• On the basis of type, the passenger car segment accounted for the larger market share of 75.09% in 2017, with a market value of 73,356 thousand; it is expected to register the higher CAGR of 2.9% during the forecast period. The commercial vehicle segment was valued at 24,210 thousand in 2017; it is projected to exhibit a CAGR of 2.0%.
• On the basis of region, Asia-Pacific held the largest market share of 53.91%, sized at 52,249 thousand units in 2017 and is projected to register a CAGR of 2.74%. The market in Europe with a market share of 21.44% in 2017, sized at 20,922 thousand units; is projected to exhibit a CAGR of 2.27%.
Regional and Country-level Analysis of the Global Automotive Industry, Estimation and Forecast:
Asia-Pacific accounted for the largest market in the global automotive industry, owing to the increasing demand from developing nations. Moreover, the concentration of several key players, such as Toyota Motor Corporation, SAIC Motor Corporation Limited, Nissan Motor Corporation, Hyundai Motor Company, Honda Motor Corporation in the region adds to the market growth in Asia-Pacific.
Urbanization, increasing consumer spending are some of the factors fueling the automotive industry. Aditionally, the rise in per capita income of developing nations fuels the growth of automotive industry in Asia-Pacific.
The Report also Covers the Country-Level Analysis of:
• North America
• Middle East and South America
• Rest of the World