Car & Automobile Manufacturing Market is Projected to Grow at 8.7% CAGR, Reaching US$ 6,457.67 Billion by 2034 | Fact.MR Report
Rockville, MD, Nov. 21, 2024 (GLOBE NEWSWIRE) -- A recently published report by Fact.MR, a market research and competitive intelligence provider, has evaluated that the global car & automobile manufacturing market is estimated to reach US$ 2,794.56 billion in 2024. The market is further forecasted to advance at a CAGR of 8.7% between 2024 and 2034.
As cars become more necessary to modern life worldwide, the automotive sector is expanding at an unparalleled rate. The adaptability of cars continues to contribute to their growing demand globally, from metropolitan areas to rural communities. This increase is mostly attributable to the wide range of industries in which automobiles are used. The sector has grown into specialized fields, including emergency services, commercial logistics, and mobile business operations, even if personal mobility is still the most common application. Growing middle classes are looking for both personal and commercial transportation options, which is contributing to an expansion in potentially high growth countries.
The automotive sector's integration with technology, including electric vehicles and autonomous systems, has further amplified demand. Industries ranging from agriculture to healthcare increasingly rely on specialized vehicles, while e-Commerce growth has sparked demand for delivery vehicles. This multilayered demand shows no signs of slowing, as automobiles continue to adapt to new roles and applications in our evolving global economy.
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Key Takeaways from Market Study
- The car & automobile manufacturing market is forecasted to attain a valuation of US$ 6,457.67 billion by the end of 2034.
- The market in South Korea is analyzed to expand at a CAGR of 10.33% from 2024 to 2034.
- The East Asia market is projected to reach US$ 2,914.98 billion by 2034-end.
- Mexico is analyzed to advance at a CAGR of 5.1% in the North American region by 2034.
- Based on the products and services, car sales are projected to rise at a CAGR of 9.3% from 2024 to 2034.
- The Oceania market is forecasted to expand at a CAGR of 7.5% through 2034.
“Cars enable global connectivity by efficient movement of people and goods across the country leading to every green sales worldwide,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Car & Automobile Manufacturing Market
Key players in the car & automobile manufacturing market are TATA Motors, Mahindra & Mahindra, Bajaj Auto, General Motors, Hyundai Motor Limited, Ford, Jaguar Inc., BYD Auto, Eicher, Volkswagen.
Constant Investment by Manufacturers in R&D Activities for Improving Car Components Creating Prospects
As cutting-edge technologies change the market and generate previously unheard-of customer interest and sales growth globally, the automobile industry is undergoing a tremendous shift. While advanced driver assistance systems (ADAS) are making cars safer and more appealing to consumers who care about safety, electric vehicles (EVs) with longer ranges, quick charging times, and zero emissions are drawing in purchasers who care about the environment.
Modern cars are becoming mobile technology hubs because of smart networking features, including over-the-air upgrades, smartphone integration, and built-in AI assistants. Autonomous driving features, including self-parking systems and adaptive cruise control, are increasing driving accessibility and convenience for user groups.
These developments go beyond individual automobiles; automated logistics systems and effective fleet management technologies are now seen in commercial vehicles. To appeal to both corporations and environmentally concerned customers, manufacturers are also implementing sustainable materials and production techniques. The way we view and use cars in our everyday lives is changing because of the global automotive demand rising to unprecedented levels due to these technological breakthroughs.
Car & Automobile Manufacturing Industry News:
- In the event of a side hit, the center airbag, a new safety feature added to the Volkswagen GOLF Model in October 2022, helps protect the heads of people sat in the front seats from possible contact. A second standard lap belt tensioner for the front row has been installed to increase safety even more.
- In March 2022, Ford made public its significant efforts to transition to an all-electric future in Europe. The business intends to introduce three new electric passenger cars and four new electric commercial vehicles by 2024, with the goal of selling over 600,000 electric vehicles in Europe by 2026.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the car & automobile manufacturing market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product & service (SUVs & crossover, cars, commercial vehicles), and major market (households [developing markets], households [mature markets], businesses [mature markets], businesses [developing markets]), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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