Global Automotive Market Growth Drivers, Development Status, Opportunities, plans, Competitive Landscape Forecast till 2029

[akash Arjun pingale]

Global Automotive Market: in China is expected to grow at a CAGR of 6.49% during the forecast period and is expected to reach US$ 2.69 Tn by 2026.

Global Automotive Market Overview: 

The Global Automotive Market study gives a complete picture of the competition, including the market share and company profiles of the key competitors in the global industry. The scope of the research includes a thorough investigation of the Global Automotive Market, as well as the reasons for variations in the industry's growth in various locations.

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Market Scope:

This market report makes extensive use of secondary sources, directories, and databases, such as annual reports, press releases, journals, company websites, and other databases, to discover and collect excerpts acceptable for this study.

Global Automotive Market Dynamic:

Autos, counting new energy vehicles, are one of ten segments of the Made in China 2025 program, the Chinese government initiative to upgrading the country’s industry from low-cost mass production to higher value-added progressive manufacturing. For new energy vehicles, the government’s aim is to produce 1 Mn electric & plug-in hybrid cars in China by 2021, with local production accounting for at least 70 percent of the country’s market share. Moreover, China goals to sell 3 Mn locally branded NEV’s in the year 2025 with a minimum of 80 percent of the country’s new energy vehicles market share. China’s Automobile Mid & Long-Term Development Proposal, released in April 2017, supports this initiative; aiming to make China a robust auto power within 10 years. This strategy highlights the growth of new energy vehicles & connected & autonomous vehicles as an opportunity for China to lead this developing market.

Global Automotive Market Segmentation: 

China’s specialty auto parts market reached about $3.5 Mn in the year 2019, registering a CAGR of about 30 percent. The car modification business stays popular in many established cities despite the fact that China’s Road Safety Law basically prohibits modifications. However, foreign specialty equipment establishments have understood the market potential. The International Trade Administration endures to engage with Chinese industry & government representatives on aftermarket problems & has delivered information on how the US controls its aftermarket, with specialty equipment. The Specialty Equipment Market Association has a MDCP award with ITA to support United States specialty parts establishments grow their exports to China.

Global Automotive Market Key Players:

• Honda
• Geely Auto
• Dongfeng Motors
• Changan Automobile
• Faw Group
• Great Wall Motors
• SAIC-Wuling-GM
• Byd Auto Co. Ltd
• Brilliance Auto
• Chery
• Lifan Group
• Green Field Motors
• Volkswagen
• HONGQI
• FAW Group
• Chana
• GWM
• Qoros
• XPeng
• Wuling

The entire method entails an examination of the key market players' financial reports. Following the assessment of the overall market size, the market was segmented into several segments and sub-segments and validated by key industry professionals such as CEOs, VPs, directors, and marketing executives. The biggest players in the Global Automotive market are as follows:

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Regional Analysis:

The regional overview of the Global Automotive market analysis also contains individual market influencing variables and changes in market regulations that affect current and future market trends. Current and future trends are reviewed to evaluate the overall market potential and to identify profitable trends to get a more solid footing. The geographical market evaluation is based on the current environment and anticipated trends.

COVID-19 Impact Analysis on Global Automotive Market:

End-user industries where Global Automotive are utilized had a drop in growth from January to May in some countries, including China, Italy, Germany, the United Kingdom, the United States, Spain, France, and India, due to a pause in operations. This resulted in a significant fall in the revenues of businesses operating in these industries and, as a result, in demand for Global Automotive manufacturers, impacting the Global Automotive market's growth in 2020. With lockdowns and an increase in COVID-19 instances throughout the world, end-user business demand for Global Automotive has declined dramatically.

Key Questions Answered in the Global Automotive Market Report are: 

• Which segment had the largest share in the Global Automotive market in 2021?
• What is the competitive landscape of the Global Automotive market?
• Which are the key drivers aiding the Global Automotive market growth?
• Which region has the maximum share in the Global Automotive market?
• What will be the CAGR of the Global Automotive market during the forecast period (2022-2027)?

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