Major companies in the motor vehicle market include Toyota Motor; Volkswagen Group; General Motors; Diamler AG and Ford Motor.
The global motor vehicles market is expected to grow from $2115.18 billion in 2020 to $2308.01 billion in 2021 at a compound annual growth rate (CAGR) of 9.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3231.03 billion in 2025 at a CAGR of 9%.
The motor vehicle market consists of sales of motor vehicles or motor vehicle chassis and related services by entities (organizations, sole traders and partnerships) that produce complete automobiles, light duty motor vehicles, and heavy duty trucks (i.e., body and chassis or unibody) or produce motor vehicle chassis only. The motor vehicles market is segmented into motorcycle and bicycle; passenger car and commercial vehicle.
Asia Pacific was the largest region in the global motor vehicles market, accounting for 37% of the market in 2020. North America was the second largest region accounting for 31% of the global motor vehicles market. Africa was the smallest region in the global motor vehicles market.
Motor vehicle manufacturers, especially car manufactures, are increasingly focusing on commercialization of cars with active window displays. The active window displays will show all key driving information on the windshield. It shows information such as navigation instructions, fuel levels information, vehicle speed and other information. Some car manufacturers are also offering technologies that can be fixed on the dashboard of a car. For instance, during the Consumer Electronics Show (CES) 2019, some of the car manufacturers such as Hyundai and Mercedes-Benz showcased their Augmented Reality cockpits prototypes which are very similar to the active windows display.
Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the motor vehicles market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Transportation manufacturers depend heavily on supply of parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of parts and components. Also, sales of new automobiles decreased significantly due to decline in consumer demand as many countries impose lockdowns. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the motor vehicles market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.?
Economic Growth In Emerging Markets - The motor vehicle market is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the motor vehicle market during forecast period.
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