Motor Vehicles Global Market Report 2024

The motor vehicles market size has grown strongly in recent years. It will grow from $2,588.03 billion in 2023 to $2,801.93 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historical period can be attributed to economic conditions, technological advancements, consumer preferences, globalization, and international trade.

The motor vehicles market size is expected to see strong growth in the next few years. It will grow to $3,811.74 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to trends such as electrification, connectivity, shared mobility, and government policies. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships.

The motor vehicle market is expected to benefit from the projected stable economic growth in numerous developed and developing countries. The International Monetary Fund (IMF) has forecasted a global GDP growth rate of 3.3% in 2020 and 3.4% in 2021. Additionally, recovering commodity prices, following a significant decline in the previous period, are anticipated to further bolster market growth. Developed economies are poised for stable growth in the forecasted period, while emerging markets are expected to outpace developed ones. This stable economic growth is likely to lead to increased investments in end-user markets, thereby driving the motor vehicle market during the forecast period.

The main types in the motor vehicle market include motorcycles and bicycles, passenger cars, and commercial vehicles. Commercial vehicles are used for business purposes. Motor vehicles can use various fuel types like gasoline, diesel, or others, and they come with different engine capacities like 1000 cc, 1000-1500 cc, 1500-2000 cc, and >2000 cc. They can have various propulsion types, including internal combustion engines and electric vehicles.

The motor vehicle market research report is one of a series of new reports that provides motor vehicle market statistics, including motor vehicle industry global market size, regional shares, competitors with a motor vehicle market share, detailed motor vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the motor vehicle industry. This motor vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Anticipated growth in vehicle production is set to drive the motor vehicle market in the coming years. Vehicle production entails the mass production of vehicles of the same type for sale to the public and legal operation on public roads. Increased automobile manufacturing often aligns with economic upturns, as stronger economies lead to greater consumer purchasing power, contributing to heightened vehicle demand. For example, in May 2023, as reported by the European Automobile Manufacturers Association, global motor vehicle production in 2022 reached 85.4 million units, marking a 5.7% increase compared to 2021. Thus, the growth in vehicle production is a significant driver of the motor vehicle market.

The outbreak of COVID-19 had a substantial adverse impact on the motor vehicle market in 2020. Supply chains were disrupted due to trade restrictions, and consumption declined because of lockdowns imposed by governments worldwide. COVID-19 is an infectious disease characterized by flu-like symptoms such as fever, cough, and respiratory difficulties, first identified in 2019 in Wuhan, Hubei province, China, and subsequently spreading globally. Transportation manufacturers rely on the global supply of parts and components, but many governments-imposed restrictions on the movement of goods between countries, leading to production halts due to parts shortages. Moreover, sales of new vehicles significantly declined as consumer demand waned during lockdowns. The repercussions of the pandemic continued into 2021, but recovery is expected in the motor vehicle market over the forecast period since this was an unforeseen event not related to inherent market weaknesses or global economic fundamentals.

In the motor vehicle industry, especially among car manufacturers, there is a growing focus on the commercialization of vehicles equipped with active window displays. These active window displays present essential driving information on the windshield, including navigation instructions, fuel levels, vehicle speed, and more. Some car manufacturers also offer technologies that can be mounted on the car's dashboard. For instance, in 2021, Huawei unveiled a groundbreaking innovation at the Munich International Automobile Expo in Germany - an augmented reality head-up display (AR HUD) technology that transforms a car's front windshield into an intelligent display.

Major companies operating in the motor vehicle market are emphasizing partnerships and collaborations, with Stellantis N.V.'s collaboration with Amazon.com, Inc. being a noteworthy example. Stellantis N.V. and Amazon.com, Inc. have formed a substantial partnership aimed at developing and operating more intelligent vehicles and environmentally-friendly vans. This collaboration encompasses software development, connected in-vehicle experiences, and training. In January 2022, Stellantis N.V., a Netherlands-based automotive manufacturer, joined forces with Amazon.com, Inc. to implement customer-centric integrated experiences in millions of vehicles, supporting Stellantis' transition towards a software-driven future. The partnership, which includes Amazon Devices, Amazon Web Services (AWS), and Amazon Last Mile, will expedite Stellantis' transformation into a sustainable mobility innovation company. Together, the two companies will create a portfolio of software-based products and services that seamlessly integrate into consumers' digital lives and provide long-term value through frequent over-the-air (OTA) software updates. Amazon.com, Inc. is a U.S.-based technology company offering automotive software solutions.

Major companies operating in the motor vehicles market include Volkswagen AG, Toyoto Motor Corp, Daimler AG, Ford Motor Co, Honda Motor Co. Ltd., Fiat Chrysler Automobiles NV, SAIC Motor Co. Ltd., EXOR Group, Bayerische Motoren Werke AG, Hyundai Motor Co. Ltd., General Motors Company, Nissan Motor Co. Ltd., Fiat Chrysler Automobiles N.V., Renault-Nissan-Mitsubishi Alliance, Bayerische Motoren Werke AG, Zhejiang Geely Holding Group Co. Ltd., Tata Motors Limited, Suzuki Motor Corporation, Mazda Motor Corporation, Subaru Corporation, Dongfeng Motor Corporation, Groupe PSA, Mitsubishi Motors Corporation, Chang'an Automobile Co. Ltd., Great Wall Motor Co. Ltd., Mahindra & Mahindra Limited, BYD Auto Co. Ltd., Brilliance Auto Group, JAC Motors, Zotye Auto Co. Ltd., FAW Group Corporation, Beijing Automotive Group Co. Ltd., Chery Automobile Co. Ltd.

Asia-Pacific was the largest region in the motor vehicles market in 2023. North America was the second largest market in motor vehicles market. The regions covered in the motor vehicle parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.

The countries covered in the motor vehicles market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The motor vehicle market consists of sales of bicycles and parts, motor scooters, other motorcycle and bicycle, hatchback, sedan, utility vehicle, light commercial vehicle, heavy trucks, buses and coaches. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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