Global Motor Vehicles Market Insights 2024, Forecast To 2033
17 Jan, 2024
The motor vehicles market has displayed robust growth, ascending from $2588.03 billion in 2023 to $2801.93 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 8.3%. This growth is attributed to economic conditions, technological advancements, consumer preferences, and the impact of globalization and trade. Projections indicate sustained strong growth for the motor vehicles market, with an expected increase to $3811.74 billion in 2028 at a CAGR of 8.0%. Drivers for this growth include the continued emphasis on electrification, increased connectivity, the rise of shared mobility, and the influence of government policies. Major trends in the forecast period encompass electrification and lightweighting, advancements in materials, additive manufacturing, digitalization and connectivity, and collaborative partnerships.
Global Motor Vehicles Market Key Driver
The motor vehicle market benefits from stable economic growth projected in developed and developing countries. The International Monetary Fund (IMF) forecasts global GDP growth at 3.3% in 2020 and 3.4% in 2021, with recovering commodity prices further supporting market growth. Developed economies and emerging markets are anticipated to experience stable growth, fostering investments in end-user markets and driving the motor vehicle market during the forecast period.
Get A Free Sample Of The Global Motor Vehicles Market ReportGlobal Motor Vehicles Market Segments
The motor vehicles market covered in this report is segmented –
1) By Type: Motorcycle And Bicycle, Passenger Car, Commercial Vehicle
2) By Fuel Type: Gasoline, Diesel, Other Fuel Types
3) By Engine Capacity: <1000 cc, <1000-1500 cc, <1500-2000 cc, >2000 cc
4) By Propulsion Type: IC Engine, Electric Vehicle
Subsegments Covered: Motorcycles And Parts, Bicycles And Parts, Motor Scooters, Other Motorcycle And Bicycle, Hatchback, Sedan, Utility Vehicle, Light Commercial Vehicle, Heavy Trucks, Buses And Coaches
By Geography: The regions covered in the motor vehicles market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
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.
Major Motor Vehicles Industry Players
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.
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Motor Vehicles Market Overview
Motor vehicle refers to any land vehicle that is not propelled by human muscle power, including cars, motorbikes, autocycles, and slow-moving vehicles. An engine or motor, typically an internal combustion engine, an electric motor, or a hybrid of the two, such as a plug-in hybrid or hybrid electric vehicle, provides the propulsion for the vehicle.
Motor Vehicles Global Market Report 2023 provides data on the global motor vehicles market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The motor vehicles market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.