Automotive Market Size, Share, Trends & Competitive Analysis By Type (Passenger Vehicles, Commercial Vehicles, Electric Vehicles, Internal Combustion Engine Vehicles) By Application (Transportation, Personal Use, Commercial Use, Rental and Leasing Services) By Fuel Type: By Technology: By Sales Channel: By End User: By Component: By Regions, and Industry Forecast, Global Report 2023-2030

The global Automotive market size was valued at USD 4260.56 trillion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 7.1% during the forecast period, reaching a value of USD 6070.34 trillion by 2030.

Automotive market research report by Future Data Stats, offers a comprehensive view of the market's historical data from 2018 to 2021, capturing trends, growth patterns, and key drivers. It establishes 2022 as the base year, analyzing the market landscape, consumer behavior, competition, and regulations. Additionally, the report presents a well-researched forecast period from 2023 to 2030, leveraging data analysis techniques to project the market's growth trajectory, emerging opportunities, and anticipated challenges.


Automotive refers to the vast industry centered around the design, manufacturing, and distribution of vehicles, primarily intended for transportation on roads. This multifaceted sector encompasses a wide range of vehicles, including passenger cars, commercial trucks, motorcycles, and various specialized vehicles. At its core, the automotive industry focuses on the creation of vehicles that serve various purposes, from personal commuting to goods transportation, public transit, and even recreational activities. It involves an intricate network of companies, from automakers and suppliers to dealerships and service providers, all working together to deliver the vehicles that play a fundamental role in modern society's mobility and transportation needs.

Moreover, the automotive sector extends beyond the physical vehicles themselves. It encompasses technological advancements such as electric and autonomous vehicles, innovative safety features, and connectivity solutions that enhance the driving experience. Additionally, the industry has a significant impact on economies worldwide, providing employment opportunities, contributing to research and development, and influencing environmental policies and sustainability efforts. Overall, the term "automotive" encapsulates the vast and ever-evolving ecosystem of vehicles and related technologies that shape our daily lives and global transportation systems.


Key drivers include factors such as technological advancements, particularly in electric and autonomous vehicles, which respond to the growing demand for sustainable and safer transportation solutions. Additionally, factors like urbanization, population growth, and increasing middle-class populations in emerging markets drive vehicle sales and mobility needs. Environmental concerns and stringent regulations promote innovation in fuel efficiency and emissions reduction, creating new opportunities for cleaner technologies.

On the other hand, restraints in the automotive market include challenges related to regulatory compliance, especially concerning emissions standards and safety regulations. Economic downturns and fluctuations in consumer confidence can impact vehicle sales. Supply chain disruptions, as witnessed during the COVID-19 pandemic, underscore the industry's vulnerability to global events. However, these restraints also present opportunities for innovation, particularly in supply chain resilience and digitalization, which can enhance efficiency and adaptability in the sector.



Passenger vehicles, which include factors like sedans, hatchbacks, and SUVs, often form the cornerstone of automotive sales. Their factors include consumer preferences for comfort, style, and fuel efficiency, as well as factors like urbanization and changing mobility needs.

Commercial vehicles, comprising factors like trucks and vans, play a pivotal role in industries such as logistics and transportation. Factors such as cargo capacity, durability, and regulatory compliance heavily influence this segment. The rise of e-commerce has also driven demand for last-mile delivery vehicles, emphasizing the importance of commercial vehicles in the market.

Electric vehicles (EVs), including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), represent a transformative factor within the automotive industry. Factors like environmental concerns and government incentives have propelled the adoption of EVs. As the world moves toward sustainability, EVs are expected to be a dominant factor shaping the future of the automotive market.

Hybrid vehicles, combining traditional internal combustion engines with electric propulsion, offer factors such as improved fuel efficiency and reduced emissions. Autonomous vehicles, often equipped with advanced driver assistance systems (ADAS), represent a factor that promises to revolutionize transportation by providing factors such as enhanced safety and convenience. Conventional internal combustion engine vehicles, including gasoline and diesel vehicles, still maintain a significant presence in the market, driven by factors like affordability and range.

Alternative fuel vehicles, encompassing factors such as hydrogen fuel cell and compressed natural gas (CNG) vehicles, represent the pursuit of cleaner and more sustainable transportation solutions. The automotive market's dynamics are shaped by these dominant factors within each vehicle type, reflecting the diversity of consumer preferences, regulatory pressures, and technological advancements that define the industry's landscape.


Transportation and logistics, as a dominant factor, play a pivotal role in the movement of goods and services. Factors such as the demand for efficient and cost-effective cargo transportation, along with the need for timely deliveries, have driven innovation in commercial vehicles, telematics, and fleet management systems within this application segment.

Personal use of vehicles is another major factor in the automotive market, reflecting the everyday mobility needs of individuals and families. Factors such as comfort, convenience, safety, and fuel efficiency are critical considerations for consumers when choosing personal vehicles. This segment encompasses a wide range of vehicle types, from compact cars and SUVs to electric and luxury vehicles, reflecting diverse consumer preferences.

Ride-sharing and carpooling services represent a disruptive factor in the automotive industry, driven by factors like urbanization and the pursuit of more sustainable transportation options. These services are reshaping the traditional concept of personal vehicle ownership and influencing factors such as vehicle design for shared mobility, connectivity solutions, and autonomous vehicle development.

Public transportation, including buses, trams, and commuter trains, remains a vital factor in urban mobility, providing efficient transportation options for masses of people. Factors like population density, traffic congestion, and environmental concerns drive the demand for robust public transportation systems. Innovations in electric and hybrid public transit vehicles, as well as factors like digital ticketing and route optimization, are enhancing the efficiency and appeal of public transportation within the automotive market.


Compact cars, known for their smaller dimensions and fuel efficiency, remain a dominant factor for urban commuters and those seeking cost-effective transportation. Factors such as ease of parking and maneuverability are essential for compact car buyers, making them a popular choice in crowded urban environments.

Mid-size cars represent a balanced factor within the automotive market, offering factors such as comfortable seating and sufficient cargo space while maintaining fuel efficiency. They cater to families and individuals looking for a practical and versatile vehicle. Factors like safety features and advanced infotainment systems often influence mid-size car purchasing decisions.

SUVs (Sports Utility Vehicles) have emerged as a dominant factor in recent years, driven by factors such as a higher driving position, ample cargo space, and a sense of security on the road. Factors like the demand for all-weather capabilities and the desire for a more commanding view of the road have propelled the popularity of SUVs in various sizes, from compact to full-size models.

Trucks and vans are dominant factors in the commercial and industrial sectors, offering factors such as robust cargo capacity and towing capabilities. Factors such as payload capacity, durability, and customization options influence the purchasing decisions of businesses and individuals requiring vehicles for specific applications.


Gasoline-powered vehicles continue to dominate the market, primarily due to their widespread availability and established infrastructure. Factors such as fuel efficiency and performance have historically favored gasoline engines, making them a top choice for consumers.

Diesel-powered vehicles, while less common in certain regions, remain a dominant factor, particularly in commercial and heavy-duty applications. Factors such as torque and fuel efficiency make diesel engines a preferred choice for trucks, buses, and some passenger cars. However, factors like emissions regulations and environmental concerns have posed challenges for diesel-powered vehicles in recent years.

Electric vehicles (EVs) have gained substantial prominence as a dominant factor within the automotive market, driven by factors such as the pursuit of zero-emission transportation. Factors like battery technology advancements, government incentives, and a growing charging infrastructure have fueled the adoption of electric cars. Hybrid vehicles, combining traditional internal combustion engines with electric propulsion, provide factors like improved fuel efficiency and reduced emissions, serving as a transitional factor towards fully electric mobility.

Hydrogen fuel cell vehicles, while less common, represent a promising factor for long-term sustainability. Factors like zero-emission operation and quick refueling times make hydrogen fuel cells a compelling option, especially for certain commercial and heavy-duty applications. However, factors such as hydrogen infrastructure development remain a challenge.


North America, a dominant region, exhibits factors such as a mature automotive industry and a strong focus on technological innovation. Factors like consumer preferences for SUVs and pickup trucks have shaped the market dynamics, and regulatory factors influence emissions standards and safety regulations. Additionally, North America is a hub for electric and autonomous vehicle development, showcasing factors such as the pursuit of sustainable transportation solutions.

Europe, another significant player, factors in a diverse automotive landscape with a strong presence of luxury car manufacturers. Factors such as stringent emissions regulations and a growing interest in electric vehicles drive innovation within the European automotive market. Factors like the push for urban mobility solutions and investment in green technologies emphasize sustainability as a dominant factor.

The Asia Pacific region, known for its robust manufacturing capabilities, factors in as a dominant player due to factors such as a vast consumer base, emerging markets, and a growing middle class. Factors like increasing urbanization, traffic congestion, and environmental concerns contribute to the popularity of small and fuel-efficient vehicles in this region. Additionally, Asia Pacific is a pivotal factor in electric vehicle production and battery technology development.


Factors such as lockdowns, supply chain disruptions, and economic uncertainties led to a decline in vehicle sales and production during the initial stages of the pandemic. Factors like reduced consumer spending, uncertainty about future mobility needs, and decreased consumer confidence were significant factors that challenged the industry.

However, the pandemic also acted as a catalyst for certain factors, notably the acceleration of digitalization and e-commerce in the automotive market. Factors like online vehicle sales platforms and contactless service options gained prominence as consumers sought safer and more convenient ways to purchase and maintain vehicles. The pandemic also underscored the importance of factors like vehicle connectivity, with consumers valuing features that enable remote diagnostics and software updates.

Moreover, the pandemic highlighted factors such as the resilience of supply chains, with automotive companies reevaluating their sourcing strategies and factors like just-in-time inventory management.


Mergers & Acquisitions

  • Stellantis, a merger between Fiat Chrysler Automobiles and Groupe PSA, is formed (2021)
  • Hyundai acquires Boston Dynamics (2021)
  • Geely acquires Volvo Cars (2022)

Product New Launches

  • Tesla Cybertruck (2022)
  • Ford F-150 Lightning (2022)
  • Rivian R1T (2021)


  • Toyota Motor Corporation
  • Volkswagen Group
  • General Motors Company
  • Ford Motor Company
  • Honda Motor Co., Ltd.
  • Daimler AG (Mercedes-Benz)
  • BMW Group
  • Nissan Motor Co., Ltd.
  • Hyundai Motor Company
  • Kia Corporation
  • Subaru Corporation
  • Tesla, Inc.
  • Fiat Chrysler Automobiles (now part of Stellantis N.V.)
  • Volvo Cars
  • Mazda Motor Corporation
  • Jaguar Land Rover Automotive PLC
  • Mitsubishi Motors Corporation
  • Porsche AG
  • Ferrari N.V.
  • Aston Martin Lagonda Global Holdings plc
  • Peugeot S.A. (now part of Stellantis N.V.)
  • Renault Group (now part of Stellantis N.V.)
  • Tata Motors Limited
  • Geely Automobile Holdings Limited
  • BYD Company Limited
  • others

Table of Contents

  1. Introduction
  2. Executive Summary
  3. Market Overview
  4. Market Segmentation
  5. Market Drivers
  6. Market Restraints
  7. Market Opportunities
  8. Market Challenges
  9. Key Players and Competitive Landscape
  10. Regional Analysis
  11. Technology Trends
  12. Regulatory Environment
  13. Market Growth Projections
  14. Case Studies
  15. Conclusion and Future Outlook
  16. References
  17. Appendices

Automotive Market Segmentation

By Type:

  • Passenger Vehicles
  • Commercial Vehicles
  • Electric Vehicles
  • Internal Combustion Engine Vehicles

By Application:

  • Transportation
  • Personal Use
  • Commercial Use
  • Rental and Leasing Services

By Fuel Type:

  • Gasoline
  • Diesel
  • Electric
  • Hybrid

By Technology:

  • Conventional Vehicles
  • Autonomous Vehicles
  • Connected Vehicles
  • Electric Vehicle (EV) Technology

By Sales Channel:

  • Dealerships
  • Online Sales
  • Rental and Leasing Companies
  • Direct Sales

By End User:

  • Individual Buyers
  • Fleet Owners
  • Government and Public Sector
  • Others

By Component:

  • Engine and Powertrain
  • Electronics and Connectivity
  • Chassis and Suspension
  • Interior and Exterior Components


By Geography:

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
  • South America (Brazil, Argentina, Columbia, Rest of South America)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

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With a collective industry experience of about 70 years of analysts and experts, Future Data Stats encompasses the most infallible research methodology for its market intelligence and industry analysis. Not only does the company dig deep into the innermost levels of the market, but also examines the minutest details for its market estimates and forecasts.

This approach helps build a greater market-specific view of size, shape, and industry trends within each industry segment. Various industry trends and real-time developments are factored into identifying key growth factors and the future course of the market. The research proceeds are the results of high-quality data, expert views & analysis, and valuable independent opinions. The research process is designed to deliver a balanced view of the global markets and allows stakeholders to make informed decisions, to attain their highest growth objectives.

Future Data Stats offers its clients exhaustive research and analysis, based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models distill the data & statistics and enhance the accuracy of our recommendations and advice.

With Future Data Stats calibrated research process and 360° data-evaluation methodology, the clients receive:

  • Consistent, valuable, robust, and actionable data & analysis that can easily be referenced for strategic business planning
  • Technologically sophisticated and reliable insights through a well-audited and veracious research methodology
  • Sovereign research proceeds that present a tangible depiction of the marketplace

With this strong methodology, Future Data Stats ensures that its research and analysis is most reliable and guarantees sound business planning.

The research methodology of the global market involves extensive primary and secondary research. Primary research includes about 24 hours of interviews and discussions with a wide range of stakeholders that include upstream and downstream participants. Primary research typically is a bulk of our research efforts, coherently supported by extensive secondary research. Over 3000 product literature, industry releases, annual reports, and other such documents of key industry participants have been reviewed to obtain a better market understanding and gain enhanced competitive intelligence. In addition, authentic industry journals, trade associations’ releases, and government websites have also been reviewed to generate high-value industry insights.

Primary Research:

Primary Research


Desk Research


Company Analysis


•       Identify key opinion leaders

•       Questionnaire design

•       In-depth Interviews

•       Coverage across the value chain


•       Company Website

•       Company Annual Reports

•       Paid Databases

•       Financial Reports


•       Market Participants

•       Key Strengths

•       Product Portfolio

•       Mapping as per Value Chain

•       Key focus segment


Primary research efforts include reaching out to participants through emails, telephonic conversations, referrals, and professional corporate relations with various companies that make way for greater flexibility in reaching out to industry participants and commentators for interviews and discussions.

The aforementioned helps to:

  • Validate and improve data quality and strengthen the research proceeds
  • Develop a market understanding and expertise
  • Supply authentic information about the market size, share, growth, and forecasts

The primary research interview and discussion panels comprise experienced industry personnel.

These participants include, but are not limited to:

  • Chief executives and VPs of leading corporations specific to an industry
  • Product and sales managers or country heads; channel partners & top-level distributors; banking, investments, and valuation experts
  • Key opinion leaders (KOLs)

Secondary Research:

A broad array of industry sources for the secondary research typically includes, but is not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor  presentations for a competitive scenario and shape of the industry
  • Patent and regulatory databases to understand technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles, web-casts, and other related releases to evaluate the market
  • Internal and external proprietary databases, key market indicators, and relevant press releases for  market estimates and forecasts



•       Top executives of end-use industries

•       C-level executives of the leading Parenteral Nutrition companies

•       Sales manager and regional sales manager of the Parenteral Nutrition companies

•       Industry Consultants

•       Distributors/Suppliers


•       Annual Reports

•       Presentations

•       Company Websites

•       Press Releases

•       News Articles

•       Government Agencies’ Publications

•       Industry Publications

•       Paid Databases


Analyst Tools and Models:



·         Arriving at
Global Market Size

·         Arriving at
Market Size

·         Market Share
of Key Players

·         Key Market Players

·         Key Market Players

·         Market Share
of Key Players

·         Arriving at
Market Size

·         Arriving at
Global Market Size


Automotive Market Dynamic Factors


  • Growing consumer demand for eco-friendly and fuel-efficient vehicles
  • Technological advancements in electric and autonomous vehicles
  • Expanding global population leading to increased transportation needs
  • Government incentives and regulations promoting clean energy vehicles
  • Rise in urbanization driving the need for efficient transportation solutions


  • Escalating raw material costs affecting production expenses
  • Supply chain disruptions and semiconductor shortages impacting vehicle manufacturing
  • Competitive pricing pressures in the automotive industry
  • Environmental concerns and stricter emissions standards
  • Shifting consumer preferences towards alternative transportation options


  • Emerging markets in developing countries offering growth prospects
  • Collaboration between automotive and technology companies for innovation
  • Development of sustainable and recyclable materials for vehicle manufacturing
  • Increased demand for electric vehicle charging infrastructure
  • Fleet management solutions for businesses optimizing vehicle use


  • Volatile oil prices affecting consumer vehicle choices
  • Cybersecurity risks in connected and autonomous vehicles
  • Transitioning to electric and autonomous vehicles within existing infrastructure
  • Adherence to strict safety and regulatory standards
  • Addressing consumer concerns about battery life and range in electric vehicles
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