In 2024, the ranking of the world’s largest car brands was topped by Toyota with a market share of around 10.7 percent. The Toyota brand is owned by Japan's Toyota Motor Corporation, the world's largest motor vehicle manufacturer. New trends in the auto industry In light of growing environmental awareness and increasing efforts to connect vehicles, automotive manufacturers are faced with a variety of new challenges. Market trends such as the shift to lighter materials, as well as the trend towards electric and autonomous vehicles are set to revolutionize the industry. Palo Alto-based Tesla Motors is currently among those at the vanguard of the trend towards electrification, along with the Chinese car manufacturer BYD. Tesla delivered nearly 1.79 million vehicles in 2024, meaning that Volkswagen Group's sales tally is over five times as much. The state of the global auto industry Car sales worldwide have dipped between 2019 and 2020 as a result of the economic downturn generated by the COVID-19 pandemic. 2021 sales recovered, despite remaining below 2019 levels, but supply chain shortages led to a slow recovery of sales in 2022. By the end of 2023, the global car sales volume had grown over pre-pandemic levels. China was the largest automobile market based on new passenger car registrations, recording close to 25.8 million units sold. It was followed by the United States and Europe. China was also the leading passenger car producing country in 2023.

At around 16.8 percent, General Motors held the largest share of the auto market in the United States in 2024. General Motors remained the most successful automotive manufacturer in the United States. Between 2004 and 2021, however, the manufacturer lost market share, while that of Toyota rose as a result of an increased focus on light truck models in the lineup. This shifted in 2022, but 2023 led to another slight drop in market share of the American automaker. Asian manufacturers dominate non-domestic competition Among the non-domestic manufacturers, Asian automakers proved to be the most successful group. Asian car brands selling vehicles to customers in the United States include Toyota, Honda, Nissan, Hyundai, and Subaru. Toyota was also among the most valuable automotive brands worldwide as of June 2024. Both Toyota and Lexus were among the ten brands with the highest consumer satisfaction in the United States that same year. How many brands do auto manufacturers own? General Motors, Ford, and Toyota are the leading automotive manufacturers based on market share in the United States. The Ford Motor Company mainly sells vehicles under its namesake brand, while the Toyota Motor Corporation offers several brands, including Lexus and Toyota. General Motors sells vehicles under various brands, including Chevrolet, Buick, and GMC. In 2017, GM and PSA Group closed a deal in which the French carmaker acquired GM's Opel and Vauxhall brands.

General Motors was the market leader in terms of U.S. light vehicle sales in 2024. Between January and December 2024, consumers in the United States bought around 2.7 million GM vehicles, making General Motors the producer of approximately 16.8 percent of the automobiles sold in the U.S. during that time.  Rebounding after a pandemic-related dip U.S. light-vehicle sales are stalling: the U.S. automotive industry sold roughly 15.86 million light vehicles between January and December 2024. This compares to about 15.5 million units one year before and close to 17 million vehicles in 2019. The trend is slightly different for America’s most popular manufacturer. GM’s global light vehicle sales declined in 2024, compared with the figures reported for the same twelve months in 2023. The U.S. automotive industry had several good years between 2015 and 2018, when consumers purchased more than 17 million light vehicles annually for an unprecedented four years in a row. This stellar spell came to an end in 2019. Slowing economies and the COVID-19 pandemic had a strong negative effect on vehicle production and consumption. The U.S. auto market had high hopes for a V-shaped recovery in 2021 and 2022, but the reality was different. Light vehicle sales in North America dropped to 16.4 million in 2022, after encouraging sales in 2021. The regional market was growing in 2024, but had yet to reach pre-pandemic levels. A competitive market The automobile market in the United States is a competitive space, with Toyota Motor trailing General Motors in the ranking. Chevrolet, a division of General Motors, recorded the second-best initial quality in the U.S. as of May 2024. It was preceded by Ram. Lexus, a subsidiary of Toyota, ranked eigth in this quality ranking but sixth in overall U.S. consumer satisfaction in 2024, with an index score three points above its main luxury car competitor, BMW. General Motors brands were at a similar position in the ranking, with the automaker's Cadillac brand earning the same index score as Lexus.

The Volkswagen Group accounted for over quarter of new car registrations in the European market between January and December 2024. That year, the automaker sold some 3.3 million units, roughly 1.2 million units more than the manufacturer's closest rival. Stellantis becomes Europe's second largest auto manufacturer Second-placed Stellantis comprises 14 brands, including Opel and Vauxhall, two brands previously owned by General Motors, in 2017. Stellantis was formed by the merger of FCA and PSA. Incentives offered by the French government fuelled demand in PSA's domestic market, France. However, the French market crumbled in Autumn 2020 and Germany remained as Europe's leading passenger car market. In May 2021, German manufacturers – Volkswagen and peer automakers Daimler and BMW – held just under 40 percent of the European market. European car sales collapsed during the pandemic Between January and December 2020, passenger car sales in Europe decreased by about 24 percent to roughly 12 million units. Sales began to tank mid-March, amid the coronavirus pandemic in Europe. Year-on-year sales were still down 57 percent in May 2020, but car sales began to bounce back as economies reopened. Month-on-month sales more than doubled in May and continued on an upward trajectory in June. Sales were back to normal levels in September and October. Outbreaks of COVID-19 in the Autumn of 2020 prevented a positive end to the year for the automotive industry.

The North America Automotive Industry is Segmented by Vehicle Type (Passenger Cars, Commercial Vehicles (Light Commercial Vehicles and Medium and Heavy Commercial Vehicles), and Two-wheelers) and Geography (United States, Canada, and the Rest of North America). The report offers market size and forecast in value (USD million) for the above segments.

The global automotive OEM market is projected to have an average-paced CAGR of 4.17% during the forecast period. The current valuation of the market is US$ 35.16 Billion in 2023. The market value of the automotive OEM market is anticipated to surpass a market valuation of US$ 52.90 Billion by the year 2033. A historical market valuation of US$ 32.4 Billion has been recorded by the analysts of Future Market Insights for the concerned market during the base year.

In 2024, Ford was the second most popular car brand in the United Kingdom after Volkswagen. The Detroit-based company sold some 144,100 vehicles in the UK and reached a market share of about 7.6 percent that year. Volkswagen held some 8.5 percent of the market. Ford in the United Kingdom Brexit casts its shadow over the auto industry, and hence, the company decided to shut down its plant in Bridgend, adding on to the growing list of automakers in the process of ceasing operations at car production plants in the United Kingdom. That said, the Ford Motor Company will remain present in the United Kingdom, continuing to operate an engine plant in Dagenham. Car sales in the United Kingdom were down 89 percent in May 2020, due to closed dealerships and consumer spending uncertainty amid the coronavirus pandemic. By the end of December 2020, UK car sales were down by almost eleven percent compared with 2019.

The North America automotive market size was valued at USD 891.59 Billion in 2022 and is likely to reach USD 1.43 Trillion by 2031, expanding at a CAGR of 5.43% during the forecast period, 2023–2031. The growth of the market is attributed to the rising disposable income and rapid electrification of the automotive sector.



The automotive industry consists of a wide range of companies and organizations that are involved in the design, development, manufacturing, marketing, and selling of motor vehicles. It is one of the largest industries by revenue. The automotive industry does not include maintenance of automobiles, delivery to the end-user, and motor fuel filling stations.

The automotive market activities include manufacturing of motor vehicles, which consist of components, such as engines and bodies, excluding tires, batteries, and production of fuel. The industry’s principal products are passenger automobiles and light trucks, which includes pickups, vans, and sport utility vehicles.



Commercial vehicles have wide range of products such as delivery trucks and large transport trucks. Light commercial vehicles weighs less than 3.5 metric tons and medium & heavy commercial vehicles that are greater than 3.5 metric tons includes trucks and buses. Two-wheelers include all types of motorcycles such as street bikes, dual-purpose, and off-road recreation. Robotic equipment are increasing utilized for the production of automated machinery. This, in turn, is expected to ramp up the production of cars in the region.

Market Trends, Drivers, Restraints, and Opportunities

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  Growing stringent emission norms is anticipated to boost the market growth during the forecast period.

  
  


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According to Cognitive Market Research, the global Automotive Research And Development Services market size will be USD 19241.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 25.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 7696.64 million in 2024 and will grow at a compound annual growth rate (CAGR) of 23.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 5772.48 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 4425.57 million in 2024 and will grow at a compound annual growth rate (CAGR) of 27.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 962.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 24.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 384.83 million in 2024 and will grow at a compound annual growth rate (CAGR) of 24.9% from 2024 to 2031.
The Electronics & Electrical segment is the fastest-growing in the Automotive Research and Development Services Market, fueled by the increasing integration of advanced technologies in vehicles

Market Dynamics of Automotive Research And Development Services Market

Key Drivers for Automotive Research And Development Services Market

Growing Demand for Advanced Vehicle Technologies to Boost Market Growth

The automotive industry is witnessing a significant rise in consumer demand for advanced vehicle technologies, including electric powertrains, autonomous driving systems, and in-car connectivity. As consumers become more tech-savvy and environmentally conscious, automakers are prioritizing the development of innovative technologies to meet these expectations. This demand drives the need for automotive research and development services, as companies seek to stay competitive by introducing cutting-edge features. Continuous advancements in AI, machine learning, and sensor technologies also contribute to this growth, fueling R&D efforts for next-generation vehicles. For instance, In November 2022, IAV Automotive Engineering (IAV) launched a project which provides a method to find the emission from ICE vehicles on braking. It allows IAV to precisely evaluate the mass, number, and size of fine, ultra-fine particles generated during the braking process. This project was undertaken under the EU emission reduction project

Government Regulations and Sustainability Initiatives to Drive Market Growth

Governments across the globe are enforcing stricter environmental regulations and sustainability initiatives to reduce carbon emissions and promote energy-efficient vehicles. These regulations, coupled with rising concerns over climate change, are driving automakers to invest heavily in R&D to develop cleaner, more fuel-efficient vehicles. Electric vehicles (EVs), hybrid models, and low-emission technologies are in high demand, prompting the need for extensive research and development services. As regulations continue to evolve, automakers will need to adapt, presenting further opportunities for innovation and advancement in the automotive sector.

Restraint Factor for the Automotive Research And Development Services Market

High Costs of R&D and Infrastructure, will Limit Market Growth

One of the key restraints in the automotive research and development services market is the high cost associated with the research and innovation process. Developing new automotive technologies requires significant investments in infrastructure, equipment, and human resources. Companies must allocate substantial capital to fund R&D activities, including prototyping, testing, and compliance with safety and regulatory standards. Small to medium-sized manufacturers may find it difficult to bear these high costs, limiting their ability to engage in extensive R&D. The financial burden can hinder the pace of innovation, especially for companies looking to enter the competitive automotive market.

Impact of Covid-19 on the Automotive Research And Development Services Market

Covid-19 pandemic significantly impacted the Automotive Research and Development Services Market by causing disruptions in manufacturing, supply chai...

The Passenger Cars Market is segmented by Vehicle Configuration (Passenger Cars), by Propulsion Type (Hybrid and Electric Vehicles, ICE) and by Region (Asia-Pacific, Europe, North America, South America). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

The Report Covers Global Hybrid Vehicle Market Share & Growth and It is Segmented by Hybrid Type (Micro-Hybrid, Mild-Hybrid, Full-Hybrid, and Plug-In Hybrid), Vehicle Type (Passenger Cars and Commercial Vehicles), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The Report Offers the Market Size and Forecast in Value (USD) for all the Above Segments.

The Automotive Semiconductor Market Report Covers Top Automotive Semiconductor Companies and is Segmented by Vehicle Type (Passenger Vehicle, Light Commercial Vehicle, and Heavy Commercial Vehicle), Component (Processors, Sensors, Memory Devices, Integrated Circuits, Discrete Power Devices, and RF Devices), Application (Chassis, Power Electronics, Safety, Body Electronics, Comfort/Entertainment Unit, and Other Applications), and Geography (North America, Europe, Asia-Pacific, Latina America, and Middle East & Africa). The Report Offers the Market Size in Value Terms in USD for all the Above Mentioned Segments.

According to Cognitive Market Research, the global complete automotive market size will be USD XX million in 2024. It will expand at a compound annual growth rate (CAGR) of 3.60% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 1.8% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD XX million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.0% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.3% from 2024 to 2031.
The electric held the highest complete automotive market revenue share in 2024.

Market Dynamics of Complete Automotive Market

Key Drivers for Complete Automotive Market

Growing Interest in Improved Fuel Economy to Increase the Demand Globally

The increasing demand for cars with more efficient engines is driving the market's growth. Additionally, automakers are putting more effort into creating vehicles with reduced greenhouse gas (GHG) emissions and fuel consumption. Their utilization of low-cost parts and effective features has a big influence on overall automotive standards. Automakers are looking into new materials and forms for cars in an effort to reduce weight while increasing airflow. The development and supply logistics sectors' growing demand for avenue and transport expansion is thus anticipated to drive growth in the market for full automobiles. For instance, Panasonic Automotive Systems and Arm established a strategic alliance to standardize software-defined vehicle (SDV) automotive technology. From their active involvement in SOAFEE, a nationwide action that is promoting a stronger partnership in established software building across the automobile sector, both businesses have agreed on their shared vision of developing a software stack that is flexible enough to meet the needs of the automotive industry both now and in the years ahead.

Increasing Popularity in Electric Cars to Propel Market Growth

The complete automotive industry is driven by the growing popularity of electric vehicles. The government is promoting the sale of battery-operated cars by offering motorists financial rewards and improving the facilities necessary for electric automobiles, such as charging facilities across the nation, in response to the global decline in the atmosphere and increasing emission rates. The market for complete automotive is anticipated to grow along with the rise in revenues of electric automobiles. The municipality is investing a substantial amount of funds to stimulate the market for electric automobiles.

Restraint Factor for the Complete Automotive Market

Variable Pricing for Ingredients to Limit the Sales

The main components required to make vehicles are copper wires and steel framework. Availability of resources and price fluctuation are issues for suppliers and automakers. Variations in basic ingredient prices are restraining the worldwide automotive engine market's expansion. Furthermore, producers are unable to benefit from falling material prices due to extended supply agreements. Thus, if the resource or material's price drops, producers lose their edge and expense. Substantial production expenses and low consumption in emerging economies restrict the expansion of the market.

Impact of Covid-19 on the Complete Automotive Market

The COVID-19 pandemic has caused a great deal of economic and social disruption. The epidemic has impacted many firms' value chains and supply chains. This is also true of the whole automotive industry. Analysis of the COVID-19 pandemic's effects will be conducted from the viewpoints of the supply and demand sides of the business as a whole. Both immediate and long-term repercussions of the epidemic will be researched and examined. This would help all industry participants, especially suppliers...

The global auto parts manufacturing market size reached USD 2,250.5 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 2,761.1 Billion by 2033, exhibiting a growth rate (CAGR) of 2.3% during 2025-2033. The increasing global demand for automobiles, the rising governments initiatives and incentives promoting the automotive industry's growth and sustainability, and the growing consumer demand for enhanced comfort, connectivity, and convenience features in vehicles are some of the factors propelling the market.

IMARC Group provides an analysis of the key trends in each segment of the global auto parts manufacturing market report, along with forecasts at the global, regional and country level from 2025-2033. Our report has categorized the market based on component type, sales channel and vehicle type.

Automakers are bulking up on the use of advanced materials, hardware control systems with AI in the loop and weight savings techniques Future vehicles will utilize far more smart locking systems, electronic braking components, active aerodynamics hardware, etc. Automotive Hardware Market Projected to grow from USD 88.3 Billion in 2025 to USD 130.7 Billion in 2035, this market is projected to grow at a CAGR of 4.0% during 2025 to 2035.

Country-wise Outlook

Competitive Outlook

Automotive Manufacturing Equipment Market size was valued at USD 7.38 Billion in 2024 and is projected to reach USD 15.88 Billion by 2031, growing at a CAGR of 11.1% from 2024 to 2031.

Global Automotive Manufacturing Equipment Market Drivers

Technological Developments: The automotive sector is always changing, and this is reflected in the requirement for increasingly complex production equipment due to developments in automation, robotics, and digitalization.
Demand for Electric Vehicles (EVs): As manufacturing facilities adapt to the change to electric vehicles, there is a growing need for specialised equipment designed for EV production.
Industry 4.0 Integration: By enhancing productivity, efficiency, and flexibility in the automobile manufacturing sector, Industry 4.0 technologies—such as big data analytics, artificial intelligence, and the Internet of Things—also encourage the adoption of cutting-edge machinery.
Strict Regulations and Emission Standards: In order to build cleaner and more fuel-efficient automobiles, compliance with strict environmental regulations and emission standards requires the use of modern production technology.
Globalisation and Outsourcing: In order to remain competitive and satisfy a range of consumer needs, there is a need to invest in state-of-the-art manufacturing equipment as globalisation and outsourcing of automobile production to emerging markets increase.
Resilient Supply Chains: The COVID-19 pandemic brought to light the significance of robust supply chains. To minimise delays and maintain output, automakers are investing in equipment that is versatile and adaptive.
Sustainable Manufacturing processes: Automotive manufacturers are being forced to adopt sustainable manufacturing processes due to regulatory demands and rising consumer awareness. This involves implementing eco-friendly procedures and energy-efficient machinery.
Growth in Automotive Sales: In order to satisfy production goals and quality requirements, there is an increasing demand for automobiles worldwide, particularly in growing nations. This has led to a need for modernised manufacturing facilities and equipment.

The Automotive Market estimated size and share is projected to exceed USD 7,705.52 billion by 2034, with a forecasted CAGR of 6.8% during the period.

The Report Covers North America Luxury Car Market Companies and it is segmented by Vehicle Type (Hatchback, Sedan, SUV), Drive Type (IC Engine, Electric), and by country.

Between January and December 2023, Ford was the leading light vehicle brand in the United States with a 12.25 percent market share. Ford sold just over 1.9 million light vehicles to U.S. customers that year. With a market share of 12.16 percent, Toyota took the second place of the ranking.

The Report Includes Africa's Automotive Market Share and Car Sales by Country. The Market is Segmented by Vehicle Type (Passenger Cars and Commercial Vehicles) and Country (South Africa, Morocco, Algeria, Egypt, Nigeria, Ghana, Kenya, and the Rest of Africa). The Report Offers Market Size and Forecasts for all the Above Segments in Terms of Value (USD).