Brazil Automobile Industry: Share in Industrial GDP data was reported at 18.700 % in 2012. This records a decrease from the previous number of 18.900 % for 2011. Brazil Automobile Industry: Share in Industrial GDP data is updated yearly, averaging 14.600 % from Dec 1966 (Median) to 2012, with 47 observations. The data reached an all-time high of 20.600 % in 1975 and a record low of 10.600 % in 1990. Brazil Automobile Industry: Share in Industrial GDP data remains active status in CEIC and is reported by National Association of Automobile Manufacturers. The data is categorized under Brazil Premium Database’s Automobile Sector – Table BR.RAI001: Automobile Industry. The annual data brings together statistical information of the Brazilian automobile industry on motor vehicles and agricultural machinery

As of 2018, the ratio of profits from the automobile sector to India's GDP stood at around **** percent. This was the same as in 2013, and it was anticipated that the sector will remain stable in their GDP contribution in the near future. Overall, India’s corporate profit to GDP ratio dropped from *** percent to ***** percent between 2008 and 2018.

The statistic displays the value added of U.S. motor vehicle and parts manufacturing as a share of GDP between 2005 and 2017. In 2017, this sector accounted for some 0.9 percent of the nation's Gross Domestic Product.

Amidst the outbreak of the COVID-19 pandemic in Colombia, the automotive manufacturing industry was severely impacted. In the second quarter of 2020, the sector's contribution to the Colombian gross domestic product (GDP) amounted to 0.12 percent. The following quarters saw an improvement in the industry's performance, although the industry's share of the country's GDP still remained lower than before the pandemic. By the fourth quarter of 2023, this share was around 0.17 percent.

Saudi Arabia SA: GDP: % of GDP: Gross Value Added: Industry: Manufacturing data was reported at 12.804 % in 2017. This records a decrease from the previous number of 12.907 % for 2016. Saudi Arabia SA: GDP: % of GDP: Gross Value Added: Industry: Manufacturing data is updated yearly, averaging 9.082 % from Dec 1968 (Median) to 2017, with 50 observations. The data reached an all-time high of 12.907 % in 2016 and a record low of 4.094 % in 1980. Saudi Arabia SA: GDP: % of GDP: Gross Value Added: Industry: Manufacturing data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Saudi Arabia – Table SA.World Bank: Gross Domestic Product: Share of GDP. Manufacturing refers to industries belonging to ISIC divisions 15-37. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3. Note: For VAB countries, gross value added at factor cost is used as the denominator.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average; Note: Data for OECD countries are based on ISIC, revision 4.

The size of the China Automotive Industry Market was valued at USD 7.9 Bn in 2024 and is projected to reach USD 13.11 Bn by 2033, with an expected CAGR of 7.50% during the forecast period. China automotive industry market is an evolving sector involving design, development, and production as well as the selling of motor vehicles. Its key characteristic features include advanced manufacturing capabilities, a presence of government support, and most recently, a growing focus on EV technology. Applications of automotive products range from personal transportation to commercial logistics and industrial operations. The market combines a variety of technologies, like internal combustion engines (ICE), electric powertrains, hybrid systems, and autonomous driving technologies. The contribution of the sector to the overall economy is great; it boosts China's GDP, employment levels, and the level of technology. It generates economic growth, infrastructural developments, and increased mobility solutions. A primary mover for the industry is the government of China. Its policies support electric vehicle adoption by providing subsidies, and emission regulations, encouraging innovation, and investment in the sector. The apparent advantages of this market are cost-effective manufacturing, a huge consumer base, and an expanding export market. With an increase in demand for green vehicles, China remains the world's biggest manufacturer, in the auto-dominated landscape, promoting sustainability and technological advancement. Notable trends are: Increasing demand for cars is driving the market growth.

In 2022, the share of the automotive industry's contribution to the gross domestic product (GDP) in South Africa was *** percent. This shows a decrease of *** percent from the previous year. On the other hand, vehicle and component manufacturing as well as auto-retail remained stable at *** and *** percent, respectively.

Automotive Pressure Plate Market size was valued at USD 57.3 Billion in 2023 and is projected to reach USD 94.5 Billion by 2030, growing at a CAGR of 5.1% during the forecast period 2024-2030.

Global Automotive Pressure Plate Market Drivers

The market drivers for the Automotive Pressure Plate Market can be influenced by various factors. These may include:

Vehicle Production and Sales: The manufacturing and sales of automobiles have a direct impact on the demand for automotive pressure plates overall. The demand for related components generally rises in tandem with the growth of the automotive sector.

Customer Preferences and Trends: The automotive pressure plate market may be impacted by shifts in customer preferences and trends, such as the rising demand for fuel-efficient cars or the increasing appeal of electric vehicles. It may be necessary for manufacturers to adjust to new materials and technology.

Regulatory Standards: Tighter fuel economy requirements and pollution controls may push advancements in vehicle technology, which may have an impact on pressure plate design and composition.

Technological Developments: The design and operation of pressure plates may be impacted by developments in automobile technology, such as improvements in transmission systems. For instance, the need for particular kinds of pressure plates may change as dual-clutch transmission systems become more common.

Economic Factors: A number of factors can impact the demand for pressure plates in the automotive sector as a whole, including consumer spending, GDP growth, inflation rates, and inflation rates.

Globalization and Supply Chain Dynamics: The cost and availability of materials used in the production of pressure plates can be impacted by shifts in the patterns of international trade, disruptions in the supply chain, and geopolitical issues.

Environmental Concerns: Growing public awareness of environmental issues may spur the automobile industry to embrace cleaner technology, which in turn may affect demand for pressure plates that help make cars more environmentally friendly or fuel-efficient.

In 2023, the motor industry in the United Kingdom contributed around ** billion British pounds in added value to the UK economy. The industry's economic contribution peaked in 2016 at some ** billion British pounds. After years on the rise, the country’s gross domestic product decreased from just under *** trillion British pounds in 2019 to just above * billion British pounds in 2020. By 2023, the UK's GDP had bounced back to some *** billion British pounds. Motor vehicle production enterprises in the United Kingdom The UK was home to approximately ***** enterprises in motor vehicle, trailer and semi-trailer manufacturing, one of the highest number among all European countries. However, of these, only around ** percent had an annual turnover exceeding * million British pounds. Declining role of the industrial sector The UK's greatest economic sector in terms of contribution to gross domestic product (GDP) was services. The service industries accounted for approximately ** percent of total GDP in 2022, while industry only accounted for roughly ** percent.

According to Cognitive Market Research, the Global Automative Garage Equipment Market Size will be USD XX Billion in 2023 and is set to achieve a market size of USD XX Billion by the end of 2031 growing at a CAGR of XX% from 2024 to 2031.

The global automotive garage equipment market will expand significantly by XX% CAGR between 2024 and 2031.
Body Shop Equipment dominates the market and is anticipated for a healthy growth over the approaching years.
Compared to independent garages, the automotive OEM dealership segment is expected to grow faster during the forecast period.
The market's largest revenue share belongs to mobile kind. Equipment for garages designed to be easily moved or transported is called a mobile installation.
A significant portion of market share is made up of passenger cars. This is a result of their worldwide scope and is predicted to increase from 86.4 million to 86.8 million in 2023.
North America is the largest global garage equipment market shareholder and is estimated to grow at a CAGR of XX% over the forecast period.

Current Scenario: Automatic Garage Equipment of the Market

Driving Factors of Automatic Garage Equipment Market

The Garage Equipment market is primarily driven by an increase in car production and sales 

The need for garage equipment is directly impacted by the expansion of the worldwide automotive industry. The market for contemporary tools and equipment used in automotive workshops and service facilities is driven by the growing number of vehicles on the road and the resulting demand for maintenance, repairs, and servicing.

According to OICA (International Organization of Motor Vehicle Manufacturers) , global motor vehicle production in 2022 was over 85 million units, up 6% from the previous year. An increase in car manufacturing corresponds directly to increased demand for garage equipment. (Source:https://www.acea.auto/figure/world-motor-vehicle-production/)

Some of the top automotive industry-related statistics include; US car manufacturing market was worth $104.1 billion in the US. Also, The Indian automotive sector contributed 7.1% to the overall GDP and 49% to the manufacturing GDP in 2021. Additionally, 105 billion items related to motor vehicles and parts were exported in 2021 from the US These were the second largest in exports.

According to a recent survey by published by the European Automobile Manufacturer Association the global car sales have increased by around 9% in the first three quarter of 2023.The Europe market witnessed sales growth of 20.4% from January to September in 2023

Rise in use of electric cars and vehicles (EVs) 

The rise of electric cars (EVs) in the automobile business affects demand for specific garage equipment. The growth of EVs has led to the development of specialized equipment for battery servicing, charging infrastructure, and EV-specific diagnostics. In 2023, global electric vehicle (EV) sales climbed by 31% to 13.6 million units. Fully electric vehicles (BEVs) accounted for 9.5 million of total sales, with PHEVs making up the remainder ( predicted by Rho Motion)

Electric vehicles amounted to some 14 percent of global passenger car sales in 2022, which was a rise of around 5.3 percentage points year-over-year. Electric vehicle sales have rapidly increased since 2017, when they rose above one percent of the market, and have particularly accelerated since 2020.

(Source;https://www.statista.com/statistics/1371599/global-ev-market-share/)

The Asia-Pacific region was the leading market for battery-electric vehicles, propelled by the Chinese new energy vehicle market. Automakers worldwide will have to focus on clean fuel sources and sustainable supply chains. In 2020, Volkswagen started delivering its electric ID.4 model and consistently ranked among the best-selling EV brands. By 2022, the Volkswagen Group was the fourth leading EV automaker worldwide.

(Source:https://www.statista.com/topics/1010/electric-mobility/#topicOverview)

Increasing sales of pre-owned vehicles and emergence of autonomous vehicles are anticipated to drive the growth of the automotive garage equipment market

Pre-owned vehicles, commonly known as used cars, are those that have been previously owned and utilized by individuals or businesses before being made available for resale. Automotive garage equipment plays a crucial role in the pre-o...

According to Cognitive Market Research, the global IT Spending in Automotive market size is USD 15481.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 6192.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 4644.36 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 3560.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 774.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 309.62 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
The Services held the highest IT Spending in Automotive market revenue share in 2024.

Market Dynamics of IT Spending in the Automotive Market

Key Drivers for IT Spending in the Automotive Market

Global Economic Trends Propel Market Growth

Global economic trends, including GDP growth, interest rates, and consumer confidence, significantly impact spending patterns in the automotive market. During periods of economic expansion, consumers tend to have higher disposable incomes, leading to increased demand for new vehicles and optional features. Conversely, economic downturns can dampen consumer sentiment and curb spending on big-ticket items like automobiles, prompting automakers to adjust production levels and marketing strategies accordingly. Supply chain disruptions, geopolitical tensions, and natural disasters can also influence spending within the automotive industry by affecting production capacities, raw material prices, and supply chain logistics. Uncertainties surrounding trade agreements and tariffs can further exacerbate these challenges, prompting automakers to reevaluate sourcing strategies and production footprints to mitigate risks and ensure business continuity.

Restraint Factor for IT Spending in the Automotive Market

High Cost of Treatment to Limit the Sales

One significant restraint on IT spending in the automotive market is the high cost of technological integration and development. As vehicles become more complex and connected, automakers must invest heavily in research and development to stay competitive. This includes developing advanced driver-assistance systems (ADAS), electric vehicle (EV) technology, connectivity features, and autonomous driving capabilities. The substantial upfront investment required for these technologies can strain budgets and slow down IT spending in other areas. Moreover, the automotive industry operates within a highly regulated environment, which imposes stringent safety, emissions, and cybersecurity standards. Compliance with these regulations not only adds to the cost of vehicle production but also necessitates ongoing investments in testing, certification, and regulatory compliance management. Failure to meet regulatory requirements can result in costly fines, recalls, and reputational damage, further constraining IT spending as resources are diverted toward remediation efforts.

Opportunity for IT Spending in the Automotive Market

Technological Advancements to Increase the Demand Globally

Technological advancements have also been instrumental in driving spending within the automotive industry. The emergence of electric and hybrid vehicles has led to substantial investments in research and development to enhance battery efficiency, charging infrastructure, and overall performance. Similarly, the integration of artificial intelligence (AI), the Internet of Things (IoT), and advanced driver-assistance systems (ADAS) has transformed the driving experience, prompting automakers to allocate resources towards developing and integrating these technologies into their vehicles. Furthermore, regulatory changes aimed at reducing emissions and enhancing safety standards have compelled automakers to invest in the development of cleaner and more efficient propulsion systems, such as electric powertrains and hydrog...

Gross Domestic Product (GDP) at basic prices, by various North American Industry Classification System (NAICS) aggregates, volume measures, lowest industry levels only, (dollars x 1,000,000), annual average, 5 most recent time periods.

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India Automotive Market Size 2025-2029

The India automotive market size is forecast to increase by USD 60.6 billion, at a CAGR of 7.9% between 2024 and 2029.

The India Automotive Market is segmented by type (Two-wheelers, Passenger Cars, Commercial Vehicles, Three-wheelers), fuel type (Diesel, Petrol, CNG and LPG, Electric), distribution channel (Offline, Online), sales channel (OEM, Aftermarket), consumer segment (Individual, Fleet), and geography (APAC: India). This segmentation reflects the market's diversity, driven by strong demand for Two-wheelers and Electric vehicles among Individual consumers, growing Online distribution for Passenger Cars, and robust Offline OEM sales for Commercial Vehicles and Fleet buyers, supported by the increasing adoption of CNG and LPG options to meet India's evolving mobility needs across the APAC region.
The Indian automotive market is experiencing significant growth, driven primarily by the expanding middle-class population and their increasing demand for personal mobility solutions. This demographic shift is fueling the market's expansion, as more consumers seek to purchase vehicles for personal use. A notable trend emerging in the market is the rising preference for electric vehicles (EVs), as the government pushes for a shift towards sustainable transportation. This trend is further propelled by the falling costs of EV technology and the growing awareness of environmental concerns. However, the market is not without its challenges. Intensifying competition among companies is one such obstacle, as companies strive to differentiate themselves and capture market share.
Additionally, the infrastructure required to support the growing adoption of EVs, such as charging stations and battery swapping facilities, remains underdeveloped. Addressing these challenges will require strategic investments and collaborations between industry players and the government to ensure the sustainable growth of the market. Companies that successfully navigate these challenges and cater to the evolving needs of the Indian consumer stand to gain significant market share and establish a strong presence in this dynamic market.

What will be the size of the India Automotive Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The Indian automotive market is characterized by a dynamic interplay of technological innovation, customer preferences, tax incentives, and various regulatory frameworks. Technological advancements have led to the production of more reliable and fuel-efficient vehicles, aligning with evolving consumer demands. However, spare parts availability and affordability remain critical concerns for customers. Environmental impact is increasingly shaping market trends, with emission regulations driving the adoption of cleaner technologies. Distribution channels are expanding, with a growing emphasis on digital platforms and e-commerce. Brand loyalty, talent acquisition, and skills development are crucial for companies seeking to stay competitive. Government regulations, including safety and economic growth initiatives, influence production capacity and pricing strategies.
Industry collaboration and infrastructure development are essential for addressing supply chain disruptions and maintaining industry standards. Circular economy principles and innovation ecosystems are gaining traction, with a focus on reducing the carbon footprint and promoting sustainable practices. Marketing and sales strategies are evolving to cater to changing consumer behavior, while demand forecasting and resale value remain essential considerations. Maintenance costs and engine performance are key factors influencing customer satisfaction. Emission norms and fuel economy regulations continue to shape the competitive landscape, with companies investing in research and development to meet these challenges. In summary, the Indian automotive market is a complex ecosystem, shaped by technological innovation, customer preferences, regulatory frameworks, and global value chains.
Companies must navigate these dynamics to remain competitive and thrive in this evolving landscape.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Two-wheelers
  Passenger cars
  Commercial vehicles
  Three-wheelers


Fuel Type

  Diesel
  Petrol
  CNG and LPG
  Electric


Distribution Channel

  Offline
  Online


Sales Channel

  OEM
  Aftermarket


Consumer Segment

  Individual
  Fleet


Geography

  APAC

    India

By Type Insights

The two-wheelers segment is estimated to wit

The North American market for automotive cybersecurity is experiencing robust growth, driven by the increasing connectivity of vehicles and the rising threat landscape. The market, estimated at $X billion in 2025 (assuming a proportional share of the global market based on regional GDP and vehicle production), is projected to expand significantly over the forecast period (2025-2033). This expansion is fueled by several key factors. Firstly, the proliferation of advanced driver-assistance systems (ADAS) and autonomous driving technologies introduces numerous potential attack vectors, necessitating sophisticated cybersecurity solutions. Secondly, stringent government regulations and industry standards, mandating robust cybersecurity measures in vehicles, are driving adoption. Thirdly, consumer awareness of data breaches and the potential for malicious attacks on connected cars is increasing, leading to greater demand for enhanced security features. The market segmentation reveals a strong demand for software-based solutions due to their flexibility and cost-effectiveness, while hardware-based solutions are crucial for core security functionalities. Network security remains a dominant segment, addressing vulnerabilities arising from vehicle-to-everything (V2X) communication, while cloud security is gaining traction with the increasing reliance on cloud-based services for data management and software updates. The competitive landscape is characterized by a mix of established automotive suppliers, technology giants, and cybersecurity specialists. Key players such as Harman International, IBM, and Continental are leveraging their expertise in automotive systems and cybersecurity to capture a significant market share. However, smaller, specialized cybersecurity firms are also emerging, offering innovative solutions and creating a dynamic ecosystem. While challenges remain, such as the high cost of implementing comprehensive cybersecurity measures and the complexity of integrating security solutions into existing vehicle architectures, the North American market is poised for substantial growth due to the increasing sophistication of vehicle technology and the heightened awareness of cybersecurity risks. The projected CAGR of 9.5% for the global market suggests a similar, if not higher, growth rate for North America considering its advanced automotive sector and stringent regulatory environment. This implies that the market could reach a significant size by 2033. Recent developments include: January 2020 - HARMAN launched the HARMAN Ignite Marketplace, an extensive network of cloud-based applications and services available on the HARMAN Ignite Cloud Platform. The HARMAN Ignite platform provides a built-in Over-the-Air (OTA) functionality, which helps manage potential risks like network problems, file tampering, and cybersecurity attacks, due to which automakers are equipped with a secure and efficient way to deliver and frequently update a robust service ecosystem while still mitigating risk.. Key drivers for this market are: Rising Security Threats as More Technologies Get Integrated Into Cars, Government Regulations. Potential restraints include: Rising Security Threats as More Technologies Get Integrated Into Cars, Government Regulations. Notable trends are: Application Security Expected to Witness Significant Market Share.

Automotive Microcontroller Portfolio Market size was valued at USD 47.8 billion in 2023 and is projected to reach USD 115.3 billion by 2030, growing at a CAGR of 11.5 % during the forecast period 2024-2030.

Global Automotive Microcontroller Portfolio Market Drivers

The market drivers for the Automotive Microcontroller Portfolio Market can be influenced by various factors. These may include:

Increasing Electronic Content in Cars: As cars get more sophisticated, there's a greater need for electronic parts to enable features like infotainment systems, advanced driver assistance systems (ADAS), connectivity, and other smart technologies. These electronic systems are largely managed and controlled by automotive microcontrollers. Growing Use of Electric and Hybrid Vehicles: As more people choose electric and hybrid cars, advanced control systems are needed for a variety of tasks, including power management and battery monitoring. Automotive microcontrollers are necessary for these systems to function well. Technological Developments in Autonomous Driving: Real-time processing and a high degree of computer capacity are needed for the development and implementation of autonomous vehicles. Autonomous driving systems rely on automotive microcontrollers for the integration of sensors, decision-making algorithms, and other essential components. tighter Safety and Emission Regulations: There is a global movement advocating for increased vehicle safety and tighter emission regulations. Automotive microcontrollers play a part in putting technologies inside cars that help them comply with these regulations. Integration of IoT and connectivity: As the Internet of Things (IoT) gains traction, car connectivity features are becoming more and more important. Vehicle-to-everything (V2X) communication, telematics, and other connectivity capabilities are supported by automotive microcontrollers, which provide communication between various parts of the car. Consumer Demand for Advanced Features: Modern entertainment systems, sophisticated navigation, and customized driving experiences are just a few examples of the sophisticated features and functionalities that modern consumers are coming to anticipate in their cars. Automotive microcontrollers make it possible to put these features into practice. Swift technical Advancements: The automotive sector is ever-evolving, characterized by constant technical advancements. The market for automotive microcontroller portfolio is expanding as a result of consumer demand for microcontrollers that are more powerful, small, and efficient in order to accommodate new features and functions. Global Trends and Economic Factors: The car industry may be impacted by economic factors such as GDP growth, urbanization, and disposable income. The advancement and uptake of automotive technologies are also influenced by global trends, such as the movement toward sustainability and environmental consciousness.

The global Automotive Electric Vacuum Pump market will expand significantly by XX% CAGR between 2024 and 2031.

• Asia Pacific held the major market of more than XX% 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 XX% from 2024 to 2031. • Europe accounted for a share of over XX% of the global market size of USD XX million. • North America held a market of around XX% 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 XX% from 2024 to 2031. • Latin America's market will have more than XX% 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 XX% from 2024 to 2031. • Middle East and Africa held the major market of around XX% 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 XX% from 2024 to 2031. • Electrical Fans held the highest Automotive Electric Vacuum Pump market revenue share in 2024. • According to Cognitive Market Research the application segment market is divided into passenger, commercial, and electric vehicles. The passenger vehicle segment is the largest, driven by rising middle-income populations, living standards, and economic opportunities. India's passenger vehicle sales are expected to grow 6-8% in FY24. Heavy and luxury vehicles are also growing, driven by demand, diesel usage, and investments. The Luxury Cars market is projected to reach $6,654m in 2024. • According to Cognitive Market Research in the material segment aluminium has the dominant market, primarily due to its low-carbon mobility benefits. This material reduces energy consumption, improves air quality, and saves costs, making it a popular choice for various vehicles. • The Automotive Electric Vacuum Pump market is driven by increasing demand for scalable and cost-efficient communication services, advancements in connectivity technology, and a growing trend of remote work.

MARKET DYNAMICS: KEY DRIVERS

Increasing car production and sales eventually drives the automotive electric vacuum pump market growth

The need for automotive electric vacuum pump is directly impacted by the expansion of the worldwide automotive industry. The market for contemporary tools and equipment used in automotive workshops and service facilities is driven by the growing number of vehicles on the road and the resulting demand for maintenance, repairs, and servicing. According to OICA (International Organization of Motor Vehicle Manufacturers), global motor vehicle production in 2022 was over 85 million units, up 6% from the previous year. An increase in car manufacturing corresponds directly to increased demand for electric vacuum pump. Some of the top automotive industry-related statistics include; the US car manufacturing market was worth $104.1 billion in the US. Also, The Indian automotive sector contributed 7.1% to the overall GDP and 49% to the manufacturing GDP in 2021. Additionally, 105 billion items related to motor vehicles and parts were exported in 2021 from the US These were the second largest in exports. According to a recent survey by published by the European Automobile Manufacturer Association the global car sales have increased by around 9% in the first three quarter of 2023.The Europe market witnessed sales growth of 20.4% from January to September in 2023. http://(https://www.acea.auto/figure/world-motor-vehicle-production/). Thus, increasing car production and sales eventually drives the automotive electric vacuum pump market growth.

The rise in use of electric vehicles (EVs) and increasing sales of pre-owned vehicles drive demand for the automotive electric vacuum pump market

The rise of electric cars (EVs) in the automobile business affects demand for specific garage equipment. In 2023, global electric vehicle (EV) sales climbed by 31% to 13.6 million units. Fully electric vehicles (BEVs) accounted for 9.5 million of total sales, with PHEVs making up the remainder (predicted by Rho Motion) Electric vehicles amounted to some 14 percent of global passenger car sales in 2022, which was a...

According to Cognitive Market Research, the global Automotive Horn Systems market size will be USD 665.9 million in 2024. It will expand at a compound annual growth rate (CAGR) of 8.80% 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 266.3 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 199.7 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 153.1 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.8% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 33.3 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.2% 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 13.3 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.
The Electric Horn Product Type held the highest Automotive Horn Systems market revenue share in 2024.

Market Dynamics of Automotive Horn Systems Market

Key Drivers for Automotive Horn Systems Market

Growth in Automotive Industry to Increase the Demand Globally

The rising production of vehicles is a key driver of growth in the global automotive horn systems market. For instance, according to the International Organization of Motor Vehicle Manufacturers, global vehicle production increased from 95 million units in 2016 to 97 million units in 2017. In 2023, global car sales saw a significant rebound, growing by nearly 10% from 2022 and surpassing 72 million units. The automotive industry contributes approximately 3% to global GDP, with this share being even higher in emerging markets like China and India, where it accounts for about 7% of GDP. Consequently, the growing number of vehicles on the road is driving up the demand for automotive horn systems, which is expected to boost market growth.

Increasing Focus on Road Safety Regulatory Standards to Propel Market Growth

Governments and regulatory bodies worldwide are enforcing stringent safety measures to reduce road accidents and fatalities, increasing the demand for safer automotive components, including horns. According to a World Health Organization (WHO) report, road traffic injuries are a leading global cause of death, with around 1.35 million fatalities annually. In response to these alarming figures, governments are prioritizing road safety initiatives and introducing legislation that requires the use of audible warning devices, such as air trumpet horns, in vehicles to alert pedestrians and other road users to potential hazards. For example, the European Union (EU) has established rigorous safety regulations under the General Safety Regulation (GSR) framework, which mandates advanced safety features in autonomous vehicles, including audible warning systems to improve pedestrian protection and overall vehicle safety. Similarly, countries like the U.S., China, India, and Japan have implemented strict safety standards for automotive manufacturers, driving the adoption of more advanced and safer horn technologies. https://www.who.int/publications/i/item/9789241565684

Restraint Factor for the Automotive Horn Systems Market

Increasing Stringency of Noise Pollution Regulations to Limit the Sales

As environmental sustainability and public health concerns intensify, authorities are implementing stricter measures to address noise pollution and create quieter urban environments. This regulatory landscape presents challenges for horn manufacturers and suppliers, affecting their ability to design, produce, and market horn systems that comply with evolving noise emission standards. A study published in the Journal of Environmental Management highlights noise pollution as a significant environmental health issue, with adverse effects on human health, well-being, and quality of life. Prolonged exposure to high noise levels has been associated with various health problems, such as hearing loss, sleep disturbances, cardiovascular issues, and cognitive impairment. In response to these concerns, governments are enacting policies and regulations to reduce noise emissions from various sources, including veh...

In 2023, Vietnam's wholesale and retail trade, repair of motor vehicles and motorcycles sector accounted for **** percent of the country's total GDP, equivalent to over ******* trillion Vietnamese dong. In that year, Vietnam's GDP totaled approximately **** thousand trillion Vietnamese dong.

In 2024, the finance, insurance, real estate, rental, and leasing industry contributed the highest amount of value to the GDP of the U.S. at 21.2 percent. The construction industry contributed around four percent of GDP in the same year.

According to Cognitive Market Research, The Global Automotive Refinish Coatings market size is USD 7.9 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5.50% from 2023 to 2030.

The demand for Automotive Refinish Coatings is rising due to the increasing awareness of vehicle aesthetics.
Demand for polyurethanes remains higher in the Automotive Refinish Coatings market.
The primer category held the highest Automotive Refinish Coatings market revenue share in 2023.
North American Automotive Refinish Coatings will continue to lead, whereas the European Automotive Refinish Coatings market will experience the most substantial growth until 2030. 

Rise in Production of Cars to Provide Viable Market Output

The rise in the production of cars bolstered the growth of the market. As the automotive industry experiences a substantial increase in manufacturing volumes, the demand for refinish coatings follows suit. This upswing is primarily driven by growing consumer preferences, expanding urbanization, and rising disposable incomes. The automotive refinish coatings market benefits from the parallel growth of the automotive sector, where manufacturers strive to meet the burgeoning global demand for vehicles. Additionally, advancements in coating technologies, environmental regulations, and a desire for aesthetic appeal contribute to the expanding market for automotive refinish coatings, reflecting the dynamic nature of the automotive industry on a global scale.

For instance, according to the International Organization of Motor Vehicle Manufacturers, global passenger vehicle production bolstered from 55,834,456 units in 2020 to 57,054,295 units in 2021.

(Source: www.oica.net/category/production-statistics/2021-statistics/)

Growing Aftermarket Sector to Propel Market Growth

The growing aftermarket sector has significantly impacted the Automotive Refinish Coatings market. As the demand for vehicle maintenance and cosmetic enhancements grows, the aftermarket segment plays a pivotal role. Consumers increasingly opt for automotive refinish coatings to restore the aesthetic appeal of their vehicles, driving the market's growth. The aftermarket sector's prominence is fueled by a rising number of aging vehicles, increased customization trends, and a growing awareness of the importance of vehicle appearance. This surge in aftermarket activities underscores the significance of automotive refinishing coatings in addressing cosmetic imperfections, thereby contributing to the overall expansion of the automotive refinishing coatings market.

For instance, the Make in India and Automotive Mission Plan 2026 is implemented to boost the automotive sector in India and contribute 12% of automotive to the country's GDP by 2026.

(Source: www.siam.in/uploads/filemanager/47AUTOMOTIVEMISSIONPLAN.pdf)

Market Dynamics of the Automotive Refinish Coatings

Fluctuations in the Prices of Raw Materials to Restrict Market Growth

The fluctuations in the prices of raw materials constrain the market's growth. The prices of essential components, such as resins, pigments, and solvents, are subject to constant changes influenced by market dynamics, geopolitical factors, and supply chain disruptions. These fluctuations challenge manufacturers to maintain stable production costs, impacting profit margins and overall market stability. Such uncertainties in raw material prices can hinder the automotive refinish coatings industry's growth by increasing operational costs and limiting the ability of companies to offer competitive pricing, potentially affecting market competitiveness and profitability. Adapting to these fluctuations becomes crucial for sustained success in the volatile automotive coatings sector.

Impact of COVID–19 on the Automotive Refinish Coatings Market

The decreased consumer spending on non-essential services and lockdowns impacted the automotive industry. The refinish coatings market saw a temporary decline as automotive production slowed, reducing demand for coatings. However, the market exhibited resilience, with a gradual recovery driven by pent-up demand, increased focus on vehicle maintenance, and resurgence in economic activities. The pandemic underscored the industry's adaptability, prompting innovations in digital platforms for product consultations and purchases. Despite initial setbacks, the automo...