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.

Global automobile market size was worth around $2810.63 billion in 2022 and is predicted to grow $3969.84 billion by 2030 with a CAGR of roughly 4.42%

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.

In 2024, the global market for luxury cars was estimated at around 579 billion euros, an estimated increase of around 8.8 percent year-on-year. That same year, the global luxury market was put at around 1.48 trillion euros. Global luxury car market size The luxury car segment is one of the most dynamic sources of revenue growth in the global luxury goods market. This segment is primarily driven by rising demand from increasingly affluent buyers in emerging markets. In 2020, the luxury car market contracted amid the outbreak of the coronavirus pandemic in key markets worldwide. The market effectively rebounded in 2021, despite grappling with the global chip shortage. Three years later, in 2024, the United States was the leading luxury automobile market worldwide, amounting to revenues of around seven billion U.S. dollars. Electrification of luxury cars In an attempt to appeal to the more environmentally conscious group of buyers, a fair share of the luxury car fleet is projected to become more ‘eco-friendly’. Luxury electric vehicles such as the battery-powered models offered by Tesla are set to drive growth in the luxury car segment. At the same time, luxury SUVs are also expected to attract a new group of customers. High-end automobiles are expected to combine connectivity and ergonomics. However, smart vehicles require improved infrastructure, particularly in urban areas. As a result, there is a growing number of cities providing the infrastructure that is needed for the implementation of connected car programs.

The US Automotive Market size was worth around USD 4.35 billion in 2023 and is predicted to grow to around USD 10.67 billion by 2032 with a CAGR of roughly 10.5%.

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 used car market is projected to reach over 1.5 trillion U.S. dollars in 2027, up from 1.2 trillion in 2020. This represents a compound annual growth rate of around 3.2 percent across seven years. This growth is in part attributed to a shift in car ownership patterns across the globe, as well as the rise of online sales channels, which make used cars more accessible to customers.

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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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 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 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.

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Automotive Service Market Size 2024-2028

The automotive service market size is forecast to increase by USD 401.4 billion at a CAGR of 8.09% between 2023 and 2028.

The market is experiencing significant growth due to several key factors. The increasing vehicle population continues to drive demand for automotive repair and maintenance services. Furthermore, the automotive industry is undergoing a digital transformation with the integration of advanced technologies such as Electronic Access Control Systems (EACS) and automotive powertrain testing. Additionally, the rise of electric cars and mobility-as-a-service models are disrupting traditional business models, presenting both opportunities and challenges. The uncertainty In the automotive industry, including regulatory changes and economic factors, also impacts the market dynamics. The automotive parts sector is a crucial component of the service market, as the demand for replacement parts remains strong despite the shift towards electric vehicles.
Overall, the market is poised for growth, with a focus on innovation, adaptability, and customer satisfaction.

What will be the Size of the Automotive Service Market During the Forecast Period?

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The market encompasses aftermarket services for various types of vehicles, including cars, heavy commercial vehicles, two wheelers, and specialized vehicles. This market is driven by the continuous sales of new and used automobiles, as well as the demand for replacement parts and maintenance services for aging cars. Consumer habits and lifestyles are shifting towards shared mobility solutions, such as ride-hailing services, taxis, and car-sharing platforms. 
Sustainability is also a growing concern, with an increasing focus on electric and hybrid vehicles, as well as the integration of connected car technologies and self-driving capabilities. The market is characterized by its size and diversity, with a wide range of players offering services related to vehicle components, repair and maintenance, software expertise, and online sales platforms.
Price sensitivity among customers remains a significant factor, as does the need for efficient repair times and profitability for service providers. The market is further influenced by the ongoing advancements in automotive technology, including sensors, internal combustion engines, and the integration of mobility fleet sharing.

How is this Automotive Service Industry segmented and which is the largest segment?

The automotive service industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Mechanical services
  Exterior and structural services
  Maintenance services


Vehicle Type

  Passenger cars
  Light commercial vehicles
  Two wheelers
  Heavy commercial vehicles


Geography

  North America

    US


  APAC

    China
    Japan


  Europe

    Germany
    UK


  South America



  Middle East and Africa

By Type Insights

The mechanical services segment is estimated to witness significant growth during the forecast period.

The market encompasses various mechanical offerings, including oil filter changes, wiper blade replacement, tire installation, and battery replacement. The need for enhanced performance and dependability in contemporary vehicles drives the demand for advanced automotive services. The sales of vehicles, particularly passenger cars and light commercial vehicles, significantly influence the adoption of automotive services. In emerging economies, the growing economic activities have led to a surge in demand for commercial vehicles, especially light-duty ones. Minivans and other light commercial vehicles are extensively utilized for business applications such as intercity transportation, fueling the expansion of the light-duty commercial vehicles market and the subsequent demand for automotive services.

Additionally, the shift towards sustainability, consumer habits, mobility fleet sharing, and lifestyle trends, including the rise of special utility vehicles and electric or hybrid vehicles, are transforming the automotive components landscape and the associated maintenance services. Exterior and structural repairs, franchise general repairs, tire stores, and maintenance services for internal combustion engines, exterior components, and replacement parts are essential offerings In the automotive services market. The market is further segmented into maintenance and repair services for passenger cars, light commercial vehicles, heavy commercial vehicles, two wheelers, and various vehicle components. The market's profitability is influenced by factors such as repair time, price sensitivity, and the integration of sensors, connected car technologies, and self

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...

Automotive NFC Market size was valued at USD 3.97 Billion in 2024 and is projected to reach USD 24.24 Billion by 2031, growing at a CAGR of 28.00% from 2024 to 2031.

Global Automotive NFC Market Drivers

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

Growing Adoption Of Connected Cars: As digital technologies are more widely incorporated into cars, there is a growing need for NFC-enabled devices that facilitate data transfer, authentication, and communication between cars and smartphones.

Increased Vehicle Connectivity: NFC technology makes it possible for cars to seamlessly link to other devices, such wearables, tablets, and smartphones. The desire from consumers for improved infotainment, navigation, and telematics services is fueling this trend toward increased connection.

Improved User Experience: NFC technology makes it easy and convenient for users to integrate their devices with car systems for features like keyless entry, hands-free calling, and customized settings.

A Growing Emphasis On Vehicle Security: Secure access, remote vehicle monitoring, and anti-theft protection are just a few of the features that NFC-based authentication systems are providing to improve vehicle security.

Government Regulations: As automakers work to comply with these regulations and improve the general safety and security of vehicles, regulatory demands pertaining to vehicle safety and connection standards are also propelling the adoption of NFC technology in the automotive sector.

Growing Need For Contactless Solutions: Following the COVID-19 epidemic, contactless solutions are receiving more attention from a variety of industries, including the automotive one. For use in applications such as digital key access in cars and contactless payments, NFC technology offers a safe and practical contactless communication solution.

Fast Technological Advancements: The automobile industry is seeing a greater range of uses for NFC technology because to its ongoing improvements in speed, range, and security. This is encouraging additional acceptance and market expansion.

The global automotive manufacturing market was worth about 2.86 trillion U.S. dollars in 2021. The market is projected to grow to some 2.95 trillion U.S. dollars in 2022. This growth is a slow recovery, still under the industry’s 2019 market size. Automation and electrification drive market disruption
Automotive technology will change considerably in the next decade. Some 26 percent of new car sales globally are expected to be electric vehicles in 2030, and about 58 millions of new self-driving cars are projected to be added to the world’s fleet that year. New opportunities in the supplier segment
Technological advancements begin to affect the type of parts that are required to complete the finished product. This allows for further segmentation in the auto supplier industry, particularly within the automotive electronics industry. The biggest changes to the automotive industry currently are automation and electrification. As autonomous and electric vehicles take over the market, electronic components, especially automotive semiconductors, will become even more important for automotive manufacturing.

The global automotive aluminum market size reached USD 32.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 61.3 Billion by 2033, exhibiting a growth rate (CAGR) of 7.3% during 2025-2033. The increasing need for lightweight luxury vehicles, rising awareness about climate change, and the growing number of partnerships between OEMs and aluminum suppliers are some of the major factors propelling the market.

IMARC Group provides an analysis of the key trends in each segment of the global automotive aluminum market report, along with forecasts at the global, regional and country levels from 2025-2033. Our report has categorized the market based on product form, vehicle type and application.

The Report On India Automobile Industry is Segmented by Vehicle Types (Two-Wheelers, Passenger Cars, Commercial Vehicles, and Three-Wheelers), by Fuel Type (Diesel, Petrol/Gasoline, Electric, CNG/LPG, and Others), and by Region (North India, East India, West India, and South India). The Report Covers the Market Size and Forecasts for the Indian Automobile Industry in Value (USD) for all the Above Segments.

The size and share of the market is categorized based on Type (HD, FHD, UHD) and Application (Commercial Vehicle, Passenger Vehicle) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

The Report Covers Global Used Car Market Projections & Outlook and it is Segmented by Vehicle Type (Hatchback, Sedan, Sports Utility Vehicles Multi-Purpose Vehicles), Vendor Type (Organized and Unorganized), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World). The report offers market size and forecasts for used cars in terms of value (USD billion) for all the above segments.

The global DM in automotive market size reached USD 10.6 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 17.5 Billion by 2033, exhibiting a growth rate (CAGR) of 5.51% during 2025-2033. The increasing adoption of digital technologies in the automotive industry, rising demand for customization, growing focus on quality enhancement and enhanced focus on research and development (R&D) activities, represent some of the key factors driving the market.

IMARC Group provides an analysis of the key trends in each segment of the global DM in automotive market report, along with forecasts at the global, regional and country levels from 2025-2033. Our report has categorized the market based on type and application.