In 2024, the ranking of the world’s largest car brands was topped by Toyota with a market share of around **** 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 **** million vehicles in 2024, meaning that Volkswagen Group's sales tally is over **** 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 **** million units sold. It was followed by the United States and Europe. China was also the leading passenger car producing country in 2023.

The Volkswagen Group accounted for over ******* of new car registrations in the European market between January and December 2024. That year, the automaker sold some *** million units, roughly *** 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 ** 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 ** percent to roughly ** million units. Sales began to tank mid-March, amid the coronavirus pandemic in Europe. Year-on-year sales were still down ** percent in May 2020, but car sales began to bounce back as economies reopened. Month-on-month sales more than ******* 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.

In 2024, Ford was the second most popular car brand in the United Kingdom after Volkswagen. The Detroit-based company sold some ******* vehicles in the UK and reached a market share of about *** percent that year. Volkswagen held some *** 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 ** 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 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 Omani passenger car market increased by 0.8% to $2.8B, rising for the seventh consecutive year after two years of decline. Overall, consumption, however, saw a noticeable reduction. Passenger car consumption peaked at $284.8B in 2015; however, from 2016 to 2024, consumption remained at a lower figure.

Global car and automobile manufacturers have faced numerous challenges over the past decade, given major exogenous shocks, shifting consumer preferences and supply chain disruptions. In particular, significant technological improvements, particularly regarding hybrid and electric vehicles, internal combustion engine fuel efficiency, infotainment development and autonomous driving capabilities, coupled with rising per capita disposable income, have spurred global demand from the growing global middle class. Additionally, strong economic recoveries in most developed and emerging nations following the pandemic have spurred climbing motorization rates and vehicle registrations. Overall, revenue has climbed at an expected CAGR of 1.0% to $2.9 trillion through the current period, including a 2.5% jump in 2025. Profit will climb to 4.7% at the end of the current period as hybrid and electric models perform better and input costs wane. Aluminum and steel are significant inputs for most automakers. Most input manufacturers cut production amid the pandemic, leaving automakers with supply chain shortages and long lead times, especially as automotive demand rebounded following the pandemic. Semiconductors and other integral electronic component manufacturers also failed to meet automaker's demand, exacerbating supply chain issues. Despite these issues, manufacturers have successfully pushed costs onto consumers, expanding profit. Even so, flourishing demand has enabled most automakers to begin recoveries. Many companies have also expressed greater supply chain oversight following disruptions, leading to more nearshoring, vertical integration and strategic partnerships and alliances. Even so, labor strikes, union demands and lingering economic uncertainty have contributed to volatility. Revenue for automakers will swell at an expected CAGR of 2.2% to $3.2 trillion through the outlook period as the industry rides climbing global per capita income and continued growth in developing economies. Global manufacturers will continue to invest heavily in technology and innovation, making waves with new electric and autonomous driving technologies. Companies will also lean on government support regarding electric and hybrid vehicle technology. Even so, tariff policies may restrict many facets of trade, preventing automakers from purchasing some foreign inputs or seamlessly accessing certain export markets.

The North American automotive industry, valued at $0.99 million in 2025 (assuming this figure represents a segment of the overall market, not the total), is projected to experience robust growth, driven by several key factors. A Compound Annual Growth Rate (CAGR) of 5.43% from 2025 to 2033 suggests a significant expansion in market size over the forecast period. This growth is fueled by increasing consumer spending on vehicles, particularly in passenger cars and light commercial vehicles, spurred by economic recovery and favorable financing options. The rising adoption of electric and hybrid vehicles, coupled with advancements in autonomous driving technology, represents a significant trend shaping the industry's trajectory. However, challenges remain, including supply chain disruptions which continue to impact production and pricing, rising raw material costs, and evolving consumer preferences that demand greater fuel efficiency and sustainable manufacturing practices. The market segmentation reveals significant variation in growth across vehicle types, with passenger cars and light commercial vehicles potentially outpacing growth in heavier commercial vehicles and two-wheelers due to differing economic sensitivities and technological advancements. Geographic distribution also plays a significant role, with the United States likely dominating the market share given its larger economy and vehicle ownership trends compared to Canada and the rest of North America. Major players like Fiat Chrysler Automobiles, General Motors, Ford, Toyota, and Tesla are strategically positioning themselves to capitalize on these emerging trends, investing heavily in electric vehicle (EV) development, innovative technologies, and sustainable manufacturing. The competitive landscape is fierce, with ongoing mergers, acquisitions, and strategic partnerships shaping the industry's structure. The forecast period will likely witness a consolidation of market share amongst the larger players, potentially leading to some smaller manufacturers exiting the market or being acquired. Furthermore, government regulations promoting clean energy and reducing emissions will significantly impact the industry's product offerings and manufacturing processes in the coming years. The consistent growth projected indicates a positive outlook, but the industry must adapt proactively to the challenges to maintain its momentum. This comprehensive report provides a detailed analysis of the North America automotive industry, encompassing the historical period (2019-2024), base year (2025), and forecast period (2025-2033). The study covers passenger cars, light commercial vehicles (LCVs), medium and heavy commercial vehicles (M&HCVs), and two-wheelers across the United States, Canada, and the Rest of North America. With a focus on market size (in million units), key players, and emerging trends, this report is an essential resource for businesses, investors, and policymakers seeking to understand this dynamic sector. Search terms used include: North America automotive market, automotive industry trends, electric vehicle market, commercial vehicle sales, passenger car sales, US automotive industry, Canadian automotive market. Recent developments include: July 2022: Cadillac unveiled the Celestiq show car, a vision of innovation that previews the brand's future handcrafted and all-electric flagship sedan. The Ultium-based electric show car previews some of the materials, innovative technologies, and hand-crafted attention to detail harnessed to express Cadillac's vision for the future., July 2022: Amazon began deploying its custom electric delivery vehicles from Rivian for package delivery, with the electric vehicles hitting the road in Baltimore, Chicago, Dallas, Kansas City, Nashville, Phoenix, San Diego, Seattle, and St. Louis, among other cities., January 2022: Tesla Inc. had a supply agreement with Talon Metals Corp., a subsidiary of Talon Nickel LLC, for the supply of nickel. This agreement will lead to the production of battery material from mine to battery cathode in order to make the electric vehicle battery more eco-friendly.. Key drivers for this market are: Growing Travel and Tourism Industry is Driving the Car Rental Market. Potential restraints include: Increasing Popularity of Ride-Sharing Services Pose Challenges for the Conventional Car Rental Market. Notable trends are: Rising Electric Mobility to Drive Demand in the Market.

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...

Global automobile market was valued at USD 23518.73 Billion in 2024 and is predicted to reach USD 34217.73 Billion by 2034, with a CAGR of 3.6% between 2025 and 2034.

Maruti Suzuki had the leading share in the passenger car market across India in the year 2024 with more than ** percent. The top four players held approximately ** percent of the market share. This was predominantly due to brand loyalty and new launches. Kia Motors India Beating these odds was Kia Motors which entered the Indian market in the second half of 2019. With special utility vehicles (SUV), the company saw a considerable increase in sales. Within a short span, the company outperformed its well-established foreign competitors, including German-based Volkswagen, Toyota, and Honda. Slowdown of the passenger vehicle segment Despite the company’s success, the industry overall witnessed a double-digit decline in the sales volume of passenger cars between 2020 and 2022. This was presumably due to new emission standards, a general slowdown in the economy, and the coronavirus (COVID-19) outbreak. Since 2023, the sales volume started to slowly climbing back to pre-pandemic level.

The global luxury car market, valued at $482.74 billion in 2025, is projected to experience robust growth, driven by a compound annual growth rate (CAGR) of 6.56% from 2025 to 2033. This expansion is fueled by several key factors. Firstly, rising disposable incomes in emerging economies, particularly in APAC regions like China and Japan, are significantly increasing the demand for premium vehicles. Secondly, technological advancements, including the integration of advanced driver-assistance systems (ADAS), electrification, and connectivity features, are enhancing the luxury car ownership experience, attracting a broader customer base. The shift towards electric vehicles (EVs) within the luxury segment presents both opportunities and challenges. While EV adoption is increasing due to environmental concerns and government incentives, the higher initial cost of EVs compared to traditional internal combustion engine (ICE) vehicles remains a restraint. The market is segmented by product type (executive luxury cars and super luxury cars) and propulsion system (ICE and EV). Competition is fierce, with established automakers like Mercedes-Benz, BMW, and Audi vying for market share alongside emerging EV players like Tesla and luxury brands such as Ferrari and Aston Martin. These companies employ various competitive strategies, including technological innovation, branding, and strategic partnerships, to maintain their market positions. Regional variations in growth rates are expected, with APAC anticipated to lead due to its expanding middle class and increasing preference for luxury goods. Europe and North America will also continue to hold substantial market share, driven by established consumer demand. The industry faces risks including global economic fluctuations, supply chain disruptions, and the ongoing transition to sustainable mobility. The luxury car market’s success hinges on the ability of manufacturers to balance technological innovation with the preservation of their brand's heritage and exclusivity. The increasing focus on sustainability and the integration of advanced technology necessitate strategic investments in research and development. The rise of subscription services and new mobility solutions could also transform the way luxury cars are accessed and utilized. While the market faces challenges, its growth trajectory is undeniably positive, with continued opportunities for established players and emerging entrants to carve out their niche. Market leadership will likely depend on the successful navigation of evolving consumer preferences, technological advancements, and global economic conditions.

The South America Passenger Cars Market is segmented by Vehicle Configuration (Passenger Cars), by Propulsion Type (Hybrid and Electric Vehicles, ICE) and by Country (Argentina, Brazil). 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.

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 disrupti...

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The automotive market share in GCC is expected to increase by 346.37 thousand units from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.74%.

This automotive market in the GCC research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the automotive market in GCC segmentations by type (passenger cars and commercial vehicles) and geography (Saudi Arabia, UAE, Kuwait, and Others). The automotive market in GCC report also offers information on several market vendors, including BMW AG, Daimler AG, General Motors Co., Hyundai Motor Co., Kia Motors Corp., Mitsubishi Motors Corp., Nissan Motor Co. Ltd., Stellantis NV, Toyota Motor Corp., and Volkswagen AG among others.

What will the Automotive Market Size in GCC be During the Forecast Period?

Download the Free Report Sample to Unlock the Automotive Market Size in GCC for the Forecast Period and Other Important Statistics

Automotive Market in GCC: Key Drivers, Trends, and Challenges

The growing investment in smart cities is notably driving the automotive market growth in GCC, although factors such as the shutdown of manufacturing and production units may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive industry in GCC. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Automotive Market Driver in GCC

One of the key factors driving the automotive market growth in GCC is the growing investment in smart cities driven by growing urbanization, which has resulted in the continuous expansion of urban areas, leading to a shortage of land availability.
According to the World Bank Group estimates, the share of the urban population is expected to reach 90% of the total population by 2050 in the GCC. Hence, the concept of smart cities is gaining momentum globally. For instance,

  In June 2020, Huawei and Smart City Solutions Company (SC2), a leading Saudi Arabian service provider and operator and part of the Batic Group, signed an agreement to collaborate on smart city projects in Saudi Arabia.


Smart cities will provide smarter solutions that can be deployed to reduce the strain due to urban population growth; these solutions will include the introduction of energy-efficient road networks leading to efficient public transportation systems.
The growing momentum of smart cities and massive investments in their development are expected to spur the growth of the automotive market in GCC during the forecast period.

Key Automotive Market Trend in GCC

Another key factor driving automotive market growth in GCC is the technological advances in EVs.
The growing adoption of EVs is offering new opportunities for different stakeholders, such as system integrators, vehicle manufacturers, engine manufacturers, and component providers.
Consumers have become aware and started understanding the benefits of EVs and the government is supporting the trend with incentives.
EV vendors will be trying to cater to the increasing demand and provide better options during the forecast period.
Vendors are investing more time and energy in R&D and coming up with better models of EVs. For instance;

  In December 2021, General Motors announced its plan to launch 15 EVs in the GCC by 2025.


These factors are expected to positively impact the market in focus during the forecast period.

Key Automotive Market Challenge in GCC

One of the key challenges to the automotive market growth in GCC is the shutdown of manufacturing and production units as the COVID-19 pandemic severely affected this sector, especially in 2020 and early 2021.
Various countries had imposed nationwide lockdown to stop the spread of the disease and had also stopped cross-border trade. This resulted in an increase in the price of raw materials and components required for manufacturing vehicles.
The absence of customer footfalls across automobile showrooms, owing to the implementation of stringent lockdowns, resulted in the shutdown of automobile production units in the region.
Such factors are expected to negatively impact the growth of the automotive market in GCC during the forecast period as well.

This automotive market in GCC analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the automotive market in GCC as a part of the global automotive market. Our research report has extensively covered external fac

The global automotive vehicle market is experiencing robust growth, projected to reach a substantial market size. While precise figures for market size and CAGR are not provided, leveraging industry knowledge and reports, we can reasonably estimate a significant expansion. Consider the following: The market's growth is driven by factors such as increasing disposable incomes in developing economies, a rising global population, the expansion of urban infrastructure, and advancements in vehicle technology—including electric vehicles (EVs) and autonomous driving systems. These trends are transforming the automotive landscape, fueling demand across various vehicle segments, particularly cars, SUVs, and light commercial vehicles. However, the market faces challenges such as fluctuating fuel prices, stringent emission regulations, and supply chain disruptions. The segments showing the most significant growth are likely to be SUVs and EVs, driven by consumer preference for larger vehicles and environmental concerns. Geographic expansion is also a key factor; emerging markets in Asia and Africa present considerable growth opportunities, although mature markets in North America and Europe remain crucial. The automotive sector is highly competitive, with major players such as Toyota, Volkswagen, Daimler, Ford, and General Motors vying for market share. These companies are investing heavily in research and development to innovate and adapt to changing consumer preferences and environmental regulations. Strategic alliances, mergers, and acquisitions are also prevalent, shaping the competitive dynamics within the sector. The projected market growth, while subject to economic fluctuations, indicates a positive outlook for the automotive industry over the coming years. The ongoing transition towards electric and autonomous vehicles presents both opportunities and challenges, requiring manufacturers to invest in new technologies and adapt their business models to remain competitive in this evolving market. Analyzing the various segments—cars, buses, trucks, and motorcycles—and their applications across household and commercial sectors is crucial to understanding the diverse dynamics within the global automotive vehicle market. Further segmentation by region provides a granular view of growth potential and regional differences in market trends.

Indonesia Used Car Market is Segmented by Vehicle Type (Hatchback, Sedan, Sport Utility Vehicle (SUV), and Multi-purpose Vehicle (MPV)), Booking Channel (Online, OEM Certified/Authorized Dealerships, and Multi-Brand Dealerships), Financing Providers (OEMs, Banks, and Non-Banking Financial Companies), and Province (West Java, East Java, Central Java, North Sumatra, Banten, and Other Provinces). The report offers market size and forecasts for all the above segments in value (USD).

The North America Market Report is Segmented by Vehicle Type (Sedan, SUV/Crossover, and More), Drive Type (Internal Combustion Engine (ICE), Battery-Electric, and More), Price Band (Premium 50k–100k USD, Upper-Premium 100k–200k USD, and More), Sales Channel (Franchised Dealer, Direct-To-Consumer, and More), and Country (United States, Canada, and More). The Market Forecasts are Provided in Terms of Value (USD) and Volume (Units).

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Connected Car Market Size 2024-2028

The connected car market size is forecast to increase by USD 341.72 billion at a CAGR of 36.5% between 2023 and 2028.

The market is experiencing significant growth, driven by the increasing penetration of the internet and the subsequent integration of connected technologies into automobiles. This trend is evident in the rising number of vehicle launches equipped with advanced features such as real-time traffic updates, remote diagnostics, and over-the-air software updates. However, the market is not without challenges. Design complexity and technological advancements pose significant hurdles for manufacturers, requiring substantial investments in research and development.
To capitalize on this market opportunity, companies must navigate these challenges effectively by collaborating with technology partners, investing in robust cybersecurity measures, and prioritizing user experience. By doing so, they can differentiate themselves in a competitive landscape and meet the evolving demands of tech-savvy consumers.

What will be the Size of the Connected Car Market during the forecast period?

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The market is experiencing significant growth as car manufacturers and technology companies integrate advanced features to enhance the driving experience. autonomous cars are at the forefront of this trend, with connectivity solutions becoming increasingly essential for optimal performance. Vehicle downtime is minimized through real-time communication between vehicles and online platforms, enabling seamless network technology integration. Service providers play a vital role in this ecosystem, offering solutions for vehicle infotainment and safety features such as lane-keep assist and blind spot detection.
The aftermarket also benefits from this evolution, with car manufacturers partnering with technology companies to develop innovative solutions. V2V communication is another emerging trend, enabling vehicles to communicate with each other for improved safety and performance. Overall, the market is transforming the automotive industry, with technology companies and service providers playing pivotal roles in shaping its future.

How is this Connected Car Industry segmented?

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

Connectivity

  4G/LTE
  5G
  Satellite
  Wi-Fi


End-user

  OEM
  Aftermarket


Application

  Telematics
  Infotainment
  Driver Assistance
  Mobility Management


Vehicle Types

  Passenger Cars
  Commercial Vehicles
  Electric Vehicles


Geography

  North America

    US
    Canada
    Mexico


  Europe

    France
    Germany
    Italy
    Spain
    UK


  Middle East and Africa

    UAE


  APAC

    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Connectivity Insights

The embedded solutions segment is estimated to witness significant growth during the forecast period.

In the evolving automotive industry, telematics and connected car technologies have become integral components of in-vehicle infotainment systems. These systems offer entertainment, navigation, communication, security, and Internet-based services to consumers. OEMs collaborate with technology companies to integrate these features, with Apple CarPlay available through aftermarket infotainment offerings. Hyundai Blue Link and GM's MyLink and IntelliLink systems support third-party applications. Moreover, safety features such as collision warning, lane assistance, blind spot detection, and advanced diagnostics are increasingly being incorporated into these systems. Fleet management and vehicle production companies leverage telematics for real-time communication, predictive technology, and maintenance cost reduction.

Legislative policies mandate the integration of safety features like collision warning and lane assistance. Autonomous cars and ADAS (Advanced Driver Assistance Systems) are expected to further revolutionize the automotive industry. The transition phase towards these technologies necessitates the adoption of advanced processors, sensors, and network technology. Connected car services like connected car, GPS tracking, and maintenance schedule management are becoming essential for consumers. With the increasing popularity of autonomous vehicles, the aftermarket for connected car services is expected to grow significantly. The 5G Automotive Association is working on increasing data transfer speed for connected cars, ensuring seamless integration of these technologies.

The role of predictive technology and Internet service providers in providing advanced connected car services cannot be overlooked. Smartphones and sensors pl

The global coil car market is experiencing robust growth, driven by the increasing demand for efficient material handling in heavy industries, particularly steel mills and automobile manufacturing. The rising production of steel and automobiles, coupled with the need for optimized logistics and reduced transportation costs, is fueling the adoption of coil cars. Technological advancements in coil car design, such as improved load capacity, enhanced safety features, and integration of smart technologies for real-time monitoring, are further contributing to market expansion. The market is segmented by application (heavy industry, automobile industry, steel mills, others) and type (rail car, transfer car, others). While heavy industry and steel mills currently dominate the application segment, the automobile industry is projected to show significant growth in the coming years due to increasing vehicle production globally. The rail car segment holds a larger market share among the types, owing to its suitability for long-distance transportation of large volumes of coils. Geographically, North America and Asia-Pacific are key regions driving market growth, fueled by significant investments in infrastructure development and the presence of major steel and automobile manufacturers. However, stringent environmental regulations and high initial investment costs pose challenges to market expansion. Competition among established players, including FreightCar, Mitsui Rail Capital, and others, is intense, leading to innovation and continuous improvement in coil car technology. The forecast period (2025-2033) anticipates sustained growth, with a projected compound annual growth rate (CAGR) exceeding 5%, largely driven by ongoing industrialization and infrastructural developments in emerging economies. The competitive landscape is characterized by both established global players and regional manufacturers. Larger companies benefit from economies of scale and established distribution networks, while smaller companies often focus on niche applications or specialized designs. Future market growth will likely be influenced by factors such as government policies supporting infrastructure development, technological innovations enhancing coil car efficiency and safety, and the fluctuating demand within the steel and automotive industries. Strategic partnerships and mergers and acquisitions are expected to play a significant role in shaping the market structure and expanding the reach of key players. The market's future trajectory hinges on a delicate balance between satisfying the increasing demand for efficient material handling and navigating the challenges of environmental regulations and fluctuating raw material prices.

Automobile engine and parts manufacturers produce gasoline and diesel-powered engines and parts. The industry primarily consists of vertically integrated automobile manufacturers and large companies providing engines that fill supplementary contracts for automakers and aftermarkets. Manufacturers are highly globalized, benefiting from international supply chains and global demand. Even so, volatile economic conditions, skyrocketing input costs, worker strikes and massive pressure from both foreign manufacturing powers and electric vehicles have slammed revenue and profit growth. However, falling rates, rebounding economic conditions and easing supply chains have created positive tailwinds. Overall, revenue for automobile engine and parts manufacturers has expanded at an expected CAGR of 1.2% to $42.2 billion through the current period, despite a 0.8% decline in 2025, where profit reached 3.1%. Increased environmental consciousness and high fuel prices have pushed consumers to reevaluate owning gasoline-powered cars. The federal government has also provided subsidies to electric vehicle producers and consumers purchasing EVs to facilitate the shift from fossil fuels. Gasoline-powered engine and parts manufacturers have prioritized more efficient engines to combat EV production and meet efficiency standards. Many companies have also automated to cut costs as substitute products squeeze revenue and profit opportunities. On the other hand, higher steel and aluminum prices pressured purchasing costs, though most manufacturers successfully leveraged globalized supply chains or vertical integration to remain profitable. The economy's recovery will also rejuvenate demand; consumers will have more disposable income to purchase new vehicles, get repairs and take road trips. Normalizing input costs will also enable profit growth while improving trade conditions will facilitate export growth and dampen import penetration. Even so, external competitors, namely electric vehicles and improved public transportation infrastructure, will remain major threats to sustained revenue growth. Overall, revenue will rebound at an estimated CAGR of 2.0% to $46.6 billion through the outlook period.