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.

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.

Volkswagen topped the ranking with a roughly ** percent share, followed by Mercedes and BMW. Volkswagen car sales, however, have decreased in recent years. This graph shows the market shares of leading car brands in Germany thus far in 2025, based on the number of new car registrations.

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.

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.

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.

The United States automotive dealership market, valued at XX million in 2025, is projected to grow at a CAGR of 4.00% from 2025 to 2033. Key market drivers include increasing vehicle sales, growth in the used car market, and rising demand for vehicle financing and insurance services. However, the market faces restraints such as the impact of economic downturns and competition from online car sales platforms. The market is segmented by type (new vehicle dealership, used vehicle dealership, parts and services, finance and insurance), retailer (franchised retailer, non-franchised retailer), and vehicle type (passenger cars, commercial vehicles). Major industry players include AutoNation Inc., Sonic Automotive Inc., Larry H. Miller Dealerships, Staluppi Auto Group, Lithia Motors Inc., Asbury Automotive Group Inc., Hendrick Automotive Group, Group 1 Automotive Inc., Penske Automotive Group, and Ken Garff Automotive Group. The market is primarily driven by the United States region, which accounts for the majority of market share. Recent developments include: July 2022: Lithia & Driveway (LAD) continued its US expansion by buying nine dealerships in southern Florida and one in Nevada, which are expected to add nearly USD 1 billion in annual revenue for the company. LAD also announced its expansion in Las Vegas, Nevada, with the addition of Henderson Hyundai and Genesis. With this purchase, LAD becomes the sole owner of the Hyundai and Genesis stores in the greater metro area., March 2022: Group1 Automotive Inc. announced that it completed a USD 2.0 billion five-year revolvings syndicated credit facility with 21 financial institutions that will expire in March 2027 and can be expanded to USD 2.4 billion total availability. The six manufacturer-affiliated finance companies are Mercedes-Benz Financial Services USA LLC, Toyota Motor Credit Corporation, BMW Financial Services NA LLC, American Honda Finance Corporation, VW Credit Inc., and Hyundai Capital America Inc., January 2022: Penske Automotive Group expanded its presence in the Austin/Round Rock market in Texas with the grand opening of the Honda Leander. The new dealership, located in Leander, Texas, is the retailer's 14th Honda store overall and is its ninth dealership in the market., January 2022: Sonic Automotive Inc., one of the nation's largest automotive retailers, acquired Sun Chevrolet in Chittenango, New York. Sonic also acquired Caputo's three used car locations in December 2021. The Chittenango location was the only new car dealership.. Key drivers for this market are: Rapid Urbanization and Demand for Convinient Transportation. Potential restraints include: Traffic Congestion in Major Cities. Notable trends are: Rising Focus of Automotive Dealers on Enhancing Consumer Experience and Dealer Network to Drive Demand.

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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US Used Car Market Size 2025-2029

The us used car market size is forecast to increase by USD 40.2 billion at a CAGR of 4.3% between 2024 and 2029.

The used car market in the US exhibits robust growth, driven by the excellent value proposition that pre-owned vehicles offer to consumers. This market trend is further bolstered by the increasing penetration of online platforms dedicated to selling used cars, providing greater convenience and accessibility for buyers. However, the market faces regulatory challenges as stricter emission regulations limit the sale of non-compliant used cars, necessitating investments in upgrading inventory and adhering to regulatory frameworks. These hurdles, while significant, can be navigated through strategic partnerships with emission testing centers and ongoing investment in fleet modernization. Companies that effectively address these challenges and leverage the opportunities presented by the growing demand for used cars and the digital shift in sales channels will thrive in this dynamic market.

What will be the size of the US Used Car Market during the forecast period?

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In the dynamic used car market, consumers face various challenges such as car scams and fraudulent activities. To mitigate risks, car buyers turn to comprehensive car buying guides and car detailing services. A VIN number check is essential for vehicle identification and history assessment, while emissions testing ensures environmental compliance. Car sharing and subscription services offer flexible mobility solutions. Vehicle registration and title transfer processes can be streamlined through digital means, and car refurbishment and connected car technology enhance safety and convenience. Blind spot monitoring and adaptive cruise control are popular safety features, while collision avoidance systems and lane departure warning systems provide added protection. Used car logistics and online financing applications simplify the purchasing process, and extended warranties offer peace of mind. Wireless charging, smartphone integration, and vehicle diagnostics are essential features for modern cars. Sustainable mobility and car comparison tools cater to eco-conscious consumers, while car maintenance schedules and roadside assistance ensure long-term vehicle care. Remote vehicle inspection and car care tips help maintain a car's resale value, and car subscription services offer flexible ownership alternatives. Used car fraud prevention and vehicle identification technologies protect buyers from potential risks. Car safety ratings and vehicle identification numbers are crucial tools for informed decision-making.

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. Distribution Channel3P channel salesOEM channel salesProductMid sizeFull sizeCompact sizeVendor TypeOrganizedUnorganizedFuel TypeDieselPetrolGeographyNorth AmericaUS

By Distribution Channel Insights

The 3p channel sales segment is estimated to witness significant growth during the forecast period.

The used car market in the US is a dynamic and significant sector, with numerous entities shaping its activity. Used car buyers continuously seek value, leading to a high demand for pre-owned vehicles. Search engine optimization and online advertising play crucial roles in connecting buyers with sellers, whether they're private parties or car dealerships. Wholesale car lots and auctions provide inventory for dealerships, ensuring a steady supply of used cars. Fleet vehicles, often traded in for newer models, contribute to the used car inventory. Maintenance records and vehicle history reports are essential for buyers, influencing their purchasing decisions. Safety features, infotainment systems, and driver assistance are increasingly desired in used cars, especially among budget-conscious consumers and luxury car buyers. Electric and hybrid vehicles are gaining popularity, driving the demand for used models in these categories. Car negotiation, fuel economy, and vehicle valuation are essential factors in used car selling. Digital marketing, including social media, mobile apps, and data analytics, helps sellers reach a wider audience. Certified pre-owned vehicles, reconditioned cars, and consignment sales offer buyers additional options and peace of mind. Car financing, vehicle inspections, and warranties are essential components of the used car buying process. Autonomous driving technology and car pricing trends continue to evolve, impacting the used car market. As the average ownership cycle shortens, the market will see an increase in the availability of used cars, making it an exciting and ever-changing landscape for both buyers and sellers.

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The classic car market is projected to reach a value of 55.73 billion by 2033, exhibiting a CAGR of 6.45%. The market is driven by increasing disposable income, rising interest in classic cars as investment vehicles, and the popularity of classic car shows and events. The growing number of enthusiasts and collectors is fueling demand for rare and unique classic cars. The market is also supported by the increasing availability of restoration and maintenance services, which helps preserve the value of classic cars. Key trends in the classic car market include the rising popularity of online auctions, the increasing use of social media to promote and sell classic cars, and the emergence of new markets, such as China and India. The market is also seeing a shift toward electric and hybrid classic cars, as well as a growing interest in classic SUVs and trucks. The market is dominated by a few key players, such as Barrett-Jackson, Mecum Auctions, and RM Sotheby's, which account for a significant share of the global classic car auction market. Key drivers for this market are: 1 Rising Popularity Among Millennials and Gen Z2 Increasing Demand for Electric Classic Cars3 Growing Investment Opportunities in Classic Car NFTs4 Expansion of Classic Car Museums and Events5 Government Support for Heritage Preservation. Potential restraints include: 1 Rising demand for vintage vehicles2 Increasing affluence in emerging markets3 Limited supply of classic cars4 Technological advancements in restoration5 Growth of online classic car marketplaces.

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...

Global Automotive market size 2025 is $4285.8 Billion whereas according out published study it will reach to $6900.3 Billion by 2033. Automotive market will be growing at a CAGR of 6.134% during 2025 to 2033.

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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 Connected Car Market size was valued at USD 101.20 billion in 2023 and is projected to reach USD 244.05 billion by 2032, exhibiting a CAGR of 13.4 % during the forecasts period. This upswing is fueled by the increasing adoption of smart technologies, rising concerns over vehicle safety and security, and the escalating demand for personalized driving experiences. Government initiatives promoting connected car technologies further contribute to market expansion. Connected cars represent the integration of internet-connected technology into automobiles, revolutionizing transportation. These vehicles offer enhanced safety features, real-time navigation, and remote diagnostics. They facilitate seamless communication between vehicles, infrastructure, and external services, optimizing traffic flow and reducing congestion. Through IoT sensors and advanced analytics, connected cars gather data on driving patterns, allowing for personalized services and predictive maintenance. Recent developments include: In April 2023, CEREBRUMX announced a strategic investment from BlackBerry Limited to expand its portfolio of connected car data products. This agreement enables CerebrumX to broaden its data gathering and analyzing services while utilizing BlackBerry's cloud-connected automotive AI platform, IVY. CerebrumX can perform intense data processing instantly at the car edge by integrating BlackBerry IVY, providing real-time insights for automakers and other ecosystem suppliers. , In March 2023, Aeris acquired Ericsson's IoT Accelerator and Connected Vehicle Cloud businesses and related assets. This acquisition strengthens Aeris' Connected Vehicle business, allowing them to assist numerous Automotive OEMs in deploying, monetizing, and advancing their connected vehicle programs. By merging these businesses, Aeris has created one of the largest IoT-first connectivity management service platforms globally. Together with its network of partners, Aeris aims to deliver innovative IoT solutions that drive digital transformation, enhance operational efficiency, and enhance customer satisfaction for enterprises worldwide. , In January 2023, EPAM Systems, in partnership with Renesas Electronics Corporation, launched the "AosEdge" platform, a vehicle-to-cloud (V2C) solution that advances connected car development. This platform enables more efficient delivery of in-vehicle software and simplifies the operation of different software elements within the same environment. It empowers original equipment manufacturers (OEMs) to develop software-defined vehicles, combining EPAM's digital platform expertise with Renesas' embedded automotive software technology. The AosEdge platform provides a comprehensive software infrastructure for vehicles connecting to the cloud. , In May 2022, ECARX and COVA Acquisition Corp. announced a merger agreement. The firm specializes in developing hardware and software solutions for connected, automated, and electrified mobility to meet the changing needs of the worldwide automobile industry. ECARX is well-positioned to gain from the move to electric platforms, connected automobiles, and autonomous driving technology. ECARX can offer a full product roadmap and construct an automotive technology platform that effectively satisfies customer needs by collaborating strategically with original equipment manufacturers (OEMs) from the early phases of vehicle development. , In February 2022, Mojio launched an innovative program to assist automobile Original Equipment Manufacturers (OEMs) in planning to close 3G cellular networks. This closure will impact many American drivers and may cause essential telematics-based emergency services to be disrupted. Mojio has improved its 4G-connected car service and established the 4G Upgrade Program to address this. , In January 2022, Amazon.com, Inc. collaborated with Stellantis NV to transform the in-vehicle experience for multiple Stellantis clients and accelerate the automotive sector towards a software-driven economy. This collaboration aims to integrate Amazon Devices, Amazon Web Services (AWS), and Amazon Last Mile into Stellantis' operations. Stellantis NV plans to expedite its transformation into an environmentally friendly mobility technology company by embracing Amazon's technology and software expertise. The partnership will include various areas, such as vehicle development, connected in-car experiences, and training future generations of automotive software developers. .

The global sports car market size was valued at 674.52 million in 2025, and is projected to reach 776.91 million by 2033, growing at a CAGR of 1.9% from 2025 to 2033. The increasing demand for high-performance vehicles, growing disposable income, and rising urbanization are the key factors driving the growth of the market. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period due to the increasing purchasing power of consumers and the growing popularity of sports cars in countries such as China and India. The sports car market is segmented based on body style, engine type, drive type, performance, and fuel type. The coupe segment is expected to account for the largest share of the market throughout the forecast period. The naturally aspirated engine type is expected to remain the most popular choice among consumers. The rear-wheel drive segment is projected to dominate the market, followed by the all-wheel drive segment. The 0-60 mph in under 4 seconds segment is expected to witness the highest growth rate during the forecast period. The gasoline fuel type is expected to continue to dominate the market, followed by the hybrid fuel type. Key drivers for this market are: 1 Growing demand for luxury and high-performance vehicles2 Technological advancements in electric and hybrid sports cars3 Expanding markets in emerging economies4 Increasing popularity of motorsport events5 Rising disposable income among affluent consumers. Potential restraints include: 1 Increasing demand for personalized and high-performance vehicles2 Growing popularity of electric and hybrid sports cars3 Rising disposable income in emerging markets4 Advancements in technology and safety features5 Increasing awareness of environmental sustainability.

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 size of the NA Internet of Cars market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 24.50% during the forecast period.The Internet of Cars is also known as the Internet of Vehicles or IoV. It involves connecting a vehicle with other vehicles and infrastructure and to the internet. This technology provides for the real-time exchange and communication of data and, in turn, creates many applications.IoC technology is a revolutionary technology for the automotive industry. It can increase safety through features such as autonomous emergency braking, collision avoidance systems, and blind spot detection. It also increases traffic efficiency by providing real-time traffic information, optimized routing, and connected vehicle platooning. Additionally, it improves the driving experience with features such as remote diagnostics, over-the-air software updates, and personalized infotainment systems.North American Internet of Cars market has a large presence in the global landscape of IoC. This region possesses good automotive infrastructure, robust networks, and a strong automobile sector, as well as very high penetration rates for connectivity technologies. Increasing connectivity between vehicles, government incentives that promote autonomous driving, and demand for ADAS propel the market. Recent developments include: October 2021 - Kia America has rebranded its long-standing in-vehicle and app-based telematics system from "UVO" to "Kia Connect" in line with the direction of the new future-oriented brand of automakers centered on electrification. The renaming emphasizes the importance of connectivity. Since the 2022 model, one or more configurations of each Kia vehicle will have access to Kia Connect. The brand has increased the number of connected cars 40-fold from 15,000 in 2018 to an estimated 600,000 by the end of 2021.. Key drivers for this market are: Increasing Demand for Data Storage and Adoption of Cloud Computing, Need for High Speed Data Transfer; Increasing Demand of Fabric Switches. Potential restraints include: Security issues. Notable trends are: North American Market is expected to be driven by Vehicle Safety Norms.

The size of the Automotive Data Monetization Market was valued at USD 0.39 Million in 2023 and is projected to reach USD 4.36 Million by 2032, with an expected CAGR of 41.16% during the forecast period. The automotive data monetization market refers to the process of generating revenue from the vast amount of data generated by modern vehicles equipped with advanced sensors, telematics systems, and connected technologies. As vehicles become more digitized, they produce a wealth of data related to vehicle performance, driver behavior, navigation, and maintenance needs. This data can be valuable to various stakeholders, including automakers, insurance companies, fleet management firms, and technology providers. Monetizing this data involves using it for purposes such as predictive maintenance, personalized insurance, targeted advertising, and enhancing in-car services like infotainment and navigation. Automakers can offer these insights to third-party businesses or use them internally to improve vehicle design, performance, and customer experience. The growing adoption of connected cars and electric vehicles (EVs) is driving the expansion of the automotive data monetization market. Recent developments include: January 2024: Cox Automotive, an automotive services and technology provider fueled by first-party data fed by 2.3 billion online interactions a year, invested around USD 100 million to revolutionize the vehicle transport industry through technology. Cox Automotive is a data-driven business whose data strategy is to uncover new opportunities to monetize existing data. The investment will transform the company's brand, Central Dispatch, into a fully integrated automotive transportation marketplace that gives clients the data and insights they need to take control of their supply chains and better compete in the automotive ecosystem., August 2023: CARUSO partnered with Renault Group to enable CARUSO's customers to access vehicle data, including mileage or geo-position, without the need to install any additional device. The data is 100% in compliance with GDPR and, hence, protects the fleet owner's or driver's privacy. The data is available for all Renault Group models.. Key drivers for this market are: Growth in V2X and Other Forms of Vehicular Connectivity Provides a Good Platform for the Monetization of Data, The Automotive Industry is Gradually Warming up to the Use of Data for Decision-making in Terms of Customer Experience and Support; Favorable Advancements in the Field of Digital Transformation. Potential restraints include: Continuous Recurring Expenditure. Notable trends are: Favorable Advancements in the Field of Digital Transformation to Drive the Market.

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.