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.

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

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 fiscal year 2025, two-wheelers had the highest share in the automotive industry across India by volume, more than 72 percent. During the same year, India produced close to 24 million two-wheelers.

Automotive Market Outlook

According to our latest research, the global automotive market size reached USD 3.1 trillion in 2024, with a compound annual growth rate (CAGR) of 4.2% projected through 2033. By the end of this forecast period, the market is expected to attain a value of USD 4.5 trillion. This robust growth is primarily driven by technological advancements, the rapid adoption of electric vehicles, and evolving consumer preferences towards sustainable mobility solutions.

One of the most significant growth factors in the automotive market is the accelerating shift towards electrification. The increasing concerns over environmental sustainability and stringent emission regulations imposed by governments worldwide have compelled automakers to invest heavily in electric vehicle (EV) development. The proliferation of battery technologies, coupled with declining battery costs, has made EVs more accessible to a broader consumer base. This transition is further bolstered by supportive government policies, such as tax incentives and subsidies for EV buyers, as well as the expansion of charging infrastructure. As a result, electric vehicles are not only reshaping product portfolios but are also influencing supply chains and manufacturing processes across the industry.

Another critical driver for the automotive market is the integration of advanced electronics and digital technologies. The rise of connected vehicles, autonomous driving features, and sophisticated infotainment systems has transformed the traditional automobile into a smart mobility platform. Consumers now demand enhanced safety features, real-time navigation, and seamless connectivity, prompting manufacturers to invest in research and development for next-generation automotive electronics. Furthermore, the emergence of artificial intelligence (AI), machine learning, and the Internet of Things (IoT) in vehicle systems is creating new revenue streams and business models, such as mobility-as-a-service (MaaS) and over-the-air (OTA) software updates.

In addition to electrification and digitization, the automotive market is experiencing growth due to the rising demand for personal mobility and the recovery of global supply chains post-pandemic. Urbanization and increasing disposable incomes in emerging economies have spurred the sales of passenger cars and two-wheelers. Meanwhile, the commercial vehicle segment is benefiting from the surge in e-commerce and logistics activities, necessitating efficient transportation solutions. The aftermarket segment is also gaining traction, driven by the growing vehicle parc and consumer inclination towards vehicle customization and maintenance.

Regionally, the Asia Pacific continues to dominate the global automotive market, accounting for the largest share in both production and sales. This dominance is attributed to the presence of major automotive manufacturing hubs in China, Japan, India, and South Korea, as well as a rapidly expanding middle-class population. North America and Europe remain key markets due to their technological leadership and high adoption rates of advanced automotive technologies. However, regions such as Latin America and the Middle East & Africa are emerging as lucrative markets, fueled by infrastructure development and favorable government initiatives aimed at boosting local automotive industries.

Vehicle Type Analysis

The vehicle type segment of the automotive market is highly diversified, encompassing passenger cars, commercial vehicles, electric vehicles, two-wheelers, and other specialized vehicles. Passenger cars continue to represent the largest share of the market, driven by increasing urbanization, rising disposable incomes, and evolving consumer preferences for personal mobility. The global demand for passenger cars is particularly strong in emerging economies, where a growing middle class is seeking affordable and reliable transportation options. Automakers are responding by introducing a

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 *** million GM vehicles, making General Motors the producer of approximately **** 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 ***** million light vehicles between January and December 2024. This compares to about **** million units one year before and close to ** 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 ** 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 **** 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 eighth in this quality ranking but sixth in overall U.S. consumer satisfaction in 2024, with an index score ***** 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 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.

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

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

Market Dynamics of Automotive Research And Development Services Market

Key Drivers for Automotive Research And Development Services Market

Growing Demand for Advanced Vehicle Technologies to Boost Market Growth

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

Government Regulations and Sustainability Initiatives to Drive Market Growth

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

Restraint Factor for the Automotive Research And Development Services Market

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

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

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

Covid-19 pandemic significantly impacted the Automotive Research and Development Services Market by causing 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

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Automotive Service Market Size 2025-2029

The automotive service market size is forecast to increase by USD 457.3 billion, at a CAGR of 8.5% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing vehicle population and the ongoing digitization and electrification trends in the industry. The expanding vehicle base presents a substantial opportunity for service providers, as routine maintenance and repairs remain essential for ensuring the longevity and safety of vehicles. Moreover, the shift towards digitization and electrification is transforming the automotive landscape, with advanced technologies such as telematics, connectivity, and autonomous systems increasingly shaping the service requirements. However, the market faces challenges that necessitate strategic planning and adaptability. Uncertainty in the industry, particularly due to regulatory changes, economic fluctuations, and evolving consumer preferences, poses a significant risk for market participants.
Additionally, the increasing complexity of vehicles, driven by digitization and electrification, demands a high level of expertise and investment in technology and training for service providers. To capitalize on opportunities and navigate challenges effectively, companies must focus on innovation, collaboration, and flexibility, ensuring they stay ahead of the curve in this dynamic and evolving market.

What will be the Size of the Automotive Service Market during the forecast period?

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The market continues to evolve, with dynamic market activities unfolding across various sectors. Fleet maintenance remains a significant focus, as businesses seek to optimize their vehicle fleets for maximum efficiency and productivity. Steering system repair and drivetrain repair are crucial services, ensuring the smooth operation of vehicles and minimizing downtime. Timing belt replacement and emission system repair are essential for maintaining engine performance and complying with regulatory requirements. Reputation management is increasingly important in the competitive automotive service landscape, with customer satisfaction a key differentiator. Alternator replacement, tire rotation, and A/C repair are common services that impact customer experience and loyalty.

Mobile repair services offer convenience, while engine repair and struts replacement address critical vehicle issues. Service contracts, brake pad replacement, and diagnostic scanners provide value-added services, enhancing customer offerings and shop efficiency. Light bulb replacement and wiper blade replacement are routine services that contribute to overall vehicle maintenance. Exhaust system repair, heating system repair, and electrical system repair address specific vehicle needs. Parts sourcing, ADAS calibration, and paint repair require specialized tools and expertise. Preventive maintenance, fuel system repair, and transmission service ensure vehicle longevity and reduce repair costs. Specialized tools and shop management software streamline operations and improve labor rates.

Market trends include the integration of technology, such as online scheduling, roadside assistance, and performance tuning. Mechanic certification and technician training ensure a skilled workforce, while recall repair and oxygen sensor replacement address safety concerns. Warranty repair and spark plug replacement address manufacturer issues. In the evolving market, continuous adaptation and innovation are essential to meet customer needs and stay competitive.

How is this Automotive Service Industry segmented?

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

Type

  Mechanical services
  Exterior and structural services
  Maintenance services


Vehicle Type

  Passenger cars
  Light commercial vehicles
  Two wheelers
  Heavy commercial vehicles


Channel

  OEM authorized service centers
  Independent garages
  Mobile repair services
  Digital service platforms


Geography

  North America

    US
    Canada
    Mexico


  Europe

    France
    Germany
    UK


  APAC

    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Type Insights

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

The market encompasses a range of offerings, from fluid flushes and starter replacement to windshield repair and transmission rebuilding. Customer satisfaction is a key driver in this market, with services such as wheel bearing replacement, fuel injection cleaning, body repa

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 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 global automotive market size was over USD 33.6 billion in 2024 and is anticipated to witness a CAGR of around 5.2%, crossing USD 64.94 billion revenue by 2037. Large Enterprise segment is projected to capture 66.5% industry share, attributed to digital transformation and the use of AI and data analytics in operations.

The Testing, Inspection, and Certification Market for the Automotive Industry Report is Segmented by Service Type (Testing, Inspection, and Certification), by Geography (Americas, Europe, Asia Pacific, Middle East and Africa), by Type of Vehicle (Traditional/ICE, Electric Vehicles), and by Category (Passenger, Commercial). The Market Sizes and Forecasts are Provided Regarding Value (USD) for all the Above Segments.

Strong growth in developing economies, like the BRICS and ASEAN member nations, has driven revenue for global car dealers despite slowdowns in established economies, like North America and Europe. Developed economies focus largely on value-added car purchases, while emerging markets focus primarily on volume. The transition to SUVs and crossovers with more safety and entertainment features has driven growth; in particular, these models' surging adoption rates have created numerous growth opportunities in developing economies. Even so, climbing interest rates across most key markets and faltering global consumer sentiment have somewhat constrained post-pandemic growth. Overall, revenue has expanded at an expected CAGR of 0.7% to $4.4 trillion through the current period, including a 2.1% jump in 2024, where profit reached 2.3%. Supply chain disruptions made new cars significantly more expensive, increasing inventory costs. Similarly, semiconductor and electronic component shortages reduced supply, leaving dealers with limited inventories. Even so, dealers were largely able to leverage torrid demand and pass added costs onto buyers, creating opportunities for revenue and profit growth. Volatile oil supply chains amid the Russia-Ukraine conflict also contributed to swelling demand for more fuel-efficient vehicles. Companies have also integrated online services to make the car-buying process simpler and more accessible, enabling them to combat heightened competition and access a wider network of buyers. The penetration of online platforms has transformed the car sales landscape, favoring larger dealership franchises over independent companies. Car dealers will continue to contend with substitutes, even as economic conditions improve and consumer sentiment rebounds through the outlook period. Government incentives and upstream innovations will also spur demand for electric and hybrid vehicles, generating strong per-unit revenue from dealers. Even so, slowing EV adoption rates in North America may dampen this segment's growth potential. Consumer preferences will also continue to trend toward online vehicle shopping, which provides convenience and efficiency to busy consumers, creating greater competition with various online dealers. Overall, revenue will climb at an expected CAGR of 2.5% to $4.9 trillion through the outlook period, where profit will reach 2.3%.

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...

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Automotive Technologies Market Size 2025-2029

The automotive technologies market size is forecast to increase by USD 263.5 billion, at a CAGR of 13.2% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing adoption of Advanced Driver-Assistance Systems (ADAS) in vehicles. This trend is being fueled by consumer demand for enhanced safety and convenience features. Additionally, advancements in semi-autonomous and autonomous vehicle technologies are transforming the automotive landscape, offering new opportunities for market participants. However, the market faces challenges as well. The lack of standard protocols in the automotive sector poses a significant obstacle to market growth, as it hinders interoperability and collaboration among stakeholders.
Companies must navigate these challenges while capitalizing on the market's potential by investing in research and development, forming strategic partnerships, and complying with regulatory requirements. To stay competitive, they must also focus on delivering innovative solutions that address consumer needs and expectations. Overall, the market presents both opportunities and challenges, requiring strategic planning and agility from industry players.

What will be the Size of the Automotive Technologies Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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The market continues to evolve at an unprecedented pace, with innovations in vehicle control algorithms, data analytics, computer vision, suspension systems, fuel efficiency, autonomous driving, steel alloys, artificial intelligence (AI), radar systems, over-the-air (OTA) updates, path planning, lithium-ion batteries, and driver monitoring systems shaping the industry's future. These advanced technologies are seamlessly integrated into various sectors, from passenger cars to commercial vehicles, and from public transportation to shared mobility services. The ongoing unfolding of market activities reveals a dynamic interplay between traditional automotive components and emerging technologies. For instance, power electronics and software-defined vehicles are revolutionizing engine management systems, while vehicle dynamics control and safety systems are enhanced by AI and sensor fusion.

How is this Automotive Technologies Industry segmented?

The automotive technologies industry 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.

End-user

  Passenger cars
  Commercial vehicles


Component

  Hardware
  Software
  Services


ICE Application

  ADAS
  AutonomousDriving
  Infotainment
  BodyControl&Comfort
  Telematics
  ADAS
  AutonomousDriving
  Infotainment
  BodyControl&Comfort
  Telematics


Software Layer

  OS
  Middleware
  Application
  OS
  Middleware
  Application


Geography

  North America

    US


  Europe

    Germany


  APAC

    China
    Japan
    South Korea


  Rest of World (ROW)

By End-user Insights

The passenger cars segment is estimated to witness significant growth during the forecast period.

These technologies are primarily being adopted to meet stringent emission regulations, improve fuel efficiency, enhance safety features, and reduce production costs. The passenger cars segment, which accounts for the largest share of the automotive vehicles industry, is witnessing considerable growth due to increasing disposable income and the rising trend of shared mobility. According to the Organisation Internationale des Constructeurs Automobiles (OICA), the global production of passenger cars reached 61,598,650 units in 2022. Asia Pacific is the leading contributor to global passenger car sales and production.

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The Passenger cars segment was valued at USD 121.50 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 51% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in APAC is experiencing significant growth, with automotive lighting. China, Japan, South Korea, and India are key countries leading this growth. Telematics solutions and connected infotainment are major driving factors. In India and Japan, there is a rising trend towards ride-hailing services. Manufacturers in India are prioritizing active safety systems to enhance vehicle and driver safety. The market's evolution is marked by advancements in battery technology, autonomous driving, and connected services. Auto

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.

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.