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.

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.

In 2024, Ford remained the leading car brand in the United States based on vehicle sales, delivering about *** million units to U.S. customers. The United States is the largest market for Ford: wholesales to U.S. dealerships reached over *** million vehicles in 2023. Car sales among major manufacturers The top three U.S. car brands are assembled and distributed by the leading manufacturers in the U.S. market: Ford Motor Company, Toyota Motor Corporation, and General Motors (GM). As of the fourth quarter of 2024, GM's largest segment of sales was attributable to its Chevrolet-badged vehicles. Within the Ford Motor Corporation, the Ford division accounted for the largest number of vehicle sales. And finally, Toyota’s largest distribution of this sales volume was attributable to the Toyota brand vehicles. Automotive industry overview Production and sales volumes are declining among the key automotive brands in the United States, as a result of the accelerated automotive semiconductor shortage, the COVID-19 pandemic, and the fact that the automotive manufacturing and sales market is highly competitive both within the U.S. and globally. Electric vehicles emerged as the leading trend in Europe since 2020 and the U.S. electric vehicle industry has been catching up. Furthermore, it is forecast that autonomous vehicles will disrupt the U.S. market between 2020 and 2030.

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 2024.

The North America Automotive Market Report is Segmented by Vehicle Type (Passenger Cars, Light Commercial Vehicles, and More), Propulsion Type (ICE, and More), Sales Channel (OEM-Franchised Dealer, and More), Level of Automation (Level 0–1, Level 2, Level 3, and Level 4–5), and Country (United States, Canada, Rest of North America). The Market Forecasts are Provided in Terms of Value (USD) and Volume in Units.

The United States Vehicle Rental Market Report is Segmented by Application (Leisure and Tourism and Business and Corporate), Vehicle Type (Passenger Cars and More), Booking Channel (Online and Offline), Rental Duration (Short-Term and More), Propulsion (ICE Vehicles and More), Service Model (Traditional Corporate Fleets and Peer-To-Peer Platforms), and Region. The Market Forecasts are Provided in Terms of Value (USD).

In 2023, sales of light vehicles of the Japanese car brand Nissan reached nearly ******* units, which represented a share in the Mexican light vehicle market of about **** percent. The second place was held by the American brand Chevrolet reaching a market share of some **** percent.

Automobile and light duty motor vehicle manufacturers have faced many challenges through the current period. Significant technological improvements, particularly regarding hybrid and electric vehicles, internal combustion engine fuel efficiency, infotainment development and autonomous driving capabilities, have spurred global demand from the growing global middle class. Even so, the pandemic led to a monumental slowdown, slashing vehicle demand. Similarly, rampant inflation and climbing interest rates made car buying more expensive, limiting potential growth despite pent-up demand for driving and travel following lockdown restrictions. Regardless, easing interest rates have created new opportunities in consumer markets, contributing to overall growth, despite many quarterly peaks and valleys. Overall, revenue has climbed at an expected CAGR of 1.7% to $370.5 billion through the current period, despite a 6.4% decline in 2025, where profit rebounded to 3.5% of revenue. 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. Semiconductor and other integral electronic component manufacturers also failed to meet automakers' demand, exacerbating supply chain issues. Despite these issues, manufacturers have successfully pushed costs onto consumers, expanding profit. 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. Innovation and the economy's recovery will drive growth through the outlook period. Automakers 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 to generate strong returns and appeal to more consumers. However, the new presidential administration has started to roll back some EV rebates and implement new trade policies, potentially hindering the industry's growth outlook. Overall, revenue will expand at an expected CAGR of 1.3% to $394.3 billion through the outlook period, where profit will settle at 3.5%.

• The global industry was valued at US$ 320.4 Bn in 2023
• It is estimated to grow at a CAGR of 6.6% from 2024 to 2034 and reach US$ 684.2 Bn by the end of 2034

Online Vehicle Retail Market Dynamics

Online Vehicle Retail Market Regional Insights

Online Vehicle Retail Market Snapshot

The global luxury car market size is projected to grow from USD 27.8 billion in 2025 to USD 103.5 billion by 2033, exhibiting a CAGR of 17.9%.
Report Scope:

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 North America Connected Car Market report segments the industry into By Technology Type (5G, 4G/LTE, 3G, 2G), By Application Type (Driver Assistance, Telematics, Infotainment, Other Application Types), By Connectivity Type (Integrated, Embedded, Tethered), By Vehicle Connectivity Type (V2Vehicle, V2Infrastructure, V2Pedestrain), By Vehicle Type (Passenger Cars, Commercial Vehicles), and By Country.

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, though the threat and implementation of tariffs have sent the industry into contraction in 2025. Overall, revenue for automobile engine and parts manufacturers has expanded at an expected CAGR of 0.3% to $40.3 billion through the current period, despite an estimated 4.7% decline in 2025, where profit reached 4.6%. 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. Even so, external competitors, namely electric vehicles and improved public transportation infrastructure, will remain major threats to sustained revenue growth. Regardless, intermediate emissions goals will support the development of innovative combustion engines and hybrid solutions, creating additional demand for leading innovators. Overall, revenue will climb at an estimated CAGR of 1.8% to $44.1 billion through the outlook period, with profit settling at 5.0%.

According to Cognitive Market Research, the Global Automative Garage Equipment Market Size was 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-owned...

US Automotive Industry Market is set for strong growth through 2030, driven by rising EV adoption, tech integration (AI, IIoT), MaaS expansion & supportive government policies.

At about **** percent, General Motors (GM) held a significant portion of the U.S. market in 2024. However, over the course of the last two decades, GM has lost a considerable amount of market share, which stood at about ** percent some 19 years ago. The company General Motors is a multinational company headquartered in Detroit and is ranked among the leading automobile manufacturers worldwide based on revenue. GM has had some variability in the number of cars sold worldwide, with a decline in recent years, especially after selling the Opel and Vauxhall brands to PSA. However, GM's financial statements indicate that there has been a recent increase in income globally, with 2024 having the highest sales revenue. The company's revenue had started to drop significantly in 2019, but by 2023, the company had recovered from the financial impact of the COVID-19 pandemic and supply chain shortages. GM includes many brands such as Chevrolet, Buick, GMC, Cadillac, and several other companies. The global automotive industry The global automotive industry is facing new challenges with the advent of smart technology. The recent decade has seen the greatest production volume of cars and commercial vehicles around the world, but the COVID-19 pandemic and global automotive chip shortage have led to production halts and to a steep decrease in the global automotive output. By 2024, the industry had started to recover from these challenges.

The United States automotive dealership market, valued at approximately $1 trillion in 2025, is poised for robust growth, exhibiting a Compound Annual Growth Rate (CAGR) exceeding 4% through 2033. This expansion is fueled by several key drivers. Firstly, a recovering economy and increasing consumer disposable income are stimulating demand for both new and used vehicles. Secondly, technological advancements, including the rise of electric vehicles (EVs) and connected car technologies, are creating new revenue streams for dealerships through service and maintenance. Furthermore, the ongoing shift towards online car buying and the adoption of digital marketing strategies are transforming the customer experience and enhancing dealership efficiency. However, the market faces certain restraints. Supply chain disruptions, particularly the ongoing semiconductor chip shortage, continue to impact vehicle production and availability, affecting dealer inventory. Fluctuations in fuel prices and interest rates also influence consumer purchasing decisions, creating market volatility. Finally, increased competition from online marketplaces and direct-to-consumer sales models are challenging the traditional dealership model. The market is segmented by vehicle type (passenger cars and commercial vehicles), retail type (franchised and non-franchised), and service offerings (new and used vehicle sales, parts, services, finance, and insurance). Major players like Group 1 Automotive, AutoNation, and Penske Automotive Group are strategically adapting to these changes through investments in digital infrastructure, expansion of service offerings, and diversification of their revenue streams. The market's segmentation provides valuable insights into specific growth trajectories. The used vehicle segment is expected to experience particularly strong growth due to rising new vehicle prices and increasing consumer preference for pre-owned vehicles. Similarly, the parts and services segment benefits from the increasing age of the existing vehicle fleet, generating substantial after-sales revenue. Franchised retailers, while facing competition, maintain a significant market share due to brand recognition and established customer loyalty. The geographic focus on the United States reflects the size and maturity of its automotive market, alongside its robust automotive manufacturing and distribution networks. The forecast period indicates a continuing positive growth trajectory, although future growth will depend on macroeconomic conditions, technological advancements, and regulatory changes within the automotive industry. 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.. Notable trends are: Rising Focus of Automotive Dealers on Enhancing Consumer Experience and Dealer Network to Drive Demand.

Introduction

The Global Smart Car Market is projected to reach approximately USD 329.1 billion by 2033, rising from USD 67.3 billion in 2023. This growth represents a compound annual growth rate (CAGR) of 17.2% over the forecast period from 2024 to 2033.

A smart car refers to a technologically advanced vehicle equipped with digital and automated systems aimed at improving driving efficiency, safety, and user experience. These vehicles integrate features such as advanced driver assistance systems (ADAS), internet connectivity, artificial intelligence (AI), and autonomous driving capabilities.

The core concept of a smart car is to utilize data from sensors, cameras, GPS, and cloud computing to facilitate real-time decision-making, enhancing vehicle performance and ensuring safer navigation. In essence, smart cars represent the convergence of traditional automotive engineering with next-generation technologies like IoT and AI, paving the way for intelligent transportation.

The smart car market encompasses the production, sale, and adoption of vehicles equipped with digital technologies that support enhanced connectivity, automation, and data-driven functionalities. This market includes a variety of models, ranging from semi-autonomous cars with advanced safety features to fully autonomous vehicles that require minimal human intervention.

The market is also defined by the ecosystem of manufacturers, software developers, component suppliers, and telecommunication companies that contribute to the smart car infrastructure. As a rapidly evolving sector, the smart car market is characterized by the increasing convergence of automotive and information technology, creating a dynamic space for innovation and competitiveness.

Several factors are fueling the growth of the smart car market. The primary driver is the rising demand for improved road safety, which is prompting the adoption of ADAS features such as automatic emergency braking, lane-keeping assistance, and adaptive cruise control. Additionally, stringent government regulations focused on vehicle safety and emission reductions are encouraging automakers to integrate smarter technologies into their offerings.

The increasing consumer preference for connectivity and infotainment solutions is also boosting demand. Furthermore, significant investments in autonomous vehicle research and development by major tech companies and automakers are accelerating the market’s growth trajectory. Urbanization trends, along with smart city initiatives, are creating an infrastructure that supports the deployment of connected and autonomous vehicles, further boosting market expansion.

Consumer demand for smart cars is largely driven by growing awareness of the benefits of safety, convenience, and fuel efficiency. The proliferation of smartphones and digital lifestyles has created an expectation among consumers for seamless, in-car digital experiences, aligning with the broader shift towards IoT-enabled devices.

Moreover, there is a strong demand for electrified smart cars as consumers and manufacturers increasingly prioritize sustainability. The emergence of ride-sharing and mobility-as-a-service (MaaS) platforms is also increasing demand, as these services often rely on connected, semi-autonomous fleets to optimize operations and passenger experience.

The smart car market presents numerous growth opportunities, particularly in areas related to autonomous driving technology, 5G connectivity, and AI integration. The rollout of 5G networks is expected to enhance vehicle-to-everything (V2X) communication, enabling more sophisticated and real-time data exchange, which is criti...

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Automotive Financing Market Size 2024-2028

The automotive financing market size is forecast to increase by USD 17.6 billion at a CAGR of 3.52% between 2023 and 2028. The market is experiencing significant growth due to several key trends. One major trend is the rise in cab service financing, as ride-hailing companies continue to expand their fleets. Another trend is the increasing investment in autonomous vehicles, which is expected to revolutionize the automotive industry and create new automotive financing opportunities. Additionally, the rise in ride-sharing services has led to a higher demand for flexible financing options for both personal and commercial vehicles. These trends are driving the growth of the market, offering significant opportunities for market participants. Technological advancements, such as artificial intelligence, blockchain, digital payments systems, and online/mobile banking, are transforming the automotive financing sector, providing more convenient and efficient financing solutions for consumers.

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

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The market is a significant segment of the broader automotive industry, encompassing the funding of new and used vehicle purchases, as well as leasing and commercial vehicle financing. Sales activities in this sector have been driven by technological advancements, including the emergence of electric vehicles and the increasing adoption of autonomous vehicles. Banks, credit unions, captive automotive financing companies, and digital platforms are key players in the market. The loan-to-value ratio, year-on-year growth, and demand shock are crucial factors influencing the market's dynamics. Cryptocurrency is also gaining traction as a potential financing option, adding another layer of complexity to the market.

Automotive Financing Market Segmentation

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

Application

  Used vehicle
  New vehicle


Type

  Passenger vehicle
  Commercial vehicle


Geography

  APAC

    China
    India
    Japan


  Europe

    Germany


  North America

    US


  South America



  Middle East and Africa

By Application Insights

The used vehicle segment is estimated to witness significant growth during the forecast period. The global market is experiencing significant growth in the initial phase of the digital era, with online and mobile banking playing a pivotal role in the process. Car-sharing, ride-hailing, car rental, and aggregators such as Uber have revolutionized the industry, leading to increased demand for flexible financing solutions. OICA reports indicate that new loans for pickup trucks and light commercial vehicles in the used cars sales segment have seen a rise during the lockdown. Vehicle prices, vehicle categories, and loan buyers are key factors driving the adoption of online loan services through mobile/web-based platforms. The global automotive industry is witnessing intense competition among financial institutions, captive finance companies, and private counterparts, offering transparent financing processes to build trust with customers.

Furthermore, new vehicle segment financing and used vehicle segment financing have their unique challenges, with vehicle maintenance, insurance, and interest rates being critical considerations. Online sales portals and connected cars are further disrupting the market, offering convenience and flexibility to consumers. Overall, the market presents numerous business opportunities for stakeholders in the value chain.

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The used vehicle segment was valued at USD 44.30 billion in 2018 and showed a gradual increase during the forecast period.

Regional Insights

APAC is estimated to contribute 67% 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 global market is witnessing significant growth in the initial phase of the digital era, with the adoption of online and mobile banking solutions enabling faster loan approvals in minutes. The emergence of car-sharing, ride-hailing, and car rental services through aggregators like Uber and rental companies has created new business opportunities in the industry. In the used cars sales segment, the lockdown has led to an increase in online sales portals and the prices of vehicles in various categories, including Pickup trucks and light commercial vehicles. Fi

According to Cognitive Market Research, the Global Automotive Component Market Size was USD XX Billion in 2024 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 2033.

North America held largest share of XX% in the year 2024 
Europe held share of XX% in the year 2024 
Asia-Pacific held significant share of XX% in the year 2024 
South America held significant share of XX% in the year 2024
Middle East and Africa held significant share of XX% in the year 2024 

Market Dynamics of the Automotive Component Market:

Key Driver for the Automotive Components Market

Increasing adoption of EVs leads to an increase in automotive components of EV boost the Automotive Component Market

Gas- and Diesel-powered vehicles have lower efficiency than EVs due to an increase in engine heat generation. EVs are more efficient and environment-friendly than fuel-based vehicles. The adoption of Electric vehicles significantly reduces the reliance on fossil fuels. The increase in the adoption of electric vehicles in India transforming the automotive industry. It directly impacts the demand for automotive components and the supply chain. Increasing EV adoption leads to an increase in demand for specific components. Government policies also play an important role in EV adoption. These policies promote domestic manufacturing that influences automotive components. EV adoption particularly demands for batteries and powertrain segment. For instance, India’s demand for EV lithium batteries will reach 139 GWh from 4 GWh by 2035. It will be driven by the demand for a light-weight vehicle. Also, EV adoption will contribute toward the demand for AC and DC chargers. The EV revolution leads to an increase in demand for other parts such as battery control modules, electronic control units, vehicle control units, sensors, controllers, motors, and electronic systems. Therefore, it will boost the automotive component market. The EV market in China, Europe, and the US is very hypercompetitive. For instance, in 2025, sales of EVs in the US increased by 15.2% year over year in Q4 of 2024. Tesla’s Model Y and Model 3 are the most selling EVs in the US. They have accounted for more than XX% share in 2024. This EV adoption in the US contributes to an increase in the automotive components market.

Key Restraint for the Automotive Components Market

Increasing Geopolitical Instability significantly hampers the growth of the Automotive Components Market

Geopolitical tensions and trade issues or disturbances can majorly impact the automotive supply chains. Tariffs, trade restrictions, and political instability promote disruptions in manufacturing regions in the flow of parts and systems. For instance, in 2024, the auto market is currently valued at USD 4 trillion and will reach USD 6 trillion by 2023. But the growth is hampered by the competition among countries such as the United States, China, and Europe. China’s presence is rapidly growing in the automotive industry. Chinese companies captured the most dominant country in EVs. Whereas, the production of internal combustion engines has stopped in Germany due to preeminence in the production. For example- robust competition pushed Volkswagen to shutter the factories in Germany. In the US, President Joe Biden has aimed at EV adoption to increase the supply chain market in the US. It includes the Inflation Reduction Act (IRA) considered the incentive to encourage investment in North American EVs. It has a goal to establish the demand and supply of vehicles produced within the continent. To develop this market, IRA excludes the Foreign Entities of Concern (FEOC). Its main target is Chinese Companies that looking to invest in North American supply chains of EVs. If these companies are a part of FEOC, they could not benefit from IRA tax credits.

Key Trends for the Automotive Components Market

Advanced Driver Assistance System (ADAS) Integration: Automakers are rapidly implementing ADAS features including automated braking, adaptive cruise control, and lane-keeping assistance. These technologies increase demand for sensors, cameras, and radar components while improving driving safety and experience. Component manufacturers are being compelled by this change to produce more inventive and valuable electronic systems. Transition to Sustain...