Automotive Industry Analysis| COVID-19 Analysis

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The global Automotive Industry Analysis expansion can be attributed to several factors. Trends, such as autonomous driving, blockchain, 3D printing, electric vehicles, and connected vehicles are some of the prominent causes that are responsible for the worldwide automobile industry to strike a 2.78% CAGR in the assessment period (2018 to 2024).

Segmental Study

By vehicle type, the automobile industry is studied by commercial vehicle and passenger vehicle. The expansion of the global population base is creating the need for extensive transportation activity. The need for smart transportation management systems to manage the growing number of passenger vehicle is likely to influence the automobile industry growth. Alongside this, the increase in import and export activities is also generating the need for commercial vehicles that can transport goods. It is expected to contribute largely to the expansion of the industry.

Top-Notch Players

General Motors (US), Volkswagen AG (Germany), SAIC Motor Corporation Limited (China), Toyota Motor Corporation (Japan), Nissan Motor Corporation (Japan), Ford Motor Company (US), Hyundai Motor Company (South Korea), Honda Motor Corporation (Japan), Fiat Chrysler Automobiles (US), and Daimler AG (Germany).

News

Currently, the Automotive Industry Analysis is experiencing a slowdown due to certain economic factors and political issues. In Europe, decisions made on Brexit are observed to threaten the automobile sector. It is due to the interference of Brexit that EU automotive companies are facing difficulty in exports. Meanwhile, over a 5G phone networking and connectivity dispute, the market of German automotive, such as BMW, Volkswagen, Mercedes-Benz, and Audi, is experiencing a fall in their sales volume. Moreover, the recession is curbing investment in the automobile industry.

and SIAM (Society of Indian Automobile Manufacturers) was signed in Mumbai, India. The pact was done to support and promote a sustainable, clean, cost-effective, and safe automobile industry. The merger of Autodata Solutions, a London-based software company, and J.D. Power, a data analytics solution provider, to create a leading source of automotive data analytics. This is likely to power the automotive information handling section.