Automotive Industry Market| COVID-19 Analysis

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The global automotive industry 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). While IoT and AI are contributing to better V2V communication, blockchain is taking care of fake dealers.

Regional Outlook

The Automotive Industry Market in the US appears extremely promising. Safety is the top priority while making a decision on purchasing vehicles. Costing plays a secondary role in buying an automobile. The growing inclination of people towards a luxurious lifestyle and smart vehicles are surging the sale of autonomous and semi-autonomous cars. In addition, technologies that are contributing to the production of hybrid cars are expected to contribute largely to the regional automobile market. In Europe, the presence of giant automakers and their classy and sturdy products can push the EU automobile market.

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.

Automotive Industry News

Currently, the automotive industry 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.