Automotive Industry Market Size| COVID-19 Analysis

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While IoT and AI are contributing to better V2V communication, blockchain is taking care of fake dealers. The advent of 5G technology is likely to improve connectivity and car infotainment systems. These are taking part in making connected vehicles the next normal thing. Hectic worklife and the growing need for smooth driving are creating the need for autonomous driving, which can impact the global automobile industry.

Regional Outlook

The Automotive Industry Market Size 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. Rise in environmental concerns is expected to create huge business opportunities as conventional cars are being swapped with electric vehicles. The presence of proficient OEMs and the availability of effective aftermarket services in the APAC can strongly propel the automobile industry in Asia Pacific. In addition, availability of strong connectivity solutions in APAC can bolster the regional market, as international players invest for the production of sophisticated infotainment systems. x

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.