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Global Automotive Market, Impact of COVID-19, By Region, Companies, Forecast by 2030

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The automotive industry is an essential economic criterion, is on the verge of new technologies and innovations. Moreover, customers’ unique and costly features demand is leading the automotive industry in the modern era. Globally the automobile industry is supported by various factors such as the availability of skilled labour at low cost, robust R&D centres, and low-cost steel production. According to Renub Research, Global Automotive Market is expected to reach 122.83 Million Units by 2030.

Globally, today consumers use all-purpose vehicles, whether they are commuting alone to work or taking the whole family to the beach. The industry’s principal categories include EV, HEV, PHEV, MHEV, NGV, FCEV, Diesel and Petrol. The MHEVs represent a technological leap in the automotive market—vehicles solely based on a combustion engine. From today’s viewpoint, combustion engine-based powertrains will remain dominant, at least for the coming decade.

Furthermore, MHEVs are also bringing higher efficiency and lower running costs to combustion engines and could therefore provide promising opportunities for OEMs, suppliers, and customers until electric powertrains become ubiquitous. Also, consumers’ new habit of using tailored solutions for each purpose will lead to specialized vehicles designed for particular necessities. For instance, the market for a car mainly built for e-hailing services—that is, a car designed for high utilization, robustness, additional mileage, and passenger comfort—would already be millions of units today, and this is just the beginning. As per this research report, Global Automotive Industry is expected to grow with a CAGR of 3.71% from 2020-2030.

Request a Free Sample Copy of the Report: https://www.renub.com/request-sample-page.php?gturl=global-automotive-market-p.php

Our report has covered the regional analysis for the Americas, Asia Pacific & Oceania, Europe and Middle East & Africa. The Asia Pacific is the largest market due to the growing demand for passenger cars and fuel-efficient vehicles. The developments in engine technology are progressing significantly, accompanying the rising emission standards across the globe. These factors are notable patrons to the incremental growth of the automotive market in the region. Moreover, the rising adoption of MHEVs in the Asia Pacific is expected to drive automotive production. In Asia Pacific countries, winning government incentives to simplify electro mobility and increased investments by automakers are expected to drive the market.

For instance, some of the recent initiatives taken by the Government of India are:

• In Union Budget 2021-22, the government introduced the voluntary vehicle scrappage policy, expected to advance the market for new vehicles after lifting old unfit vehicles currently plying on the Indian roads.
• In February 2021, the Delhi government started setting up 100 vehicle battery charging spots across the state to expedite the adoption of electric vehicles.

The global automotive market is dominated by major players such as Volkswagen, Toyota Motor Corporation, Daimler AG, Ford Motor Company and Honda Motor Company. These companies offer an extensive variety of automotive, fulfilling all significant functions in a vehicle. The key strategies adopted by these companies to sustain their market position are new product developments, acquisitions, and partnerships & expansions. As per this research report, Worldwide Automotive Market was valued at 85.32 Million Units in 2020.

Coronavirus devastating effect on Global Automotive Market:

The coronavirus (Covid-19) pandemic has induced a decade of expansion in the global automotive industry to an abrupt standstill, with sales plummeting in most markets. As a result, there have been more job cuts beyond the sector, with plants and suppliers shutting down in countries where the markets are slowest to recover.

After a disastrous 2020 for the global automotive sector, an upturn is expected in 2021, but carmakers worldwide will demand to seek out growth pockets while pushing through extensive cost-cutting programmes. The rivalry among the US and China will continue in 2021. Sanctions and investment restrictions may even force third-party countries to choose between the two rivals.

Renub Research latest report titled “Automotive Market, Global Forecast By Americas (EV Volume, HEV Volume, PHEV Volume, MHEV Volume, NGV Volume, FCEV Volume, Diesel Volume and Petrol Volume), Asia Pacific & Oceania (EV Volume, HEV Volume, PHEV Volume, MHEV Volume, NGV Volume, FCEV Volume, Diesel Volume and Petrol Volume), Europe (EV Volume, HEV Volume, PHEV Volume, MHEV Volume, NGV Volume, FCEV Volume, Diesel Volume and Petrol Volume), Middle East & Africa (EV Volume, HEV Volume, PHEV Volume, MHEV Volume, NGV Volume, FCEV Volume, Diesel Volume and Petrol Volume), Company (Volkswagen, Toyota Motor Corporation, Daimler AG, Ford Motor Company and Honda Motor Company)” provides a detailed analysis of Global Automotive Market.

Follow the link for the full report with detailed TOC and list of figures and tables: https://www.renub.com/global-automotive-market-p.php

Global Automotive Market has been covered from 4 viewpoints:

1. Americas
2. Asia Pacific & Oceania
3. Europe
4. Middle East & Africa

Americas – Global Automotive Volume has been covered from 8 viewpoints:

1. Electric Vehicle
2. Hybrid Electric Vehicle
3. Plug-in Hybrid Electric Vehicle
4. Mild Hybrid Vehicle
5. Natural Gas Vehicle
6. Fuel Cell Electric Vehicle
7. Diesel Vehicle
8. Petrol Vehicle

Asia Pacific & Oceania – Global Automotive Volume has been covered from 8 viewpoints:

1. Electric Vehicle
2. Hybrid Electric Vehicle
3. Plug-in Hybrid Electric Vehicle
4. Mild Hybrid Vehicle
5. Natural Gas Vehicle
6. Fuel Cell Electric Vehicle
7. Diesel Vehicle
8. Petrol Vehicle

Europe – Global Automotive Volume has been covered from 8 viewpoints:

1. Electric Vehicle
2. Hybrid Electric Vehicle
3. Plug-in Hybrid Electric Vehicle
4. Mild Hybrid Vehicle
5. Natural Gas Vehicle
6. Fuel Cell Electric Vehicle
7. Diesel Vehicle
8. Petrol Vehicle

Middle East & Africa – Global Automotive Volume has been covered from 8 viewpoints:

1. Electric Vehicle
2. Hybrid Electric Vehicle
3. Plug-in Hybrid Electric Vehicle
4. Mild Hybrid Vehicle
5. Natural Gas Vehicle
6. Fuel Cell Electric Vehicle
7. Diesel Vehicle
8. Petrol Vehicle

Company Insights:

• Overview
• Recent Development & Strategies
• Financial Insights

Company Analysis:

1. Volkswagen
2. Toyota Motor Corporation
3. Daimler AG
4. Ford Motor Company
5. Honda Motor Company

About the Company:

Renub Research is a Market Research and Consulting Company. We have more than 10 years of experience especially in international Business-to-Business Researches, Surveys and Consulting. We provide a wide range of business research solutions that helps companies in making better business decisions. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our wide clientele comprises major players in Healthcare, Travel and Tourism, Food & Beverages, Power & Energy, Information Technology, Telecom & Internet, Chemical, Logistics & Automotive, Consumer Goods & Retail, Building, and Construction, & Agriculture. Our clients rely on our market analysis and data to make informed knowledgeable decisions. We are regarded as one of the best providers of knowledge. Our pertinent analysis helps consultants, bankers, and executives to make informed and correct decisions.

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