Automotive Market Forecast 2024 – Global Market Report by Business Research Company is now updated with latest information on market size from 2024 and forecast till 2033.
The automotive lighting market has experienced strong growth, growing from $26.44 billion in 2023 to $28.3 billion in 2024, at a compound annual growth rate (CAGR) of 7.0%. This growth is attributed to factors such as car acceptance, stricter safety regulations, a focus on style and aesthetics, and expanding global markets. In this sense, the market is poised for continued growth, reaching $36.07 billion in 2028, driven by advances in LED technology, the rise of autonomous and electric vehicles, environmental concerns, and the integration of connectivity and smart lighting.
Automotive Market Forecast 2024
Global Automotive Lighting Market Report 2024 provides comprehensive information on Automotive Lighting Market size, trends and drivers, opportunities, strategies and competitor analysis. The countries covered in the Automotive Lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA, while the seven major regions are Asia-Pacific, Western Europe. , Eastern Europe, North America, South America, Middle East and Africa.
Hybrid System In Automotive Market Trends
The business research company has published more than 3,000 detailed industry reports covering more than 3,000 market segments and 60 geographies. The reports are based on a database of 1,500,000 data, extensive qualitative research and unique insights from interviews with industry leaders. The new year is upon us and I’ll be reflecting on the rollercoaster year that 2023 has been for the auto industry. In the past year, we’ve seen the auto sector grapple with challenges such as declining electric vehicle sales, widespread industrial strikes in the US, supply chain disruptions and rising product costs. However, in these tumultuous times, there were glimmers of hope and resilience. We saw sales of cars and commercial vehicles exceed 90 million, with an impressive double-digit growth rate. India moved ahead to become the fourth largest market for light vehicles.
As 2024 begins, I want to share with my team at Marketsandmarket industry insights and predictions for transformational change, with significant advances in connectivity, electricity and sustainability. It’s a time of change for the industry and I’m excited to be a part of that journey. As we look ahead to 2024, let’s explore the key trends shaping the global auto market this year.
Despite the slowdown, EV sales will still grow in 2024. In the US, EV sales will grow by just 16% year-over-year in 2024 compared to ~64% in 2023. In China, year-on-year growth. 11.1% in 2024 compared to 36.5% in 2023. Factors such as reduced incentives, limited infrastructure costs and early adopter recruitment are major challenges. To attract the general market, industry leaders like Musk are lowering the price, which I think is going in the right direction. However, this decline is prompting major players such as GM, VW and Ford to change their strategies, with some price cuts and delays in new models.
Among the latest EV soft lines, China stands out as a major market and global influence, contributing to 60% of EV sales worldwide. Its supply chain under control, relentless innovation and its growing global presence reinforce its leadership. By 2025, China is expected to capture 12% of the European EV market, driven by rising prices, battery breakthroughs and the growing popularity of Chinese EV brands in the UK and other European and Asian markets. By 2024, China will firmly establish itself as a powerhouse in the electricity revolution, both domestically and globally.
Automotive Tic Market By Size, Share, Forecasts, & Trends Analysis
Global online car sales, where the car buying experience is online, will grow to reach 7.1-7.3 million units by 2024. Many electric car manufacturers are engaged in online sales, which can be found in all major markets. North America leads with more than one-third of the global market share, while APAC is rapidly catching up with tech-savvy younger generations. This trend includes used and new cars, with online platforms offering convenience and transparency. The automotive landscape is moving towards a future where online direct sales contribute significantly to overall new car sales.
Luxury car trends are undergoing dramatic changes, with traditional players redefining the “luxury segment” and non-luxury OEMs strategically positioning high-end models as luxury vehicles. Over the last couple of years, we’ve seen a major shift, with SUVs becoming the go-to luxury vehicle for mega-rich, influential brands like Aston Martin and Lamborghini. Electric vehicles are a growing part of the luxury segment, expected to account for 15-17% of sales by 2024. With a growing number of wealthy people, China is driving the transformation of the luxury market.
A huge increase in charging stations is expected by 2024, reaching around 2 million worldwide. Governments and OEMs are investing heavily in infrastructure, with DC fast and ultra-fast charging leading the way. China is a key player, with its fast charging technology expected to triple by 2024. E-Forecourts and stock charging solutions will also see significant growth. The number of new EV wind turbines is expected to reach 347,000 units in 2024 and grow to 1.14 million by 2030, with DC wind driving the majority of growth. High-speed chargers in the EV storage space is expected to grow at a CAGR of ~35% from 2023 to 2030.
The global used car market is experiencing significant growth, especially in APAC. In 2023, it grew by 3-4%, with sales of 94-96 million vehicles, and in 2024, it will grow by 5-6%. The B2C segment is becoming very high and is likely to cross 50. Market share in APAC and North America, showing a trend towards a structured market. Despite the mixed results of recent IPOs from companies like Vroom, Auto1, Cazoo, CarTrade and Carvana, the market is ripe for change. The rise of online car dealers like Droom in India is disrupting the industry and points to a future shaped by innovation, customer trust and convenience.
Automotive Glass Market Size, Share, Forecast, & Trends Analysis
It’s not just fast internet; I would call it a revolution on wheels. 5G technology is transforming the automotive industry, with major players such as Audi, Mercedes-Benz, GM, Ford, Skoda and Geely adopting their smart factories to improve automation, safety and efficiency. This will only improve the car experience with faster data transfer, lower communication and improved navigation and information systems. The automotive sector is expected to see a 30-35% annual growth rate in 5G adoption in the coming years. 5G will also facilitate what we refer to as “the car as a connected life solution,” in which the future car will be part of our connected home, connected workplace, connected energy, connected city and other experiences. Enable OEMs to generate incremental revenues throughout the vehicle lifecycle.
Generative AI is changing the automotive sector, affecting vehicle design, navigation, predictive maintenance, voice assistants, manufacturing, supply chain and quality control. This will increase safety, efficiency and personalization of the in-car experience. Major car companies are increasingly using this technology – Toyota and BMW in automotive design, Tesla in advanced driver assistance systems (ADAS), Continental in digital cockpits and Mercedes Benz in personal voice assistants. This indicates a shift towards more intelligent and responsive automotive technologies.
Smart manufacturing, gigacasting, digital twins and the upcoming impact of Euro-7 regulations will shape the industry by 2024, driving efficiencies and redefining operational strategies.
I expect a year full of development and transformational experiences as the industry, despite slowing growth in 2024, is on track to sell 100 million units in 2026, including both passenger and commercial vehicles. Let’s see what awaits us this year. for us!
Automotive Paints And Coatings Market, Global Outlook And Forecast 2024 2030 By Aditya Sable
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Thank you for reading our community guidelines. Please read the full list of posting policies in our Terms of Service. The automotive industry outlook study includes analysis of the latest developments, trends and performance of the players as well as the overall automotive industry through forecast 2023 to 2024. The analysis is based on the sales volume of passenger and commercial vehicles worldwide. The regions covered in the report are North America, Europe, Asia Pacific and Rest of the World. Automotive industry review includes study of automotive market performance to 2023, key developments achieved in 2023, trends that will impact 2024, key growth segments and opportunities in 2024, automotive sales to 2024 and monitoring and analysis of competitive developments such as agreements (companies, joint enterprises). , mergers and acquisitions, collaborations and product development) among other activities undertaken by key industry participants.
The Automotive Vision 2024 is based on an analysis of major advancements in the automotive industry in passenger cars and commercial vehicles and other key areas that occurred in 2023.
Automotive Industry Trends 2024 Outlook
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