Reports & Analysis on the Automotive & Transportation Industry
Reports & Analysis on the Automotive & Transportation Industry
The automotive and transportation industry is a critical sector of the global economy. It includes a wide range of businesses that manufacture, sell, and distribute vehicles, as well as companies that provide transportation services such as logistics, shipping, and public transit.
Market research reports and analysis are essential tools for companies in the automotive and transportation industry. They provide valuable insights into industry trends, consumer behavior, market competition, and emerging technologies.
The automotive and transportation market share comprises various subgroups, such as engineering, design, next-generation manufacturing, distribution, and aftermarket. Automotive companies are striving to control costs, improve efficiency, and promote alternative energy engines. Vehicles are categorized based on the fuel they consume, including gasoline, diesel, electric, and hybrid/alternative fuel cars (e.g., ethanol and combined electrical motor-heat engine drives).
Electric cars, also known as electric vehicles (EVs), are the most fuel-efficient and environmentally friendly among conventional internal combustion engine (ICE) automobiles, producing zero air pollution, lower emissions, and lower energy costs (when comparing fuel to electricity basis). However, they are more expensive than traditional vehicles due to the added cost of a high-capacity battery. Hybrid electric vehicles (HEVs) combine the traditional ICE with an electric propulsion system, giving them better fuel economy than conventional vehicles. Other green vehicles, such as flex-fuel cars that use alternative fuels like ethanol and compressed natural gas (CNG), are also gaining popularity in commercial and consumer markets.
In 2009, China surpassed the United States as the largest national automotive manufacturer by production volume and market, with Japan being the third-largest. The automotive and transportation industry encompasses car/vehicle manufacturers, component and automotive part manufacturers, resellers, and after-market services and parts. The global automotive and transportation market demand for industries are gradually diversifying, with increasing demand from developing countries with high population growth.
The automotive and transportation market trends undergo constant evolution due to technological advancements, shifting consumer preferences, government regulations, and other factors. Here are some of the current trends in the automotive and transportation market:
1.Electric Vehicles (EVs): One of the most prominent trends in this industry is the move towards electric vehicles (EVs). Governments worldwide are advocating for sustainable transportation options, leading to significant investments in EV technology by automakers. Consumers are also showing increased interest in electric cars, leading to the development of newer models that offer extended ranges and additional features.
The demand for electric vehicles is expected to continue rising due to growing concerns over environmental issues, increasing fuel costs, and advancements in battery technology. Global EV market will reach $802.8 billion by 2027, expanding at a compound annual growth rate (CAGR) of 22.6% from 2020 to 2027.
- Autonomous Vehicles (AVs): The automotive industry is currently witnessing a trend towards the advancement of autonomous vehicles. Although it may still take years for fully autonomous cars to become widespread, various automakers are investing in the necessary technology to make self-driving cars a reality. The potential benefits of autonomous vehicles are vast and could transform the transportation industry, making roads safer and reducing traffic congestion. Global autonomous vehicle market growth is predicted to reach $556.67 billion by 2026, with a CAGR of 39.47% from 2019 to 2026, indicating significant growth opportunities.
- Shared Mobility : Over the past few years, shared mobility services such as ride-sharing and car-sharing have surged in popularity. These services offer consumers an alternative means of transportation without the need for car ownership, often at a more affordable cost compared to traditional modes of transportation. As a result, various automakers are channelling investments towards shared mobility platforms and services.
The upward trend of shared mobility services, including ride-hailing and car-sharing, is predicted to continue. This shift is being fueled by changing consumer preferences, particularly among younger generations who are less inclined towards car ownership. Global car-sharing market is projected to reach $6.5 billion by 2024, with a compound annual growth rate of 16.5% from 2019 to 2024.
- Connectivity: The automotive industry is witnessing a rising trend of increased connectivity in cars. Modern vehicles are equipped with advanced features such as Bluetooth connectivity, smartphone integration, and even Wi-Fi hotspots. Furthermore, automakers are continuously developing more advanced connected car technologies to improve safety, reduce traffic congestion, and enhance the overall driving experience.
The integration of internet-connected devices into cars is becoming a crucial trend, offering numerous benefits such as improved safety, better navigation, and enhanced entertainment options. Global connected car market is projected to reach $225 billion by 2025, with a compound annual growth rate of 17.1% from 2020 to 2025.
5.Sustainability:The automotive and transportation industry is experiencing a notable shift towards sustainability, with automakers designing vehicles that are more fuel-efficient and capable of running on alternative fuels like hydrogen and biofuels. Furthermore, sustainable manufacturing practices such as using recycled materials and minimising waste are being adopted by many automakers.
6.5G Technology : Meanwhile, the deployment of 5G technology is anticipated to have a significant impact on the transportation industry, as it will facilitate faster and more dependable communication between vehicles and infrastructure, resulting in enhanced safety and efficiency. Global market for 5G in automotive and smart transportation is expected to attain a value of $10.9 billion by 2027, with a compound annual growth rate of 33.8% from 2020 to 2027.
The industry of automotive and transportation market analysis thus encompasses a wide range of activities, including the production, distribution, and sales of various vehicles and the necessary infrastructure and services to support transportation. This sector comprises automobiles, trucks, buses, trains, planes, ships, as well as fuel, maintenance, components, and logistics services.
The significance of the automotive and transportation market size lies in its contribution to the global economy through the creation of numerous jobs and the generation of billions of dollars in revenue. This industry is undergoing a rapid transformation owing to technological advancements, evolving consumer preferences, and growing concerns about sustainability and environmental impact.
Furthermore, there is an increasing interest in connected and intelligent transportation systems that utilise data, sensors, and other technologies to enhance safety, efficiency, and sustainability. As a whole, the automotive and transportation market is a dynamic and intricate industry that continually adapts to satisfy the needs of consumers and society. These trends are expected to continue shaping the industry for the foreseeable future.
So if you are looking to stay ahead of the competition in the ever-evolving automotive and transportation industry? Look no further than Excelsior Research for all your market research needs!
Our team of experts is dedicated to providing you with the most up-to-date and comprehensive research on the latest trends, innovations, and challenges in the automotive and transportation market. Our research reports offer valuable insights that can help you make informed business decisions and stay ahead of the curve.
Don’t let your competitors get ahead of you – take action now and partner with Excelsior Research to gain the competitive edge you need to succeed in today’s fast-paced marketplace. Contact us today to learn more about our services and how we can help your business thrive.
Don't forget to share this post