How Has the Motor Vehicles Market Evolved Historically and What is its Current Size?
The motor vehicles market has seen considerable growth due to a variety of factors.
• The size of the motor vehicles market has seen a robust expansion in the recent past. The market which was valued at $2841.65 billion in 2024 is projected to increase to $3093.91 billion by 2025, with a compound annual growth rate (CAGR) of 8.9%.
Factors contributing to the historical growth include economic circumstances, advancements in technology, consumer tastes, and the effects of globalization and trade.
What is the Forecasted Market Size and CAGR for the Motor Vehicles Market?
The motor vehicles market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the motor vehicles market is projected to experience significant expansion in the coming years. By 2029, it is anticipated to reach a market size of $4161.43 billion with a compound annual growth rate (CAGR) of 7.7%.
The projected growth during the forecast period can be linked to factors such as electrification, connectivity, shared mobility, and government policies. Noteworthy trends in the forecast period encompass the increase in electrification and lightweighting, the use of advanced materials, additive manufacturing, digitalization and connectivity, along with collaboration and partnerships.
What Key Factors and Trends Are Driving The Growth Motor Vehicles Market?
The motor vehicle market is predicted to expand due to the rising demand for electric vehicles (EVs). Electric vehicles, which are primarily powered by electricity stored in batteries or other energy storage devices, are a type of vehicle driven by one or more electric motors. Improvement in motor vehicle technology has allowed electric vehicles to elevate their performance, sustainability, and user experience, therefore contributing significantly to the automotive industry's transformation. For example, the International Energy Agency, a France-based intergovernmental organization, has reported that electric vehicle sales were at 10 million in 2022 and are expected to rise to 14 million in 2023, according to their July 2023 report. Thus, the growth of the motor vehicle market is fueled by the escalating demand for electric vehicles.
What Are The Market Segments In The Motor Vehicles Market?
The motor vehicles market covered in this report is segmented –
1) By Type: Motorcycle And Bicycle, Passenger Car, Commercial Vehicle
2) By Fuel Type: Gasoline, Diesel, Other Fuel Types
3) By Engine Capacity: <1000 cc, <1000-1500 cc, <1500-2000 cc, >2000 cc
4) By Propulsion Type: IC Engine, Electric Vehicle
Subsegments:
1) By Motorcycle And Bicycle: Motorcycles, Electric Motorcycles, Bicycles, Electric Bicycles
2) By Passenger Car: Compact Cars, Mid-Size Cars, Full-Size Cars, Luxury Cars, Electric Vehicles (EVs), Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicles (PHEVs)
3) By Commercial Vehicle: Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), Trucks, Buses, Vans, Electric Commercial Vehicles (ECVs)
Pre-Book The Motor Vehicles Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What New Trends Are Influencing The Motor Vehicles Market?
Key players in the motor vehicles market, such as compact MPV (Compact Multi-Purpose Vehicle) manufacturers, are prioritizing the advancement of innovative solutions to maintain a competitive position in the industry. The Compact MPV (Multi-Purpose Vehicle) brings together space, comfort, and trustworthiness for families, featuring state-of-the-art technology, flexible seating arrangements, and generous luggage space. For example, Toyota Kirloskar Motor Private Limited, an Indian automobile company, unveiled the Toyota Rumion in August 2023. The Toyota Rumion boasts features like the signature Toyota MPV (Multi-Purpose Vehicle) front grille, a chrome-finished front bumper, LED tail lamps with chrome back door garnish, and a two-tone interior. The vehicle comes in six versions, offering both manual and automatic transmission options.
Who Are the Key Players In The Motor Vehicles Market?
Major companies operating in the motor vehicles market include:
• Volkswagen AG
• Toyoto Motor Corp
• Daimler AG
• Ford Motor Co
• Honda Motor Co. Ltd.
• Fiat Chrysler Automobiles NV
• SAIC Motor Co. Ltd.
• EXOR Group
• Bayerische Motoren Werke AG
• Hyundai Motor Co. Ltd.
• General Motors Company
• Nissan Motor Co. Ltd.
• Fiat Chrysler Automobiles N.V.
• Renault-Nissan-Mitsubishi Alliance
• Bayerische Motoren Werke AG
• Zhejiang Geely Holding Group Co. Ltd.
• Tata Motors Limited
• Suzuki Motor Corporation
• Mazda Motor Corporation
• Subaru Corporation
• Dongfeng Motor Corporation
• Groupe PSA
• Mitsubishi Motors Corporation
• Chang'an Automobile Co. Ltd.
• Great Wall Motor Co. Ltd.
• Mahindra & Mahindra Limited
• BYD Auto Co. Ltd.
• Brilliance Auto Group
• JAC Motors
• Zotye Auto Co. Ltd.
• FAW Group Corporation
• Beijing Automotive Group Co. Ltd.
• Chery Automobile Co. Ltd.
What Are The Regional Insights Into The Motor Vehicles Market?
Asia-Pacific was the largest region in the motor vehicles market in 2023. North America was the second largest market in motor vehicles market. The regions covered in the motor vehicle parts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
