The Global Automotive Market Outlook, 2024 will have global passenger and commercial vehicles combined sales projected to 95 million units in 2024, witnessing a YoY growth of 3.1% during the forecast period. The combined sales volume of passenger vehicles and commercial vehicles witnessed a YoY growth of 12.3% from 2022 to 2023, wherein the passenger vehicles segment dominated the sales of the cars in 2023 with over 60% of the share. Further, within the regional market Asia and ME region combined accounted for more than half of the market share. While the Internal Combustion Engine (ICE) Vehicles held the major share, the Electric Vehicles (EV) segment grew at a high rate of 30-35% over 2022.
Growing adoption of connected vehicles
Connectivity in vehicles provides better consumer experience, efficient data-driven services and opens innovative business models. In 2022, approximately 90% of the connected cars had integration of 4G technology. However, with 5G connectivity the share of connected cars is expected to grow. It is expected that over 20% of the cars on road will be connected to cellular network by the end of 2024. Companies have started exploring the connectivity space to gain first mover advantage in the market. For instance, in December 2023, Magna, a major supplier in the automotive industry joined Telia and Ericsson’s NorthStar Program to innovate and deploy the 5G ADAS system.
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Autonomous vehicles are anticipated to witness significant growth in 2024
The introduction of autonomous cars with enhanced safety features and higher level of automation is shifting the trends in the automotive market. Numerous OEMs are introducing Level 2 and Level 3 autonomous vehicles, including Nissan (Japan), Honda (Japan) , Audi (Germany), BMW (Germany), and Mercedes-Benz (Germany). OEMs such as BMW and Mercedes have received approval for L3 autonomous vehicles in Germany and the US, respectively. BMW has also received approval to test its L3 vehicles in Shanghai, China. We expect L3 vehicle sales to gain pace in 2024 as these OEMs start rolling out their L3 models. In addition to testing the cars on roads several tech giants and OEMs have adopted acquisition strategies to take over smaller companies that operate in the space of developing driverless or autonomous technology.
Asia Pacific is expected to be the largest market in 2024
Asia-Pacific and Middle East regions hold the major share in the sales volume of PV and CV combined. The major factor for this is the intensive manufacturing and export of cars in China. The Chinese market is the world’s largest market in terms of vehicle sales as well as production. In 2023, China’s sales volume for passenger vehicles was over 25 million units, with a share of around 50% globally. China is the most dominant nation in automotive industry with respect to supplying raw materials, manufacturing as well as its sales. China has the most powerful supply chain of EV batteries. Over 50% of the EV batteries are manufactured in China. Moreover, around 75% of the components of EV batteries are manufactured in China. These Chinese manufacturers are looking to expand their services and acquire additional market share around the world. The Asia region has seen growth in automobile production in 2022 and 2023. Continuing this trend, the Asia region will dominate the market in 2024.
Key Players
The top automobile OEMs in the market are General Motors (USA), Tesla (USA), Volkswagen (Germany), Ford (USA) , BYD (China) and so on. The other companies that support the automobile industry with technology development are ABB, Siemens, Bosch and others. These companies adopted new product launches, acquisitions, partnerships, collaborations, and other key strategies to gain traction in the automotive market.
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