Will the global automotive market continue to grow?
It is projected that the global automotive industry will grow to just under nine trillion U.S. dollars by 2030. It is anticipated that new vehicle sales will account for about 38 percent of this value. Globally, Volkswagen Group and Toyota Motor are the leading carmakers in terms of revenue. The Japanese auto giant generated almost 250 billion U.S. dollars in revenue in 2020, while Volkswagen raked in a little more than 245 billion U.S. dollars. The U.S.-based Tesla has also recorded a steep growth throughout 2021, as the brand with the
highest brand value growth worldwide across sectors.
Electric vehicles have gained popularity in the past years, with their use
increasing over threefold between 2016 and 2019, including battery electric and plug-in hybrid units.
The auto industry has reached a crossroads
As our
Statista Dossier on the impact of COVID-19 on the automotive industry
intends to outline, the fate of the industry seems to rely on how fast production will be ramped up following the
coronavirus outbreak in the winter of 2019/2020. Amid the outbreak of the pandemic in China, many factories were closed, and no new vehicles were rolling off the assembly lines in Wuhan. Work stoppages resulting from outbreaks continue to affect the industry on a global scale, although factories have reopened in many markets. More recently, the coronavirus pandemic has also sparked a
shortage of chips in many industries, including the auto sector. It is projected that on average,
electronic systems will account for half of the total price of a new car by 2030.
Mass production of automobiles started in the early 1900s when Ford introduced assembly line car production to mass-manufacture the Model T. Today, the Ford Motor Company still ranks among the leading manufacturers of passenger cars, its most popular passenger light truck model being the Ford F-Series, which was also one of 2020's
best-selling light vehicles worldwide.
Environmental regulations are becoming stricter
Prompted by global initiatives such as the Paris Agreement, several countries around the globe have started enacting stricter emissions controls on new vehicle models. As such, automakers are beginning to expand their business into the electric mobility sector. Every third new car sold is anticipated to be propelled or assisted by an electric battery by 2025. Over the next decade,
mobility services and
autonomous vehicles are set to stir up yet another revolution in the auto sector. China is projected to lead the market by 2040 with projected autonomous vehicle sales of 14.5 million units.
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