Major companies in the motor vehicle market include Volkswagen AG, Toyota 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, and Hyundai Motor Co Ltd.
New York, May 17, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Motor Vehicles Global Market Report 2022" - https://www.reportlinker.com/p06277688/?utm_source=GNW
The global motor vehicles market is expected to grow from $2,154.31 billion in 2021 to $2,401.7 billion in 2022 at a compound annual growth rate (CAGR) of 11.5%. The market is expected to grow to $3,565.82 billion in 2026 at a compound annual growth rate (CAGR) of 10.4%.
The motor vehicle market consists of sales of motor vehicles or motor vehicle chassis and related services by entities (organizations, sole traders, and partnerships) that produce complete automobiles, light-duty motor vehicles, and heavy-duty trucks (i.e., body and chassis or unibody) or produce motor vehicle chassis only.
The main types in the motor vehicle market are motorcycle and bicycle, passenger car, commercial vehicle.A commercial vehicle refers to a vehicle that is used for commercial purposes.
The various fuel types include gasoline, diesel, other fuel types. These have engine capacity of <1000 cc, <1000-1500 cc, <1500-2000 cc, >2000 cc . These have propulsion types such as ic engine, and electric vehicle.
Asia Pacific was the largest region in the motor vehicles market in 2021.North America was the second largest market in motor vehicles market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
Economic Growth In Emerging Markets - The motor vehicle market is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021 .Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments at the end-user markets, thereby driving the motor vehicle market during the forecast period.
Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the motor vehicles market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Transportation manufacturers depend heavily on the supply of parts and components from different countries across the globe.
As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of parts and components.Also, sales of new automobiles decreased significantly due to a decline in consumer demand as many countries impose lockdowns.
The outbreak is expected to continue to hurt businesses throughout 2020 and into 2021. However, it is expected that the motor vehicles market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Motor vehicle manufacturers, especially car manufacturers, are increasingly focusing on the commercialization of cars with active window displays.The active window displays will show all key driving information on the windshield.
It shows information such as navigation instructions, fuel levels information, vehicle speed, and other information.Some car manufacturers are also offering technologies that can be fixed on the dashboard of a car.
For instance, during the Consumer Electronics Show (CES) 2019, some of the car manufacturers such as Hyundai and Mercedes-Benz showcased their Augmented Reality cockpits prototypes which are very similar to the active windows display.
The countries in the motor vehicles market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
Read the full report: https://www.reportlinker.com/p06277688/?utm_source=GNW
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