What is the present valuation and projected CAGR of the motor vehicles market?
The motor vehicles market size has grown strongly in recent years. It will grow from $2841.65 billion in 2024 to $3093.91 billion in 2025 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to economic conditions, technological advancements, consumer preferences, globalization and trade.
The motor vehicles market size is expected to see strong growth in the next few years. It will grow to $4161.43 billion in 2029 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to electrification, connectivity, shared mobility, government policies. Major trends in the forecast period include electrification and lightweighting, advanced materials, additive manufacturing, digitalization and connectivity, collaboration and partnerships.
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What key drivers have fueled the motor vehicles market’s development over the years?
The increasing demand for electric vehicles (EVs) is expected to propel the growth of the motor vehicles market going forward. An electric vehicle (EV) is a type of vehicle that is powered by one or more electric motors, using electricity stored in batteries or other energy storage devices as its primary source of energy. Electric vehicles (EVs) are utilizing advancements in motor vehicle technology to enhance performance, sustainability, and user experience, driving a significant transformation in the automotive industry. For instance, in July 2023, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles were 10 million in 2022, and there will be an increase to 14 million sales of electric vehicles in 2023. Therefore, the increasing demand for electric vehicles (EVs) is driving the growth of the motor vehicles market.
What is the segmentation for 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)
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Who are the most influential companies 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.
How will industry trends affect the trajectory of the motor vehicles market?
Major companies operating in the motor vehicles market are focused on introducing advanced solutions, such as compact MPV (Compact Multi-Purpose Vehicle), to gain a competitive edge in the market. Compact MPV (Multi-Purpose Vehicle) provides combination of space, comfort, and reliability for families with advanced technology, flexible seating options, and ample room for luggage. For instance, in August 2023, Toyota Kirloskar Motor Private Limited, an Indian-based automobile company launched Toyota Rumion. Toyota Rumion is designed with Toyota MPV ((Multi-Purpose Vehicle) signature front grille, front bumper with a chrome finish, light-emitting diode (LED) tail lamps with back door chrome garnish, and a stylish two-tone interior. It is available in six variants, including options for both manual and automatic transmissions.
Which geographic trends are shaping the motor vehicles market, and which region has the highest market share?
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.
What Does The Motor Vehicles Market Report 2025 Offer?
The motor vehicles market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Motor vehicle refers to any land vehicle that is not propelled by human muscle power, including cars, motorbikes, autocycles, and slow-moving vehicles. An engine or motor, typically an internal combustion engine, an electric motor, or a hybrid of the two, such as a plug-in hybrid or hybrid electric vehicle, provides the propulsion for the vehicle.
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