New York, June 28, 2021 (GLOBE NEWSWIRE) — Automotive Industry Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Market Research – By Vehicle Type (Passenger Cars, Commercial Vehicle) and Region – Global Report Forecast till 2027” the automotive industry market value can grow from 110 Million Units in 2019 to 185 Million Units by 2027.
The automobile industry is driven by the production and sale of self-powered vehicles, including passenger cars, trucks, buses, and other commercial vehicles. The automobiles enable the consumers to commute long distances for work, shopping, and entertainment. The development of roads, increasing standard of living, increasing middle class population in developing regions, are the factors driving the automotive industry sector.
On the basis of vehicle type, the market is segmented as passenger cars and commercial vehicle. Passenger cars segment is estimated to dominate the market during the forecast period. Passenger cars are used to carry passengers rather than goods. The factors increasing the demand for passenger cars are increased population, increasing purchasing power, stringent government regulations regarding the vehicle emission level, and the increasing standard of living all over the world. Moreover, the passenger car segment is primarily driven by factors, such as the emerging middle and upper-middle classes, the growing economies of developing regions, and the increased spending capacity of customers all over the world. The rising awareness about fuel consumption and vehicular pollution, rolling resistance, and the overall vehicle operating cost are also factors, which are expected to drive this segment during the forecast period.
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The prominent players profiled in the global Automotive Industry market report are
- Hyundai Motors
- Daimler AG
- Chana Automobile
- Tata Motors, among others.
Browse In-depth Market Research Report (100 Pages) on Automotive Industry Research
Due to the outbreak of Covid-19, many countries imposed a complete lockdown for more than a year. It turned to impact the production and manufacturing of electric vehicles and battery components. There was a real positive impact on the automobile market. However, the total number of automotive markets has increased in 2020 as compared to 2019. In the second half of 2020, the industry witnessed recovery 2020. The small Tier II and Tier III manufacturing component market was affected so negatively. Due to corona, the entire world was shut down and the electric vehicle market took a hit. Post-2020, the supply contracts and new product developments are expected to lead the automotive market. The spread of the novel coronavirus has had its impact on various sectors of different world economies.
The government has taken various measures to combat the effect of the pandemic on this market. Accelerated business is expected because of this. We hope that soon the market will flourish as estimated.
The major types of automobiles are cars, light and heavy commercial vehicles, and heavy buses. Automobiles are categorized based on the type of fuel consumption capacity as in gasoline, diesel, electric, and other fuels. Electric cars or EV’s are gaining popularity in recent days. Also, some vehicles that use green alternatives like CNG and flex-fuel cars are in demand for both commercial and consumer automotive markets.
The increased demand for high-performance motors is one of the driving factors in the Automotive Industry Market. The growing demand for compact and energy-efficient motors. High-performance permanent magnets offer immediate benefits.
Considering the stringent regulations to reduce the CO2 emissions are likely to change the automotive sector. Now the consumers are becoming more aware of the impact of vehicular emission on the environment. So, electric vehicles are more considered than traditional vehicles. Government measures like tax subsidies to promote the adoption of electric vehicles have been effectively considered.
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The major restraining factor in automotive industry market is the limited availability and the volatility of the material that is used in production. The less availability of material and cost competitiveness in manufacturing of the automobiles. The companies look for alternatives with availability and sustainability of the product.
The rapid deterioration of the motors due to excessive heat resulted in automotive failure. Some of the primary reason include in automotive industry market report:
– Overload – Maintaining the levels that will help to keep the excessive heat to a minimum.
– Starting and Stopping – online motor testing to keep a check on monitoring the start and stop rate.
– Poor power condition – If the power is low more heat will be generated
– Operating conditions – If the conditions are not favorable it will lead to excessive heat and will result in clogged ducts and high ambient pressure.
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Segmentation of Market covered in the research:
Global Automotive Industry Research Report, Information Segmentation By Vehicle Type (Passenger Cars, Commercial Vehicle) and Region (North America, Europe, Asia-Pacific and the Rest of the World) – Global Report Forecast till 2027
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