Global Automotive Market, Impact of COVID-19, By Region, Companies, Forecast by 2030

Global Automotive Market is expected to reach 122.83 Million Units by 2030. Growth & Forecast, Impact of Coronavirus, Industry Trends, By Region, Opportunity Company Analysis.
By: Renub Research
ROSWELL, Ga. - Sept. 9, 2021 - PRLog -- The automotive industry is an essential economic criterion, is on the verge of new technologies and innovations. Moreover, customers' unique and costly features demand is leading the automotive industry in the modern era. Globally the automobile industry is supported by various factors such as the availability of skilled labour at low cost, robust R&D centres, and low-cost steel production. According to Renub Research, Global Automotive Market is expected to reach 122.83 Million Units by 2030.

Globally, today consumers use all-purpose vehicles, whether they are commuting alone to work or taking the whole family to the beach. The industry's principal categories include EV, HEV, PHEV, MHEV, NGV, FCEV, Diesel and Petrol. The MHEVs represent a technological leap in the automotive market—vehicles solely based on a combustion engine. From today's viewpoint, combustion engine-based powertrains will remain dominant, at least for the coming decade.

Furthermore, MHEVs are also bringing higher efficiency and lower running costs to combustion engines and could therefore provide promising opportunities for OEMs, suppliers, and customers until electric powertrains become ubiquitous. Also, consumers' new habit of using tailored solutions for each purpose will lead to specialized vehicles designed for particular necessities. For instance, the market for a car mainly built for e-hailing services—that is, a car designed for high utilization, robustness, additional mileage, and passenger comfort—would already be millions of units today, and this is just the beginning. As per this research report, Global Automotive Industry is expected to grow with a CAGR of 3.71% from 2020-2030.

For instance, some of the recent initiatives taken by the Government of India are:
  • In Union Budget 2021-22, the government introduced the voluntary vehicle scrappage policy, expected to advance the market for new vehicles after lifting old unfit vehicles currently plying on the Indian roads.
  • In February 2021, the Delhi government started setting up 100 vehicle battery charging spots across the state to expedite the adoption of electric vehicles.

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