Automotive Market in US: Industry Analysis and Forecast (2022-2029)

Automotive Market in US was valued at US$ 15.9 Mn. in 2021 and is expected to grow at US$ 37.8 Mn. in 2029. Automotive Market in US size is expected to grow at a CAGR of 13.17 % through the forecast period.

Automotive Market in US Overview:

The automotive industry comprises a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles. It is one of the world's largest industries by revenue (from 16 % such as in France up to 40 % to countries like Slovakia). It is also the industry with the highest spending on research & development. The automotive industry is the most substantial mass-market, hence they have to achieve special requirements, and extensive sales targets. Suppliers in this industry are often spin-offs to companies that have been on the market for some time. Automotive Market in US To know about the Research Methodology :- Request Free Sample Report The automobile industry is dependent on various factors such as availability of skilled labour at low cost, robust R&D centres, and low-cost steel production. The automobiles increase mobility, comfort, and safety, making them more enjoyable to use. A number of jobs are created and training is also provided through the industry. An increasing number of forward and reverse links in the economy promote both direct and indirect jobs. The report explores the Automotive Market in US Market segments (Vehicle Type, Fuel type, Service, Equipment and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). The MMR market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2020. The report investigates the Automotive Market in US Market drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Automotive Market in US Market contemporary competitive scenario.

Automotive Market in US Dynamics:

The automobile industry's focus has switched to electric vehicles as a means of lowering vehicular emissions, which is propelling the market. Governments and environmental agencies are establishing strict emission rules and laws in response to growing environmental concerns, which may drive up the cost of manufacturing electric drive trains and fuel-efficient diesel engines in the future years. The factors such as the rise in the average age of vehicles due to technological advancements, rise in the average miles driven per vehicle, and surge in road safety awareness in people leads to the growth of the Automotive Market in US. The increasing disposable income, the availability of the financing options, rising urban population, close substitutes for each segment which are equipped with best technological advancements such as active and passive safety systems, comfort features, and high performing powertrains are the factors which lead to the growth of the market. The market also enjoys growth due the dynamic Indian public transportation network and the growing logistic landscape. The demand for electric vehicles is also another factor which is contributing to the growth of the Indian automotive market. Automobiles with advanced features (using more motors) to have more weight and cost compared to basic models which restrains the growth of the Automotive Market in US. Due to stringent environmental norms and rising demand for vehicles with better fuel efficiency, automotive suppliers are looking at lighter components for weight reduction which will help to meet the demand for lower emissions and better mileage. The commercialization in the mass market is one of the keys restrain which hinders the market growth. Nowadays, automobiles with more advanced features have been growing in demand in the mid-priced and luxury segments. They have better features than a decade back and use more automotive motors than base car models. COVID-19 Impact on Automotive Market in US: The coronavirus (COVID-19) pandemic has induced a decade of expansion in the global automotive industry to an abrupt standstill, with sales plummeting in most markets. As a result, there have been more job cuts beyond the sector, with plants and suppliers shutting down in countries where the markets are slowest to recover. After a disastrous 2020 for the global automotive sector, an upturn is expected in 2021, but carmakers worldwide will demand to seek out growth pockets while pushing through extensive cost-cutting programmes. The rivalry among the US and China will continue in 2021. Sanctions and investment restrictions may even force third-party countries to choose between the two rivals. Changing prices of raw materials challenges the market growth: The steel bars and copper wires are used for making the raw materials used in manufacturing motors. Motor manufacturers and suppliers are concerned about access to materials and price volatility. Changing prices of raw materials restrains the growth of the Automotive Market in US. Also, manufacturers have long-term supply contracts that prevent them from taking the cost advantage of decreasing materials prices. In such cases, if the price of the commodity or the material falls, the manufacturers do not have the upper hand and lose the cost advantage. Raw material prices had hit the automotive motor market severely due to an increase in prices of copper by around 38%, plastic by around 35%, and stainless steel by around 45%. The market was further impacted by the onset of the war, along with global supply chain disruptions in some parts of the world. The cost of raw materials which are used in automobile industry keeps on changing which affects the growth of the market.

Automotive Market in US Segment Analysis:

Based on Vehicle Type, The three-wheeler segment holds the largest market share in 2021. Three-wheelers are a common mode of transport used by people for short-distance travel. The fact that Indian customers are extremely price-sensitive helps the three-wheeler market as it provides short-distance passenger transport at a low price. The demand is expected to remain steady over the years due to the growing population in that country that upkeeps transportation demand. The three-wheeler market is expected to experience a shift from conventional vehicles to electric vehicles sooner than their LCV counterparts owing to their small size and limited load-carrying capacity. The advent of e-rickshaws has already created a demand for the vehicle across the country, predominantly from the tier 2 and tier 3 cities. These factors lead to the growth of the Automotive Market. Automotive Market in US The objective of the report is to present a comprehensive analysis of the Automotive Market in US to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Automotive Market in US dynamic, structure by analyzing the market segments and projecting the Automotive Market in US size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Automotive Market in US make the report investor’s guide.

Automotive Market in US Scope: Inquire before buying

Automotive Market in US
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US$ 15.9 Mn.
Forecast Period 2022 to 2029 CAGR: 13.17% Market Size in 2029: US$ 37.8 Mn.
Segments Covered: by Product • Passenger Cars • Commercial Vehicles • Three Wheelers • Two Wheelers
by Type • Diesel • Petrol • Electric
by Application • Mechanical • Exterior and Structural • Electrical and Electronics
by End-User • Tires • Seats • Batteries • Other Equipment Types

Automotive Market in US, by Region:

• North America • Europe • Asia Pacific • The Middle East and Africa • South America

Automotive Market in US Key Players:

• GM • AM General • Toyota • Callaway Cars • Equus Automotive • Renault • Hyundai Motor Group • Ford • FCA • Honda • Tesla • Detroit Three • Chrysler LLC • Builk • GMC • Jeep • Monro Inc. • Firestone Complete Auto Care • Jiffy Lube International, Inc. • Midas International, LLC • Meineke Car Care Centers, LLC. Frequently Asked Questions: 1] What segments are covered in the Automotive Market in US report? Ans. The segments covered in the Automotive Market in US report are based on Vehicle Type, Fuel type, Service and Equipment. 2] What is the market size of the Automotive Market in US by 2029? Ans. The market size of the Automotive Market in US by 2029 is expected to reach US$ 37.8 Mn. 3] What is the forecast period for the Automotive Market in US? Ans. The forecast period for the Automotive Market in US is 2022-2029. 4] What was the market size of the Automotive Market in US in 2021? Ans. The market size of the Automotive Market in US in 2021 was valued at US$ 15.9 Mn.
1. Automotive Market in US: Research Methodology 2. Automotive Market in US: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Automotive Market in US 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Automotive Market in US: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. COVID-19 Impact 4. Automotive Market in US Segmentation 4.1. Automotive Market in US, By Vehicle Type (2021-2029) • Passenger Cars • Commercial Vehicles • Three Wheelers • Two Wheelers 4.2. Automotive Market in US, By Fuel Type (2021-2029) • Diesel • Petrol • Electric 4.3. Automotive Market in US, By Service (2021-2029) • Mechanical • Exterior and Structural • Electrical and Electronics 4.4. Automotive Market in US, By Equipment (2021-2029) • Tires • Seats • Batteries • Other Equipment Types 5. Company Profile: Key players 5.1. GM 5.1.1. Company Overview 5.1.2. Financial Overview 5.1.3. United State Presence 5.1.4. Business Portfolio 5.1.5. Business Strategy 5.1.6. Recent Developments 5.2. AM General 5.3. Toyota 5.4. Callaway Cars 5.5. Equus Automotive 5.6. Renault 5.7. Hyundai Motor Group 5.8. Ford 5.9. FCA 5.10. Honda 5.11. Tesla 5.12. Detroit Three 5.13. Chrysler LLC 5.14. Builk 5.15. GMC 5.16. Jeep 5.17. Monro Inc. 5.18. Firestone Complete Auto Care 5.19. Jiffy Lube International, Inc. 5.20. Midas International, LLC 5.21. Meineke Car Care Centers, LLC. 5.22. Others

About This Report

Report ID 86405
Category Automotive and Transportation
Published Date July 2022
Updated Date
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