The global Automotive Assembly Market is estimated to be valued at US$ 41,490 Mn in 2021 and is expected to exhibit a CAGR of 5.80% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The automotive assembly market involves the process of assembling various components and parts to manufacture a complete vehicle. This market includes the assembly of cars, trucks, motorcycles, and other vehicles. With the rising demand for vehicles worldwide, the automotive assembly market is experiencing significant growth. The need for efficient, durable, and high-quality vehicles has increased the demand for automotive assembly. Moreover, with the shift towards electric vehicles, the market is expected to witness even higher growth.
Market key trends:
One key trend in the automotive assembly market is the increasing demand for electric vehicles (EVs). The global automotive industry is witnessing a transformation with a focus on sustainable mobility solutions. As governments around the world implement stricter emission regulations and provide incentives for EV adoption, the demand for electric vehicles is surging. This trend is driving the growth of the automotive assembly market as manufacturers ramp up their production of electric vehicles.
For example, leading automakers such as BMW Group, Ford Motor, General Motors, and Volkswagen Group have announced their plans to invest heavily in electric vehicle manufacturing and assembly. BMW aims to have 25 electric models on the market by 2023, while Volkswagen plans to produce 20 million electric vehicles by 2030. These investments and initiatives are driving the growth of the automotive assembly market.
– Political: Governments worldwide are implementing stricter emission regulations and providing incentives for the production and adoption of electric vehicles.
– Economic: The increasing disposable income of consumers, coupled with reduced battery costs, is making electric vehicles more affordable and driving their demand.
– Social: Growing environmental consciousness among consumers and the need for sustainable mobility solutions are fostering the demand for electric vehicles.
– Technological: Advances in battery technology, charging infrastructure, and autonomous driving technologies are fueling the growth of the electric vehicle market.
– The global automotive assembly market is expected to witness high growth, exhibiting a CAGR of 5.80% over the forecast period, due to increasing demand for electric vehicles. Electric vehicles offer lower emissions, reduced operating costs, and enhanced driving experience, driving their adoption.
– Asia Pacific is expected to be the fastest-growing and dominating region in the automotive assembly market. The region is witnessing significant investments in electric vehicle manufacturing and assembly, with countries like China, Japan, and South Korea leading the market.
– Key players operating in the global automotive assembly market include BMW Group, Daimler, Ford Motor, General Motors, Honda Motor, Hyundai Motor, SAIC Motor, Stellantis, Toyota Motor, and Volkswagen Group. These companies are investing in electric vehicle production and assembly to meet the growing demand for eco-friendly vehicles.
In conclusion, the global automotive assembly market is witnessing high growth driven by the increasing demand for electric vehicles. Governments’ initiatives, reduced battery costs, and technological advancements are supporting the growth of the market. Asia Pacific is emerging as a key region in this market, while major players are actively investing in electric vehicle production and assembly.