Impact of Covid-19 on Global Automotive Market Analysis to Forecast to 2024 – Future Opportunities and Challenges

Impact of Covid-19 on Global Automotive Market Analysis to Forecast to 2024 - Future Opportunities and Challenges

“Global Automotive Market”
A new market study, titled “Covid-19 Impact on Global Automotive Industry Research Report Forecast to 2024” has been featured on WiseGuyReports.


According to Study, the global automotive Market is estimated to reach 1,14,250 thousand units by 2024.

The report published on the Global Automotive Market is a comprehensive analysis of the various factors that either positively or negatively affect market growth. The report also introduces the market and gives a basic overview of the Automotive Market along with the scope of the different products that are manufactured. The Global Automotive Market is divided into several smaller market segments and the market share for each of the different market segments for the base period from the year 2019 to the year 2020 is presented in detail in the report along with an analysis of the various factors.

The automotive industry includes companies and organizations involved in the design, development, and manufacturing of automobiles. The vehicles are broadly classified into passenger car and commercial vehicles, with passenger cars covering sport utility vehicles, sedan, coupe, hatchback cars, and commercial vehicle includes light trucks, buses, and large transport trucks. However, the automotive industry does not include the entities dedicated to the maintenance of automobiles, such as delivery to the end-user, repair shops and motor fuel filling stations.

Key Players

Major companies that occupy a large market share in the respective regions are identified and are analyzed thoroughly.  Strategic developments that are used to provide an edge over the other competitors are also noted and are analyzed. The company is profiled to acquire more information and the data is included in the report. Various strategies that are developed by different companies to give them an edge over their competitors are comprehensively analyzed.

The key players operating in the global automotive industry are Volkswagen AG (Germany), General Motors (US), Toyota Motor Corporation (Japan), SAIC Motor Corporation Limited (China), Ford Motor Company (US), Nissan Motor Corporation (Japan), Hyundai Motor Company (South Korea), Fiat Chrysler Automobiles (US), Honda Motor Corporation (Japan), and Daimler AG (Germany).

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Drivers and Risks

Various market factors and their effect on the Global Automotive Market are discussed and are identified. New technologies that are being increasingly used in the Automotive Market to boost the production and manufacturing rate have been listed and are included in the report. The market share occupied by Automotive product is analyzed after comprehensively evaluating the market share according to the value of the units produced and the volume of products manufactured at the plant.

Urbanization and the increasing per capita income and the rise in demand for vehicles in tier 2 and tier 3 cities are the major factors driving the demand for automobiles, all over the world. Furthermore, the rising standard of living, availability of credit system, and the proliferating component aftermarket are expected to drive the automotive industry further. The major automotive OEMs, around the world are heavily investing in research and development activities for innovative products to cater to the increasing demand for technologically advanced vehicles. This helps them achieve a competitive advantage over other market players. China, Germany, and the US are the countries that are leading in terms of production and sale of automobiles. However, increasing investments in the automotive sector have led to an increase in the number of vehicle and component manufacturers in the automotive industry. Intense competition makes it difficult for companies to achieve the required profit margins, as the small increase in input prices, which adversely affects margins by a significant percentage.

Market Segment

For the study, the global automotive industry been segmented based on type, and region. On the basis of type, the global automotive industry has been segmented into passenger cars and commercial vehicles. The passenger car segment accounted for the larger market share in 2017; it is expected to register the higher CAGR during the forecast period.

On the basis of type, the passenger car segment accounted for the larger market share of 75.09% in 2017, with a market value of 73,356 thousand; it is expected to register the higher CAGR of 2.9% during the forecast period. The commercial vehicle segment was valued at 24,210 thousand in 2017; it is projected to exhibit a CAGR of 2.0%.

Regional Description

There are different market segments that the Global Automotive Market has been divided into. These different segments include those based on their location in the globe. The location of each region plays a major role in the market segmentation.  The various regions that have been covered in the report include North America, Asia-Pacific, South America, Europe, the Middle East, and Africa. The market share of the product/service offered in these regions is comprehensively analyzed.

On the basis of region, Asia-Pacific held the largest market share of 53.91%, sized at 52,249 thousand units in 2017 and is projected to register a CAGR of 2.74%. The market in Europe with a market share of 21.44% in 2017, sized at 20,922 thousand units; is projected to exhibit a CAGR of 2.27%.

Research Methodology

The data used to compile the global Automotive Market report is a result of collating the data from several sources of information and after extensive market research. The data that has been collected is subjected to the SWOT analysis that is used to identify different strengths and weaknesses that a company has. The opportunities that can be exploited to accomplish a variety of purposes and finally the threats that the company faces either from other competitors or due to insufficient innovation. An analysis of the different forces that comprise Porter’s Five Forces Model is also included.

Table of Contents

1 Executive Summary

2 Market Introduction

3 Research Methodology

4 Market Insights

5 Market Dynamics

6 Market Factor Analysis

7 Global Automotive Industry, By Vehicle Type

8 Global Automotive Industry, By Region

9 Competitive Landscape

10 Company Profiles


NOTE: Our team is studying Covid-19 and its impact on various industry verticals and wherever required we will be considering Covid-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.


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