Report Overview 

The automobile market growth is supported by various factors such as the availability of robust R&D centers, low-cost steel production, and cost-competitive labor forces. Market Research Future reviews various aspects of the industry as well as numerous evolutionary changes brought in for accessories, components, materials, and auxiliary parts.

The industry also offers great opportunities for investment and direct & indirect employment to skilled and unskilled labor. Post recovering from COVID-19 effects, the global automobile industry is expected to record strong growth in the next few years. 

Drivers and Risks 

Investments and government initiatives are the major driving forces defining the growing market landscape. Several automakers are heavily investing in various segments of the automotive industry. Emerging markets, especially India, is attracting Foreign Direct Investment (FDI). According to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT), India has attracted FDIs worth US$ 25.85 BN between April 2000 and March 2020. 

As far as government initiatives are concerned, apart from favorable manufacturing policies, governments also encourage automation and electrification disruption. There are rapid upgrades in automotive technologies.

New vehicles are expected to be battery-operated/ electric, and several new self-driving car models would be added to the world’s fleet. Besides, technological advancements in the automobile industry are also disrupting the supplier segment and offering new market growth opportunities.

This would allow the auto supplier industry to offer electrical components flawlessly. However, automation and electrification are the biggest challenges in the automotive industry. As autonomous and electric vehicles take over, other related industries would boom, such as semiconductors, sensors, components, lighting, and technologies. 

Market Research Future segments the reports by types and power output, displaying detailed region-wise analysis. The type segment is sub-segmented into AC and BDC. The motor type segment is sub-segmented into PMSM, DC brushless, and AC induction. The EV type segment is sub-segmented into BEV, HEV, and PHEV. The power output segment is sub-segmented into less than 200 kW, 200-400 kW, and above 400 kW. The vehicle type segment is sub-segmented into commercial vehicles and passenger cars. 

The report reviews and expounds a detailed analysis of the competitive landscape with new trends and manufacturing methods penetrating the auto space with context to key industry and market players. Thus, the report highlights several prominent market players, trends they set or follow to gain a considerable share, and their contributions to the market growth. 

Major market players include Toyota, General Motors, Volkswagen, Hyundai Motors, Ford, Nissan, Honda, PSA, Suzuki, Renault, Fiat, Daimler AG, Chrysler, Chana Automobile, and Tata Motors, among others.

Research Methodology

The research methodology of MRFR reviews alternative hypotheses and tries to present to readers with facts and figures. It provides a research hypothesis as an alternate way to explain the phenomenon of the market. The research hypothesis is based on observations that evoke brilliance. The researchers involved in the analysis have tested the hypothesis to disprove the null hypothesis to come closer to resolve a specific problem. 

The null hypothesis was used to determine instructions and orders, while the research hypothesis was used in determining whether there were variables. It changes according to different factors; some variables change easily, while other variables are almost constant. Hence researchers have sought to measure variables. In this research, the independent and dependent variables are used in experimental research to define a hypothesis.