Automotive Market : Growing Economic Sector
The
Automotive Market is one of the largest economic sector in the world. It
involves all companies and organization working for designing, development,
manufacturing, marketing and selling of motor vehicles. The industry
produced a total 14.25 million vehicles—including passenger vehicles (PV),
commercial vehicles (CV), and three- and two wheeler.
According
to experts, Automotive market is expected to grow at CAGR of around 56.21% for
the forecast 2018 to 2024. In order to keep up with the growing demand, several auto
makers have started investing heavily in various segments of the industry
during the last few months.
Automotive
Market Trends and Opportunities:
Digitization,
increasing automation, and new business models have revolutionized other
industries, and automotive will be no exception. These forces are giving
rise to four disruptive technology-driven trends in the automotive sector:
diverse mobility, autonomous driving, electrification, and connectivity.
Brand Essence Market Research has published some
research report on Automotive market. It includes Global Electric car market report and Global Automotive Tire Pressure Monitoring
Systems market report.
According to BEMRC, there will be a new
resurgence in the sales and utilization of Electric cars. The electric
car being less complex are much more beneficial to their Diesel or
gasoline counterparts. The coming years will be crucial in the development of
electric car in terms of infrastructure development and consumer acceptance.
Automotive Tire Pressure Monitoring System
(ATMPS) is an electronic system in vehicle that monitors
tire air pressure and alerts user when it falls
dangerously low. ATPMS can increase safety
on the road by improving vehicle’s handling, decreasing tire wear, reducing
braking distance and bettering fuel economy, most of vehicles made after 2006 to be
ATPMS–equipped.
Automotive
Market Segmentation
The Automotive market is segmented into
the its vehicle types, and demand across different geographic regions.
• Types of vehicle: Light commercial, Heavy
commercial vehicles
• Types of application: Men, Women
• Geographic regions: North America,
Latin America, Asia-Pacific, Europe, and Middle East & Africa
Future
of Automotive Market
The
future of the Automotive market looks good with opportunities in the segments
of commercial vehicle and passenger car.
The major drivers of growth for this market are increasing vehicle production,
increasing demand for driving safety and reliability, reduction in fuel
consumption.
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