Automotive Market : Growing Economic Sector

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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. 
To order a research report please visit us on www.brandessenceresearch.com

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