Home > Automotive > Mobility > Passenger Vehicles > Cars Market

Cars Market Trends

Report ID: GMI6767
Published Date: Sep 2023
Report Format: PDF

Download Free Sample

Cars Market Trends

Autonomous cars are an emerging trend in the cars industry, representing a transformative shift in the way people perceive & use vehicles. These self-driving vehicles use advanced sensors, AI, and connectivity to navigate roads without human intervention, offering convenience, safety, and potentially reduced traffic congestion. Automakers and technology giants are heavily investing in autonomous technology, with companies including Tesla and Waymo leading the way. As the technology matures and gains regulatory approval, autonomous cars are expected to revolutionize the future of transportation, becoming a prominent trend in the market.

Technological advancements are another emerging trend in the cars market, transforming vehicles into sophisticated, connected, and intelligent machines. Features, such as Advanced Driver-assistance Systems (ADAS), electric powertrains, and cellular vehicle-to-everything (C-V2X), are redefining the driving experience. Innovations including autonomous driving, vehicle-to-vehicle communication, and sustainable materials are shaping the future of the automotive industry. These advancements enhance safety, efficiency, and sustainability, making technology a key driver of change & growth in the cars market.

For instance, in September 2023, Saudi Arabia announced its plan to launch the 5.9 gigahertz bandwidth for “vehicle-to-everything” technology. The initiative aims at enhancing Saudi Arabia’s quality of life by bolstering road safety and offering vital real-time information to drivers.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of cars reached USD 1.55 trillion in 2022 and is set register 10.3% CAGR from 2023 to 2032, due to the growing global population and urbanization along with increasing demand for personal mobility.

The individual end-user segment held over 65% of the market share in 2022, on account of the higher number of consumers increasingly seeking vehicles tailored to their specific needs & preferences along with rising awareness about convenience & safety on roads.

Asia Pacific registered 50% of the market share in 2022, owing to the increasing urbanization, growing middle-class population, and rising disposable incomes in the region.

BMW Group, Ford Motor Company, Toyota, Volkswagen, Suzuki, Daimler AG, Hyundai, Nissan, and Honda Motor Company are some of the major car companies worldwide.