The automotive industry is an essential economic criterion, is on the verge of new technologies and innovations. Moreover, customers’ unique and costly features demand is leading the automotive industry in the modern era. Globally the automobile industry is supported by various factors such as the availability of skilled labour at low cost, robust R&D centres, and low-cost steel production. According to Renub Research, Global Automotive Market is expected to reach 122.83 Million Units by 2030.
Globally, today consumers use all-purpose vehicles, whether they are commuting alone to work or taking the whole family to the beach. The industry’s principal categories include EV, HEV, PHEV, MHEV, NGV, FCEV, Diesel and Petrol. The MHEVs represent a technological leap in the automotive market—vehicles solely based on a combustion engine. From today’s viewpoint, combustion engine-based powertrains will remain dominant, at least for the coming decade.
Furthermore, MHEVs are also bringing higher efficiency and lower running costs to combustion engines and could therefore provide promising opportunities for OEMs, suppliers, and customers until electric powertrains become ubiquitous. Also, consumers’ new habit of using tailored solutions for each purpose will lead to specialized vehicles designed for particular necessities. For instance, the market for a car mainly built for e-hailing services—that is, a car designed for high utilization, robustness, additional mileage, and passenger comfort—would already be millions of units today, and this is just the beginning. As per this research report, Global Automotive Industry is expected to grow with a CAGR of 3.71% from 2020-2030.
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Our report has covered the regional analysis for the Americas, Asia Pacific & Oceania, Europe and Middle East & Africa. The Asia Pacific is the largest market due to the growing demand for passenger cars and fuel-efficient vehicles. The developments in engine technology are progressing significantly, accompanying the rising emission standards across the globe. These factors are notable patrons to the incremental growth of the automotive market in the region. Moreover, the rising adoption of MHEVs in the Asia Pacific is expected to drive automotive production. In Asia Pacific countries, winning government incentives to simplify electro mobility and increased investments by automakers are expected to drive the market.
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