The automotive industry is projected to reach 104 million units by 2030 with growth drivers

From GlobeNewswire: 2024-07-22 21:30:00

The automotive industry, covering PV, LCV, and MHCV, is expected to grow from 88 million units in 2024 to 104 million units in 2030, with a 2.4% CAGR. Factors driving growth include the rise of electric vehicles, advancements in battery technology, and the introduction of autonomous vehicles and 5G connectivity.

Countries like China, Brazil, South Korea, and India are ramping up investments in the automotive industry due to urbanization and economic growth. This will drive demand for the automotive market in the coming years.

Asia-Pacific is set to dominate the automotive market, with China leading the charge in both vehicle sales and production, particularly in the electric vehicle battery supply chain. The region is poised for significant growth in automobile production in the forecast period.

Honda has started production of its new 2025 Honda CR-V e:FCEV fuel cell electric vehicle in the US, while BYD has launched the e-Platform 3.0 Evo and Exicom in India has introduced a Harmon Gen 1.5 DC fast charger. These developments are contributing to the evolution of the automotive industry.



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