Market Forecast by Countries (United States, Canada), By Product Type (Electric, Hybrid Electric, Plug-In Hybrid Electric, Mild Hybrid, Natural Gas, Fuel Cell Electric, Diesel, Petrol) And Competitive Landscape
|Product Code: ETC437723||Publication Date: Jun 2023||Updated Date: Nov 2023||Product Type: Market Research Report|
|Publisher: 6Wresearch||No. of Pages: 200||No. of Figures: 90||No. of Tables: 30|
|Report Name||North America Automotive Market|
|Growth Rate (CAGR)||5.40%|
|Report Coverage||Revenues & Volume, Market Trends, Drivers & Challenges, Market Forecast, Market Share|
|Segment Coverage||By Countries, By Product Type|
|Customization Scope||100% customized reports available along with reliable data. Moreover, you can alter the segments, countries, and regions according to your needs. For further details, you can contact our research expert at firstname.lastname@example.org|
|Pricing and Purchase Options||Avail customization purchase option to know the exact pricing of your research needs|
The North America Automotive Market report thoroughly covers the market by product, by country and competitive landscape. The report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
The North America Automotive industry is a dynamic and highly competitive industry characterized by a diverse range of vehicle types and manufacturers. The region is experiencing a growing focus on electric and autonomous vehicles as environmental concerns and technological advancements reshape the industry. In addition to electric vehicles, the market continues to thrive in segments like trucks and SUVs, which remain popular among consumers. An increasing emphasis on sustainability and reduced emissions has led to the expansion of hybrid and electric vehicle offerings. Furthermore, there is a notable shift towards online sales and digital showroom experiences, accentuating the importance of e-commerce in the automotive sector. Additionally, the market has witnessed a growing emphasis on electric and hybrid vehicle production, with major automakers expanding their EV offerings and investing in charging infrastructure to meet the increasing demand for environmentally friendly transportation. However, challenges in the market encompass the global semiconductor shortage, which has disrupted vehicle production, leading to supply chain bottlenecks and delivery delays for automakers. Additionally, the industry faces the ongoing challenge of meeting stringent emissions and fuel efficiency standards, necessitating investments in cleaner technologies and sustainable practices.
According to 6Wresearch, North America Automotive Market size is expected to grow at a CAGR of 5.40% to reach USD 1.38 trillion during 2023-2029. The Key drivers fueling growth in the North America automotive market include a burgeoning demand for electric and hybrid vehicles as the region increasingly focuses on reducing emissions and promoting sustainable transportation options. The expansion of charging infrastructure, coupled with government incentives and favourable policies for electric vehicles, is accelerating their adoption. Additionally, the market benefits from consumer preferences for trucks and SUVs, which remain popular due to their versatility and utility, leading to robust sales. The growing trend towards digitalization and connectivity in vehicles, including features like autonomous driving and advanced infotainment systems, is another significant driver, shaping the future of automotive technology in North America.
The North America automotive market revenues experienced a multifaceted impact from the COVID-19 pandemic. In the initial phase, lockdowns and economic uncertainties led to a sharp decline in vehicle sales and disrupted production, resulting in financial challenges for automakers. Consumer preferences shifted towards personal transportation, with a surge in used car sales and increased demand for SUVs and trucks. Additionally, there was a growing focus on vehicle sanitization and contactless service experiences to address health and safety concerns. Despite these challenges, the pandemic accelerated the adoption of electric and autonomous vehicles, as well as digital showroom experiences, reflecting the industry's adaptability and readiness to embrace new technologies and trends. As the situation stabilized and economic recovery took hold, the North America automotive market displayed resilience and adaptability, paving the way for a gradual rebound and continued growth.
The North America automotive market boasts a roster of key players that includes renowned international automakers, such as General Motors, Ford, and Fiat Chrysler (now Stellantis), which have a significant presence in the region, manufacturing a wide range of vehicles from trucks to electric cars. Japanese manufacturers like Toyota and Honda also hold substantial market share, emphasizing quality and innovation. Additionally, electric vehicle giants like Tesla have made a substantial impact, revolutionizing the industry with their cutting-edge EV technology and influencing the broader automotive landscape. Likewise, some of the corporations account for considerable North America Automotive Market share. Moreover, this mix of domestic and international players fosters competition, innovation, and a diverse range of vehicle options in the North America automotive market.
According to Ravi Bhandari, Research Head, 6Wresearch, the North America automotive market offers a comprehensive array of product categories, reflecting the diverse preferences of consumers in the region. Notable categories include passenger cars, covering a wide spectrum from compact sedans to luxury vehicles. The market is also renowned for its expansive truck and SUV segment, catering to the strong demand for versatile and spacious vehicles. Furthermore, the region has made significant strides in the electric vehicle category, with a range of battery electric and hybrid models available, reflecting the growing environmental consciousness among consumers. Speciality and high-performance vehicles, including sports cars and luxury models, contribute to the market's diversity, as do commercial and off-road vehicles, serving various business and industrial needs.
The North America automotive market comprises a few key performing countries, with the United States and Canada at the forefront. The United States, in particular, stands as a dominant player, with a substantial manufacturing and consumer base for a wide range of vehicles, including trucks, SUVs, and electric cars. Additionally, the country grasp the widespread United States Automotive Market share. Moreover, Canada plays a significant role, known for its contributions to vehicle manufacturing and automotive innovation. Mexico has also emerged as a key player, with numerous international automakers establishing production facilities to leverage cost advantages and accessibility to both the North American and global markets. Collectively, these countries drive the North America automotive market's growth and influence its dynamics, making the region a powerhouse in the global automotive industry.
The North America Automotive Market report provides a detailed analysis of the following market segments:
|1 Executive Summary|
|2.1 Key Highlights of the Report|
|2.2 Report Description|
|2.3 Market Scope & Segmentation|
|2.4 Research Methodology|
|3 North America Automotive Market Overview|
|3.1 North America Regional Macro Economic Indicators|
|3.2 North America Automotive Market Revenues & Volume, 2019 & 2029F|
|3.3 North America Automotive Market - Industry Life Cycle|
|3.4 North America Automotive Market - Porter's Five Forces|
|3.5 North America Automotive Market Revenues & Volume Share, By Countries, 2019 & 2029F|
|3.6 North America Automotive Market Revenues & Volume Share, By Product Type, 2019 & 2029F|
|4 North America Automotive Market Dynamics|
|4.1 Impact Analysis|
|4.2 Market Drivers|
|4.3 Market Restraints|
|5 North America Automotive Market Trends|
|6 North America Automotive Market, 2019- 2029|
|6.1 North America Automotive Market, Revenues & Volume, By Product Type, 2019- 2029|
|7 United States Automotive Market, 2019- 2029|
|7.1 United States Automotive Market, Revenues & Volume, By Product Type, 2019- 2029|
|8 Canada Automotive Market, 2019- 2029|
|8.1 Canada Automotive Market, Revenues & Volume, By Product Type, 2019- 2029|
|9 North America Automotive Market Key Performance Indicators|
|10 North America Automotive Market - Opportunity Assessment|
|10.1 North America Automotive Market Opportunity Assessment, By Countries, 2019 & 2029F|
|10.2 North America Automotive Market Opportunity Assessment, By Product Type, 2019 & 2029F|
|11 North America Automotive Market - Competitive Landscape|
|11.1 North America Automotive Market Revenue Share, By Companies, 2022|
|11.2 North America Automotive Market Competitive Benchmarking, By Operating and Technical Parameters|
|12 Company Profiles|