The North America automotive market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising disposable income and rapid electrification of the automotive sector.
The automotive industry consists of a wide range of companies and organizations that are involved in the design, development, manufacturing, marketing, and selling of motor vehicles. It is one of the largest industries by revenue. The automotive industry does not include maintenance of automobiles, delivery to the end-user, and motor fuel filling stations.
The automotive market activities include manufacturing of motor vehicles, which consist of components, such as engines and bodies, excluding tires, batteries, and production of fuel. The industry’s principal products are passenger automobiles and light trucks, which includes pickups, vans, and sport utility vehicles.
Commercial vehicles have wide range of products such as delivery trucks and large transport trucks. Light commercial vehicles weighs less than 3.5 metric tons and medium & heavy commercial vehicles that are greater than 3.5 metric tons includes trucks and buses. Two-wheelers include all types of motorcycles such as street bikes, dual-purpose, and off-road recreation. Robotic equipment are increasing utilized for the production of automated machinery. This, in turn, is expected to ramp up the production of cars in the region.
Market Trends, Drivers, Restraints, and Opportunities
- Growing stringent emission norms is anticipated to boost the market growth during the forecast period.
- Increasing demand for commercial vehicles owing to the rapid growth in the logistics industry is one of the major factors driving the market growth.
- Rising focus on reduction in vehicle emissions and increasing focus on the innovation in the electric vehicles industry are expected to spur the growth of the market.
North America Automotive Market Segment Insights
Commercial vehicles segment is projected to account for a large market share
Based on types, the market is divided into passenger cars, commercial vehicles, and two- wheelers. The commercial vehicles segment is further bifurcated into light commercial vehicles and medium & heavy commercial vehicles. The commercial vehicles segment is expected to constitute a key market share during the forecast period owing to increasing e-commerce activities. On the other hand, the passenger cars segment is anticipated to grow at a sustainable rate owing to rising disposable income in the region.
The US to dominate the market
On the basis of geographies, the market is classified as United States, Canada, and Rest of North America. United States is anticipated to dominate the market during the forecast period. The country’s market growth can be attributed to the emergence of electric vehicles. Moreover, government is providing various tax benefits to support the purchase of electric vehicles.
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