Automobile
- All those companies which are involved in manufacture of vehicles, or parts of the same including most components such as engines and bodies but excluding tires batteries and fuel. The industry’s principal products are passenger automobiles and light trucks.
- Incoming technologies like diverse mobility, autonomous driving, robot taxis, electric commercial vehicles, wireless charging and AI connectivity are reshaping the automobile industry.
- Market size:
- The global automobile industry is a massive market, with revenue reaching around $2.52 trillion USD in 2022.
- Automobile industry is expected to grow at a CAGR of 6.9% during the period of 2024-2030.
- Challenges:
- Supply chain distribution
- Rising cost
- Shifting consumer preferences
- Infrastructure needs.
Also read: How Italian car manufacturers contributed to Europe’s automobile market.