Automotive Market Size

Q: What is the overall size of the automotive market?

The automotive market is projected to reach USD 5.01 trillion by 2031.

Q: What is the CAGR of the automotive market during the forecast period?

The automotive market is expected to grow at a CAGR of 5.5% during the forecast period.

Q: Which segments drive the automotive market the most?

Passenger vehicles, electric vehicles (EVs), and commercial fleet solutions are key growth segments.

Q: What are the major trends impacting the automotive market?

CASE mobility, software-defined vehicles, and EV adoption are reshaping the market.

Q: How does 6W market outlook report help businesses in making decisions?

6W monitors the market across 60+ countries Globally, publishing an annual market outlook report that analyses trends, key drivers, Size, Volume, Revenue, opportunities, and market segments. This report offers comprehensive insights, helping businesses understand market dynamics and make informed decisions.

Q: Do you also provide customisation in the market study?

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Automotive Market Size

Code: MTA5207

Publication Date: Jul 2025

How big is the automotive market?

According to 绿帽社 internal database and industry insights, the automotive market was valued at approximately USD 3.45 trillion in 2024 and is projected to reach USD 5.01 trillion by 2031. The market is anticipated to grow at a CAGR of 5.5% during the forecast period.

This growth is driven by increasing vehicle ownership worldwide, rising demand for electric and connected vehicles, urbanization in emerging economies, and continued investments in mobility infrastructure. Additionally, technological advances such as ADAS, autonomous driving, and over-the-air software updates are reshaping the landscape across both passenger and commercial vehicle categories.

Key Growth Factors of the Automotive Market

Rising demand for passenger and commercial vehicles

Acceleration of electric vehicle (EV) production and infrastructure

Urbanization and middle-class income growth in developing regions

Shift toward connected, autonomous, shared, and electric (CASE) mobility

Integration of advanced driver assistance systems and smart mobility platforms

Government policies promoting low-emission and fuel-efficient vehicles

Automotive Market Trends

Automakers are increasingly focusing on digital retailing and online vehicle sales platforms. Subscription-based vehicle ownership and shared mobility services are gaining traction. Integration of AI, big data, and telematics in vehicles is enhancing customer experiences and driving predictive maintenance. Meanwhile, EVs and hybrids are dominating new launches, especially in Europe, China, and North America.

Emerging Developments in the Automotive Market

OEMs are investing in software-defined vehicles and centralized computing architecture. Startups and traditional players are collaborating on EV and battery development. Hydrogen fuel cell technology is gaining momentum in commercial segments. Automakers are also adopting circular economy models focusing on sustainability and recyclability.

Major Companies in the Automotive Market

Toyota Motor Corporation

Volkswagen Group

General Motors Company

Ford Motor Company

Hyundai Motor Group

Stellantis N.V.