Motor Vehicles Global Market Opportunities and Strategies to 2034

This report describes and explains the motor vehicles market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global motor vehicles market reached a value of nearly $2.61 trillion in 2024, having grown at a compound annual growth rate (CAGR) of 6.54% since 2019. The market is expected to grow from $2.61 trillion in 2024 to $3.83 trillion in 2029 at a rate of 7.94%. The market is then expected to grow at a CAGR of 7.52% from 2029 and reach $5.5 trillion in 2034.

Growth in the historic period resulted from the rising demand for electric vehicles (EVs), growth in automotive financing and leasing, increasing consumer demand for shared mobility services and low-interest rates and easier financing options. Factors that negatively affected growth in the historic period were urban traffic congestion and stringent emission regulations.

Going forward, the expansion of e-commerce and logistics sectors, expansion of road infrastructure and highways, expansion of charging infrastructure and favorable government incentives will drive the growth. Factor that could hinder the growth of the motor vehicles market in the future include rising environmental concerns, fluctuating fuel prices and impact of trade war and tariff.

North America was the largest region in the motor vehicles market, accounting for 35.05% or $915.94 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the motor vehicles market will be Africa and Western Europe where growth will be at CAGRs of 11.13% and 9.33% respectively. These will be followed by North America and Middle East where the markets are expected to grow at CAGRs of 9.02% and 8.88% respectively.

The global motor vehicles market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 58.52% of the total market in 2024. Toyota Motor Corporation was the largest competitor with a 11.88% share of the market, followed by General Motors Company with 6.57%, Ford Motor Company with 6.28%, Stellantis NV. with 6.23%, Mercedes-Benz Group with 6.06%, Bayerische Motoren Werke AG with 5.34%, Hyundai Motor Company with 5.15%, Honda Motor Co. Ltd. with 4.98%, BYD Auto Co. Ltd. with 3.17% and R Volvo Group (AB Volvo) with 2.87%.

The motor vehicles market is segmented by type into motorcycle and bicycle, passenger car and commercial vehicle. The passenger car market was the largest segment of the motor vehicles market segmented by type, accounting for 59.34% or $1.55 trillion of the total in 2024. Going forward, the commercial vehicle segment is expected to be the fastest growing segment in the motor vehicles market segmented by type, at a CAGR of 8.81% during 2024-2029.

The motor vehicles market is segmented by fuel type into gasoline, diesel and other fuel types. The gasoline market was the largest segment of the motor vehicles market segmented by fuel type, accounting for 53.47% or $1.39 trillion of the total in 2024. Going forward, the other fuel types segment is expected to be the fastest growing segment in the motor vehicles market segmented by fuel type, at a CAGR of 13.68% during 2024-2029.

The motor vehicles market is segmented by propulsion type into IC engine and electric vehicle. The IC engine market was the largest segment of the motor vehicles market segmented by propulsion type, accounting for 82.18% or $2.14 trillion of the total in 2024. Going forward, the electric vehicle segment is expected to be the fastest growing segment in the motor vehicles market segmented by propulsion type, at a CAGR of 13.51% during 2024-2029.

The top opportunities in the motor vehicles markets segmented by type will arise in the passenger car segment, which will gain $677.58 billion of global annual sales by 2029. The top opportunities in the motor vehicles markets segmented by fuel type will arise in the gasoline segment, which will gain $537.6 billion of global annual sales by 2029. The top opportunities in the motor vehicles markets segmented by propulsion type will arise in the IC engine segment, which will gain $804.45 billion of global annual sales by 2029. The top opportunities in the IC engine markets sub-segmented by engine capacity will arise in the 1000-1500 cc segment, which will gain $383.34 billion of global annual sales by 2029. The motor vehicles market size will gain the most in the USA at $429.56 billion.

Market-trend-based strategies for the motor vehicles market include to focus on strategic partnership approach to enhance technology integration, to develop innovative solutions such as three-wheeled electric vehicle, to manufacture e-bikes with high-performance, to develop smart e-bikes, to focus on developing clean mobility with hydrogen vehicles, to focus on developing advanced solutions, such as compact MPV (Compact Multi-Purpose Vehicle) and to focus on advanced technological solutions to improve safety and performance of motorcycles and bicycles.

Player-adopted strategies in the motor vehicles market include focus on expanding operational capabilities through strategic partnerships.

To take advantage of the opportunities, the analyst recommends the motor vehicles market companies to focus on developing three-wheeled electric vehicles to address urban mobility needs, focus on high-performance e-bikes to expand mobility across varied terrains, focus on smart e-bikes to strengthen urban mobility solutions, focus on smart e-bikes to strengthen urban mobility solutions, focus on electric utility vehicles to capture commercial and off-road demand, focus on hydrogen fuel cell vehicles to advance zero-emission mobility, focus on compact mpvs to address evolving family mobility preferences, focus on advanced safety and performance technologies for two-wheelers, focus on advanced safety and performance technologies for two-wheelers, focus on the gasoline segment to capture stronger fuel market growth, focus on electric vehicles to maximize future growth potential, expand in emerging markets, expand in emerging markets, focus on strategic partnerships to accelerate technological integration and market expansion, focus on competitive and tiered pricing to align with market demand, focus on integrated digital campaigns to increase brand reach, focus on localized promotions and community engagement, focus on enhancing end-user experience through personalized engagement.

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