The global automotive OEM market is poised for steady growth, projected to achieve an average-paced CAGR of 4.17% over the forecast period. With a current valuation of US$ 35.16 billion in 2023 and an anticipated market value exceeding US$ 52.90 billion by 2033, this sector demonstrates significant potential for expansion. Contributing to this growth trajectory is the escalating demand for automotive OEMs, particularly in the production of both commercial and passenger vehicles.
The surge in the passenger vehicle segment, fueled by an increasing population and commuting needs, underscores the pivotal role of automotive OEMs in meeting transportation demands. Moreover, the uptick in car sales, driven by rising disposable incomes in developing economies, further amplifies the importance of automotive OEMs in 2023 and beyond. This upward trend not only reflects market dynamics but also highlights the industry’s resilience and adaptability to evolving consumer preferences and socioeconomic factors, ensuring sustained relevance and growth in the automotive OEM market.
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It is analyzed by the experts that demand for a large number of commercial and passenger vehicles is a major contributor to the expanding market size of automotive OEMs. Consumers are becoming more aware of their safety while traveling and this aspect is fueling the demand for automotive OEM products in 2023. There are several technological advances made by manufacturers to gain an upper hand in the market.
The rise in disposable income across developing economies is resulting in increased spending on personal vehicles, simultaneously fueling the market growth of automotive OEMs. However, the high cost of automotive OEM products is a crucial factor impeding the growth of the industry. Furthermore, the prevalence of counterfeit automotive OEM products is estimated to challenge the expansion of the market through 2033.
Competitive Landscape in the Automotive OEM Market
Due to the existence of numerous international and regional companies, the market for automotive OEMs is very competitive. To strengthen their position in the market, major players are implementing a variety of methods, including product portfolio growth and regional development. The key players are adopting various business strategies, such as mergers and acquisitions, to expand their geographic presence and consumer base across the world. Therefore, the market is projected to register significant growth through the forecast period.
Some of the key companies in the market are
Toyota Motor Corporation., Volkswagen AG., Nissan., Honda Motor Co., Magna International Inc., Continental AG., CIE automotive., Siemens., BMW AG., Exide Industries Limited., Denso Corp., Robert Bosch, GMbH., Valeo, Aptiv, Ford Motor Company., Mitsubishi Motors Corp.
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Key Segments in the Automotive OEM Market
By Components:
- Powertrain
- Chassis
- Electronics and Electrical
- External Body
- Car Interiors
By Vehicle Type:
- Commercial vehicles
- Passenger cars
- Electric cars
By Distribution Channel:
- Retailers
- Wholesalers
- Distributors
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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