Car & Automobile Sales Market is Expected to Reach US$ 10,574.88 Billion, Anticipated to Grow at 8.6% CAGR Through 2034 | Fact. MR Report

Rockville, MD , Jan. 15, 2025 (GLOBE NEWSWIRE) — Based on the newly published report by Fact.MR, a market research and competitive intelligence provider, the global Car & Automobile Sales Market is estimated to reach US$ 4,598.61 billion in 2024. The market is further analyzed to advance at a CAGR of 8.6% between 2024 and 2034.

Because of their unmatched adaptability and vital function in modern life, cars are becoming more popular everywhere across the globe. The necessity for personal mobility, business logistics, and specialized industrial equipment has made the vehicle and truck sales industry a worldwide powerhouse, regardless of the location—from busy metropolis to isolated rural areas.

As growing middle classes want accessible, reasonably priced mobility alternatives, potentially high growth countries are experiencing especially rapid growth. Meanwhile, advanced features, such as linked infotainment systems, automated driving technology, and electric powertrains are becoming more popular in industrialized countries. Emergency services, commercial fleet operators, and several other sectors depend on customized automobile components to fuel their operations effectively.

Sedans and SUVs for personal use, delivery vans and heavy-duty trucks for business, specialist off-road vehicles for industry, and everything in between are all part of this diverse demand. There are no indications that worldwide automobile sales will pause their meteoric climb as innovations continue to transform the car-buying experience.

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Key Takeaways from the Market Study:

• The global car & automobile sales market is forecasted to reach a valuation of US$ 10,574.88 billion by the end of 2034.
• The East Asian market is evaluated to progress at a CAGR of 9.2% between 2024 and 2034.
• The North American region is projected to advance at a CAGR of 9.4% through 2034.
• Through 2034, the market in Mexico is analyzed to progress at a CAGR of 5.7%.
• The market in Japan is forecasted to escalate at a CAGR of 6.2% in the East Asia region between 2024 and 2034.
• Based on the product and services, the cars segment is estimated to reach a valuation of US$ 3,675.52 billion by the end of 2034.

“Meeting a wide range of personal, commercial, and specialized transportation needs is making the demand boost for cars and automobiles,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Car & Automobile Sales Market:

Toyota; Volkswagen; General Motors; Hyundai; Tesla Inc.; BYD; Mercedes Benz; Ford Motor Company

Introduction of Longer Range Cars with Better Features Stimulating Market Growth:

Technological developments are changing how people view and use their cars, from clever driver-assistance systems to environment-friendly electric vehicles (EVs) with longer ranges. Cars are becoming mobile hubs of communication because of integrated smart technologies, such as wireless device charging, voice-activated infotainment, and over-the-air software upgrades. Meanwhile, a larger range of consumers are finding driving more easy and accessible thanks to autonomous driving features, including adaptive cruise control and self-parking.

Commercial cars now have automated logistics management and fleet optimization technologies, demonstrating that these advancements go beyond personal mobility. To appeal to environmentally concerned consumers and businesses, manufacturers are also implementing recyclable materials and sustainable production techniques. Global sales are hitting all-time highs as the automobile industry pushes the limits of innovation, confirming the car’s position as an essential component of contemporary life everywhere.

Car & Automobile Sales Industry News:

• In April 2022, ElectricBrands purchased Artega to expand its product lines with the company’s well-known small electric autos. As part of the agreement, the company will introduce an electric two-seater KARO in the second half of 2023. The vehicle is perfect for urban travel because it is only 1.50 meters wide and 2.48 meters long, has a 200-kilometer range, and can reach a top speed of 90 km/h.
• Citroen announced in September 2021 that the Ami microcar would be launched in the United Kingdom, after more than 12,000 British consumers expressed interest. Ami is a more practical, safe, and environmentally beneficial mode of transportation than mopeds, scooters, or bicycles.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the car & automobile sales market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product & service (sports utility vehicles and pickup trucks, cars, heavy trucks, buses, recreational vehicles, specialty vehicles), and major market (businesses, households, government), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).

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The global automotive software market is forecasted to surge ahead at a CAGR of 12.5% and reach a valuation of US$ 65 billion by the end of 2033, up from US$ 20 billion in 2023.

The global automotive tire market is projected to increase from a value of US$ 403.53 billion in 2024 to US$ 626.67 billion by the end of 2034. Worldwide sales of automobile tires have been projected to rise at 3.6% CAGR from 2024 to 2034.

Revenue from the global automobile engine & part manufacturing market is analyzed at US$ 410.21 billion in 2024. The market is projected to increase at a remarkable 8.3% CAGR and reach a size of US$ 912.97 billion by the end of 2034.

The latest study by Fact.MR reveals that the global auto part & accessory manufacturing market is estimated to rise from US$ 1997.45 billion in 2024 to US$ 3879.15 billion by 2034-end. Demand is evaluated to expand at a 6.9% CAGR between 2024 and 2034.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay competitive.

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