Annualized Automobile Market Value to Reach USD 4.6 Trillion by 2018, Forecasts Tech Archival11 Apr 2013 • by Natalie Aster
The automobile industry is commonly regarded as one of the most global industries in the world. Globalization which started in the early 1990’s has largely transformed the automobile industry, resulting in expansion of vehicle manufacturing capacities and assembly units in developing economies like China, India, Brazil and others. This has allowed players to operate scale economies successfully and provided them competencies to establish a well-organized global value chain system.
The study “Global Automobile Market Assessment & Future Opportunities 2008-2018” by Tech Archival says that that global automobile market grew at a CAGR of nearly 5% between the four year period from 2008 and 2012. The recent changes in the global marketplace including the global economic crisis resulted in collapsed automobile sales volumes in 2008–09 which enforced big three players including GM, Chrysler and Ford to seek bail outs packages. This outlook eventually led to the rise of new emerging markets in Asia Pacific such as China and India which have collectively provided a much necessary boost to transform global automobile industry.
However, companies are now mostly recovered from a troubled bail out situation and got firm lessons to build a stable platform for profitable growth. As a result, the global automobiles market recorded a healthy growth, recording market value close to US$ 3 trillion in 2012.
Global Automobile Market Assessment & Future Opportunities 2008-2018
Published: April, 2013
Price: US$ 1,600.00
However, the global automobile industry is confronting a number of challenges and opportunities that bear the potential to reshape this industry over the next decade. ‘Given the upward pressures on fuel efficiency and mounting pollution, majority of players are focusing on the development of pollution free electric vehicles that require no fuel. The rapid urbanization and emergence of new mega cities has also reshaped the urban consumer demands. Whether it is increasing traffic congestion, lack of parking space availability or improving public transport facilities, consumer focus is slowly changing from ‘buying a vehicle’ to ‘rent a vehicle’, said Manmohan Joshi, Research Director at Tech Archival.
‘In this regard, players who will successfully identify new available opportunities and respond to changing consumer preferences will be able to sustain their growth in the long run. A number of related services are expected to become significant over the next 10-15 years when markets for rentals and electric vehicles are anticipated to become well organized. There is also a huge potential for vehicle finance and lease services for growing middle class in developing economies as the market is becoming ready to adapt electric vehicles, lightweight body materials, urban car concepts and added in-vehicle smart features’ added Mr. Joshi.
Tech Archival estimates that global automobile industry will continue to exhibit good growth rate and anticipated to grow well at a CAGR of more than 9% over the next five year period between 2013 and 2018, reaching annualized market value to more than US$ 4.6 trillion by 2018.
More information can be found in the report “Global Automobile Market Assessment & Future Opportunities 2008-2018” by Tech Archival.
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