Automobile Industry Market Research

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Automobiles & Trucks OVERVIEW

The automobile industry surged ahead worldwide in recent years, with particularly sharp growth in the U.S. and China. Analysts at S&P Global Ratings forecast the global new automobile market at about 88.3 million units for 2024, after its 83.6 million units for forecast 2023.

In the U.S., new car and light truck sales totaled about 15.45 million units for 2023. These sales levels are down considerably from the 17+ million yearly cars and light trucks achieved from 2015 through 2019.

China has clearly become the world’s largest car market. For 2023, the China Association of Automobile Manufacturers (CAAM) reported 30.09 million new vehicles sold. However, China’s sales are subject to change due to such factors as economic growth, the availability of credit and the regulatory environment. China’s government has a great deal of control over the market, as, at any time, it may increase sales by encouraging new auto loans, or decrease sales by adding new registration fees or restricting traffic in major cities in order to reduce congestion and pollution.

The rising affluence of consumers in China has been creating both huge opportunities and major problems. China has become the world’s largest user of energy overall and one of the world’s largest importers of petroleum products, partly to fuel its burgeoning fleet of cars and trucks. Streets and highways are clogged with vehicles, to the extent that traffic and smog are nightmarish. Automakers from abroad have raced to establish plants and partnerships in China.

Inexpensive cars manufactured in China are now on the market in many emerging nations. The question is not whether China will export cars and trucks, but whether consumers in advanced markets such as America will be convinced that they offer safety and reliability.

India has also seen significant growth in its automotive manufacturing in recent years, including exports. India-based Tata now owns the prestigious Jaguar and Land Rover brands.

One of the biggest winners by far in today’s highly competitive automobile market has been Korea, where Hyundai, along with its brand Kia, have enjoyed soaring global sales. Consumers are attracted to their reasonable prices, excellent warranties and world class quality. The firm has worked its way into luxury vehicles at the top end of its lineup.

There were roughly 292.3 million cars and light trucks in operation in the United States, as of 2024. Around the world, there were about 1.456 billion cars and light trucks on the road.

Most major car makers are aggressively pushing their crossover vehicles, which are an excellent compromise in design between sedans and SUVs. They offer large passenger and cargo compartments, good visibility and reasonably good gas mileage. Crossovers are essentially replacing sedans and some vans as the new family car. Ford, for example, has phased out nearly all of its sedans in its U.S. market so that it can concentrate to a large extent on electric vehicles and its highly popular crossovers and pickup trucks. In sedans, Ford will offer only the upscale Lincoln sedans.

Engineers are pushing technological changes in their larger cars and light trucks in order to enhance their fuel efficiency. An excellent example is the launch of the Ford F150 full-size pickup truck that relies on the use of aluminum body panels and advanced engine/transmission combinations to dramatically reduce weight and improve mileage. This truck has been selling in very large numbers in the U.S., as have the Chevy Silverado and Chrysler Ram full-size pickups. Automakers are now offering electric versions of their pickups, including the electric version of the Ford F-150. Considering the popularity of such trucks, it isn’t surprising that even Tesla has launched its own electric pickup. Ford hoped to have 40% to 50% of its global vehicle volume to be all-electric by 2030. However, recent cutbacks in EV plant construction may reduce the goal.

The European and North American automobile manufacturers are looking forward to the eventual development of advanced, long-range batteries at much lower cost. Technologies and costs are both improving dramatically. Many of the world’s top research organizations are working steadily on this challenge. Meanwhile, car makers in China have a huge advantage in their ability to obtain made-in-China batters at relatively low cost.

Nonetheless, the electric vehicle (EV) market faced very significant challenges as of 2023-2024, and, as of 2024, U.S. car makers were dramatically cutting back on their plans to invest in EV plants. Other manufacturers, particularly Volvo, were reconsidering or backing away from their “all electric” fleet goals for the mid-term. EV sales represent a modest market share in most nations. In the U.S., charging station networks are not well developed, and many potential buyers are concerned they will not be able to recharge when needed, particularly on long trips. Batteries remain costly. EV sales are very small compared to the expenses involved in manufacturing EVs. Ford’s “Model e” EV unit was operating at such a huge deficit that it lost the equivalent of about $130,000 for each of the electric vehicles it sold in the first quarter of 2024, and the equivalent of about $44,000 per EV in the second quarter. Tesla is faring better, with its substantial sales base, but its ability to earn a profit has largely hinged on the fees it earns by selling by selling “carbon offset credits” (nearly $2 billion in some years) to other car companies that do not meet emissions standards set by the State of California. Meanwhile, the world’s reliance on much of the EV supply chain, especially batteries, coming from China, as well as controversy over the environmental challenges in mining and utilizing cobalt, nickel, manganese and other metals in batteries, pose other challenges to this sector. The bottom line is that it remains to be seen whether or not either governments’ goals or car manufacturers’ goals for EV production and market share can be met over the mid-term.

Not to be overlooked are the vast changes taking place in automobile manufacturing plants. Flexible factories have reduced man-hours and cut costs per car, while offering a much wider range of choices for customization by consumers. The wide use of robotics, advanced factory software and lean inventory methods have completely revamped the modern car factory. Today, more than ever, car manufacturers and their suppliers are cooperating in the design and manufacture of new cars in ways that are revolutionizing the entire process.

European manufacturers are facing challenges of their own. High costs, tough labor laws and daunting government regulations are constant challenges to manufacturers in Europe. Nonetheless, firms like Volkswagen and Mercedes-Benz have found great success in the global market over a period of many decades, often locating plants in nations where their products sell well, including major plants in the U.S.

The thought of the next billion automobile owners/users is either the most intriguing or the most terrifying vision for the near future, depending on how you look at it. Future global demand for cars could possibly outstrip today’s levels, creating immense business opportunities.

However, the combination of ride sharing systems like Uber and autonomous vehicles capable of driving themselves will have very profound effects on automobile manufacturing, usage, sales and ownership patterns. At least in dense urban environments, the result is very likely to be a large proportion of individuals who opt to use shared vehicles rather than user-owned cars.

Surveys show that many young adults have little interest in owning a car of their own, which is vastly different from the attitude that was held by previous generations. Also, the percentage of teenagers with drivers’ licenses has dropped significantly in recent years, due to factors that include rising costs of driving and very expensive automobile insurance. Major automobile makers, when looking to the future, talk in terms of delivering “mobility services” as much as automobiles, while they consider the looming effects of car-sharing and ride-on-demand services.

Car safety has made dramatic progress in recent years, mainly by adopting technologies such as backup cameras, anti-skid, advanced brakes and collision avoidance systems. Now, all major car makers are heavily invested in technologies that will enable cars to largely drive and monitor themselves.

A major technology focus is vehicles that can communicate with each other while utilizing advanced technologies to safely stay in lanes, regulate speeds and apply emergency braking. (This is referred to as vehicle-to-vehicle communications and is part of an overall digital strategy known as ITS, or intelligent transportation systems.)

Automobiles have become high-powered computers on wheels, as many automotive systems are now controlled by chips and software. At the same time, auto makers are finding innovative ways to use the latest in wireless and smartphone technologies, including apps, to enhance the entertainment, information and communications capabilities of vehicles. Automotive “infotainment” has become a dominant theme.

WE PROFILE HUNDREDS OF TOP COMPANIES:

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Top Companies Profiled

The following is a partial listing for this industry. As a subscriber, you will have access to the leading companies and top growth companies. This includes publicly-held, private, subsidiary and joint venture companies, on a global basis as well as in the U.S.

Hundreds of Top Companies Profiled, Including:

PLUNKETT PROVIDES UNIQUE ANALYSIS OF THE FOLLOWING TRENDS THAT ARE DRIVING THIS INDUSTRY:

Key Findings:

A complete market research report, including forecasts and market estimates, technologies analysis and developments at innovative firms within the Automobile Industry. Gain vital insights that can help shape strategy for business development, product development and investments.

Key Features:

Business trends analysis
In-depth industry overview
Technology trends analysis
Forecasts
Spending, investment, and consumption discussions
In-depth industry statistics and metrics
Industry employment numbers

Additional Key Features Include:

Industry Glossary

Industry Contacts list, including Professional Societies and Industry Associations

Profiles of industry-leading companies

U.S. and Global Firms
Publicly held, Private and Subsidiaries
Executive Contacts
Revenues
For Public Companies: Detailed Financial Summaries
Statistical Tables

Key Questions Answered Include:

How is the industry evolving?
How is the industry being shaped by new technologies?
How is demand growing in emerging markets and mature economies?
What is the size of the market now and in the future?
What are the financial results of the leading companies?
What are the names and titles of top executives?
What are the top companies and what are their revenues?

This feature-rich report covers competitive intelligence, market research and business analysis—everything you need to know about the Automobile Industry.

Plunkett Research Provides Unique Analysis of the Following Major Trends Affecting the Automobile Industry

Automobile Industry Introduction
U.S. Auto Manufacturers Ford, Stellantis and GM Compete Head-On with Foreign Manufacturers
U.S. Automobile Manufacturers Drop Sedans/Face Electric Vehicle (EV) Challenges and Massive EV Losses
Electric Cars (EVs) and Plug-in Hybrids (PHEVs) Spur Changes at Auto Makers/Hybrid Sales See Sharp Growth
Major Technology Research in Batteries/Major Investments in Battery Factories and Power Storage
Natural Gas-Powered Vehicles Gain in Popularity/Long Term Potential Is Bright Thanks to Low Shale Gas Prices
Fuel Efficiency Continues to Improve
Ethanol Production Soared, But U.S. Federal Subsidy Expired
Cellulosic Ethanol Makes Slow Commercial Progress
Fuel Cell and Hydrogen Power Research Continue/Fuel Cell Cars Enter Market
China Is the World’s Largest Auto Market/Becomes a Major Auto Exporter and EV Supply Chain Player
India Has a Significant Automobile Market, with Great Long-Term Potential
Mexico Is a Leading Automotive Maker and Exporter
Focus on Safety Improvements by Automakers
Wireless Information Systems Surge Ahead in Vehicles: Telematics, Intelligent Transportation (ITS) and Real-Time Traffic Information
Embedded LTE Wi-Fi and Onboard Apps Incorporated by Auto Makers in New Car Infotainment Systems
Insurance Underwriting Uses Artificial Intelligence (AI)/Policy Holders Allow Their Habits to Be Tracked for Lower Insurance Rates
Uber, Lyft and Didi Dominate the Car on Demand (Ride Hailing) Industry
Self-Driving, Autonomous Cars Receive Massive Investments in Research and Development Worldwide
Gig Economy and Self-Driving Cars Pose Insurance Challenges and Underwriting Opportunities

Plunkett Research Provides In-Depth Tables for the Following Automobile Industry Statistics

Automobile Industry Statistics and Market Size Overview
General Motors Corporation Overview
Ford Motor Company Overview
Volkswagen Group Overview
Toyota Motor Corporation Overview
Mercedes-Benz Group Overview
Hyundai Motor Group Overview
Honda Motor Co. Overview
Licensed Drivers, Vehicle Registrations & Resident Population, U.S.: 1960-2022
Highest Fuel Economy by Vehicle Class: 2024 Model Year
Lowest Fuel Economy by Vehicle Class: 2024 Model Year
Gross Output in the Motor Vehicles & Transportation Equipment Manufacturing Industries:
Selected Years, 2017-2023
Personal Transportation Expenditures, U.S.: 2015-2023
Average Miles Per Gallon vs. Horsepower, U.S.: 1975-2023
Motor Vehicle Traffic Accidents in the U.S. by Type of Vehicle & Person: 2021-2012
Value of Imports of Vehicles to the U.S.: 2017-2023
Value of Exports of U.S. Vehicles: 2018-2023
Occupational Employment and Wages for Automotive Service Technicians and Mechanics:
May 2023
Employment in the Automobile Industry, U.S.: 2018 - June 2024

Organizations that have used our research and products

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Automobile Industry Market Research

Automobiles & Trucks OVERVIEW

WE PROFILE HUNDREDS OF TOP COMPANIES:

PLUNKETT PROVIDES IN-DEPTH STATISTICS TABLES COVERING THE FOLLOWING INDUSTRY TOPICS:

Top Companies Profiled

The following is a partial listing for this industry. As a subscriber, you will have access to the leading companies and top growth companies. This includes publicly-held, private, subsidiary and joint venture companies, on a global basis as well as in the U.S.

Hundreds of Top Companies Profiled, Including:

PLUNKETT PROVIDES UNIQUE ANALYSIS OF THE FOLLOWING TRENDS THAT ARE DRIVING THIS INDUSTRY:

Organizations that have used our research and products

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