North America Automotive Market

The North America automotive market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising disposable income and rapid electrification of the automotive sector.

The automotive industry consists of a wide range of companies and organizations that are involved in the design, development, manufacturing, marketing, and selling of motor vehicles. It is one of the largest industries by revenue. The automotive industry does not include maintenance of automobiles, delivery to the end-user, and motor fuel filling stations.

The automotive market activities include manufacturing of motor vehicles, which consist of components, such as engines and bodies, excluding tires, batteries, and production of fuel. The industry’s principal products are passenger automobiles and light trucks, which includes pickups, vans, and sport utility vehicles.

Commercial vehicles have wide range of products such as delivery trucks and large transport trucks. Light commercial vehicles weighs less than 3.5 metric tons and medium & heavy commercial vehicles that are greater than 3.5 metric tons includes trucks and buses. Two-wheelers include all types of motorcycles such as street bikes, dual-purpose, and off-road recreation. Robotic equipment are increasing utilized for the production of automated machinery. This, in turn, is expected to ramp up the production of cars in the region.

Market Trends, Drivers, Restraints, and Opportunities

• Growing stringent emission norms is anticipated to boost the market growth during the forecast period.
• Increasing demand for commercial vehicles owing to the rapid growth in the logistics industry is one of the major factors driving the market growth.
• Rising focus on reduction in vehicle emissions and increasing focus on the innovation in the electric vehicles industry are expected to spur the growth of the market.
• Government initiatives to provide incentives and mandates to consumers and auto manufacturers are anticipated to proliferate the market growth.
• High demand for the electric vehicles is anticipated to boost the market expansion during the forecast period.
• The COVID-19 pandemic issue across the world is one key factors that have hampered the market growth. However, the relaxation of the stringent norms is expected to help the market to recover soon.
• Implementation of the United States-Mexico-Canada (USMCA) trade agreement in 2020 is anticipated to propel the market growth.
• Increasing R&D investments and ongoing technological advancement to reduce the vehicle emissions are expected to create significant opportunities for the market players.

Scope of the Report

The report on the North America automotive market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.