Automotive Market Size, Share, Trends, Industry Analysis Report: By Vehicle Type, Propulsion Type (ICE Vehicle and Electric Vehicle), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Description

List of Tables

The automotive market size is expected to reach USD 7,705.52 billion by 2034, according to a new study by Polaris Market Research. The report "Automotive Market Share, Size, Trends, Industry Analysis Report: By Vehicle Type, Propulsion Type (ICE Vehicle and Electric Vehicle), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

The automotive market involves the development, manufacturing, and distribution of vehicles, focusing on innovation in mobility solutions, sustainability, and advanced technologies to meet evolving consumer and regulatory demands. The market is undergoing a substantial transformation driven by electrification and sustainable mobility. Automakers are accelerating the development of electric vehicles (EVs) and hybrid technologies as the industry shifts toward cleaner energy solutions. Stricter emission regulations and growing environmental concerns are pushing manufacturers to invest in battery advancements, charging infrastructure, and alternative fuel options. Additionally, consumers are increasingly prioritizing eco-friendly transportation, prompting companies to expand their sustainable vehicle portfolios. This transition is reshaping vehicle design, supply chains, and production strategies, reinforcing the industry's long-term commitment to sustainability and automotive market demand.

The automotive market trend is the integration of connected and autonomous technologies, revolutionizing the driving experience and vehicle functionality. Automakers are incorporating artificial intelligence (AI), the Internet of Things (IoT), and advanced driver assistance systems (ADAS) to improve safety, efficiency, and user convenience. Real-time data analytics, over-the-air (OTA) software updates, and vehicle-to-everything (V2X) communication are becoming standard features, allowing seamless connectivity. The push for autonomous mobility is further driving advancements in sensor technology, machine learning, and computing power. Therefore, as the automotive industry adopts digital transformation, the convergence of connectivity and automation is shaping the next generation of intelligent transportation solutions.

Automotive Market Report Highlights

In terms of vehicle type, the passenger car segment led the automotive market share in 2024, fueled by growing consumer demand for personal mobility, urbanization trends, and improving economic conditions in key markets.

Based on propulsion type, the electric vehicle segment is anticipated to experience faster growth during the forecast period, driven by heightened environmental awareness and government policies supporting clean energy transportation.

Asia Pacific accounted for the largest share of automotive market revenue in 2024, supported by robust manufacturing capabilities, increasing vehicle demand, and favorable government initiatives promoting the automotive sector.

The North American automotive market is expected to grow at the fastest rate during the forecast period, propelled by significant investments in electric vehicles, autonomous driving technologies, and digital mobility solutions.

A few global key market players include BYD Company Ltd.; General Motors; Honda Motor Co., Ltd.; Hyundai Motor Company; Mercedes-Benz AG; Nissan Motor Co., Ltd.; SAIC Motor Corporation Limited; Stellantis Europe S.p.A.; Suzuki Motor Corporation; Tesla; TOYOTA MOTOR CORPORATION; and Volkswagen Group.

Polaris Market Research has segmented the automotive market report on the basis of vehicle type, propulsion type, and region:

By Vehicle Type Outlook (Revenue, USD Billion, 2020-2034)

Passenger Car
Hatchback
Sedan
SUV
MUV
Commercial Vehicle
LCVs
Heavy Trucks
Buses & Coaches

By Propulsion Type Outlook (Revenue, USD Billion, 2020-2034)

ICE Vehicle
Electric Vehicle

By Regional Outlook (Revenue, USD Billion, 2020-2034)

North America
US
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Vietnam
Australia
Rest of Asia Pacific
Latin America
Argentina
Brazil
Mexico
Rest of Latin America
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Rest of Middle East & Africa

Product Code: PM5403

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Automotive Market Insights

4.1. Automotive Market - Market Snapshot
4.2. Automotive Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Increasing Demand for Electric Vehicles
  - 4.2.1.2. Growing Integration of Advanced Technology and Connectivity
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. Global Semiconductor Shortage
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Automotive Market Trends
4.6. Value Chain Analysis

5. Global Automotive Market, by Vehicle Type

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
5.3. Passenger Car
- 5.3.1. Global Automotive Market, by Passenger Car, by Region, 2020-2034 (USD Billion)
- 5.3.2. Hatchback
  - 5.3.2.1. Global Automotive Market, by Hatchback, by Region, 2020-2034 (USD Billion)
- 5.3.3. Sedan
  - 5.3.3.1. Global Automotive Market, by Sedan, by Region, 2020-2034 (USD Billion)
- 5.3.4. SUV
  - 5.3.4.1. Global Automotive Market, by SUV, by Region, 2020-2034 (USD Billion)
- 5.3.5. MUV
  - 5.3.5.1. Global Automotive Market, by MUV, by Region, 2020-2034 (USD Billion)
5.4. Commercial Vehicle
- 5.4.1. Global Automotive Market, by Commercial Vehicle, by Region, 2020-2034 (USD Billion)
- 5.4.2. LCVs
  - 5.4.2.1. Global Automotive Market, by LCVs, by Region, 2020-2034 (USD Billion)
- 5.4.3. Heavy Trucks
  - 5.4.3.1. Global Automotive Market, by Heavy Trucks, by Region, 2020-2034 (USD Billion)
- 5.4.4. Buses & Coaches
  - 5.4.4.1. Global Automotive Market, by Buses and Coaches, by Region, 2020-2034 (USD Billion)

6. Global Automotive Market, by Propulsion Type

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
6.3. ICE Vehicle
- 6.3.1. Global Automotive Market, by ICE Vehicle, by Region, 2020-2034 (USD Billion)
6.4. Electric Vehicle
- 6.4.1. Global Automotive Market, by Electric Vehicle, by Region, 2020-2034 (USD Billion)

7. Global Automotive Market, by Geography

7.1. Key Findings
7.2. Introduction
- 7.2.1. Automotive Market Assessment, By Geography, 2020-2034 (USD Billion)
7.3. Automotive Market - North America
- 7.3.1. North America: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
- 7.3.2. North America: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.3.3. Automotive Market - US
  - 7.3.3.1. US: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.3.3.2. US: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.3.4. Automotive Market - Canada
  - 7.3.4.1. Canada: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.3.4.2. Canada: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
7.4. Automotive Market - Europe
- 7.4.1. Europe: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
- 7.4.2. Europe: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.4.3. Automotive Market - UK
  - 7.4.3.1. UK: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.4.3.2. UK: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.4.4. Automotive Market - France
  - 7.4.4.1. France: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.4.4.2. France: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.4.5. Automotive Market - Germany
  - 7.4.5.1. Germany: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.4.5.2. Germany: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.4.6. Automotive Market - Italy
  - 7.4.6.1. Italy: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.4.6.2. Italy: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.4.7. Automotive Market - Spain
  - 7.4.7.1. Spain: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.4.7.2. Spain: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.4.8. Automotive Market - Netherlands
  - 7.4.8.1. Netherlands: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.4.8.2. Netherlands: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.4.9. Automotive Market - Russia
  - 7.4.9.1. Russia: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.4.9.2. Russia: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.4.10. Automotive Market - Rest of Europe
  - 7.4.10.1. Rest of Europe: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.4.10.2. Rest of Europe: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
7.5. Automotive Market - Asia Pacific
- 7.5.1. Asia Pacific: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
- 7.5.2. Asia Pacific: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.5.3. Automotive Market - China
  - 7.5.3.1. China: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.5.3.2. China: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.5.4. Automotive Market - India
  - 7.5.4.1. India: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.5.4.2. India: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.5.5. Automotive Market - Malaysia
  - 7.5.5.1. Malaysia: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.5.5.2. Malaysia: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.5.6. Automotive Market - Japan
  - 7.5.6.1. Japan: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.5.6.2. Japan: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.5.7. Automotive Market - Indonesia
  - 7.5.7.1. Indonesia: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.5.7.2. Indonesia: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.5.8. Automotive Market - South Korea
  - 7.5.8.1. South Korea: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.5.8.2. South Korea: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.5.9. Automotive Market - Australia
  - 7.5.9.1. Australia: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.5.9.2. Australia: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.5.10. Automotive Market - Rest of Asia Pacific
  - 7.5.10.1. Rest of Asia Pacific: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.5.10.2. Rest of Asia Pacific: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
7.6. Automotive Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
- 7.6.2. Middle East & Africa: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.6.3. Automotive Market - Saudi Arabia
  - 7.6.3.1. Saudi Arabia: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.6.3.2. Saudi Arabia: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.6.4. Automotive Market - UAE
  - 7.6.4.1. UAE: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.6.4.2. UAE: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.6.5. Automotive Market - Israel
  - 7.6.5.1. Israel: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.6.5.2. Israel: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.6.6. Automotive Market - South Africa
  - 7.6.6.1. South Africa: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.6.6.2. South Africa: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.6.7. Automotive Market - Rest of Middle East & Africa
  - 7.6.7.1. Rest of Middle East & Africa: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.6.7.2. Rest of Middle East & Africa: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
7.7. Automotive Market - Latin America
- 7.7.1. Latin America: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
- 7.7.2. Latin America: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.7.3. Automotive Market - Mexico
  - 7.7.3.1. Mexico: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.7.3.2. Mexico: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.7.4. Automotive Market - Brazil
  - 7.7.4.1. Brazil: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.7.4.2. Brazil: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.7.5. Automotive Market - Argentina
  - 7.7.5.1. Argentina: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.7.5.2. Argentina: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)
- 7.7.6. Automotive Market - Rest of Latin America
  - 7.7.6.1. Rest of Latin America: Automotive Market, by Vehicle Type, 2020-2034 (USD Billion)
  - 7.7.6.2. Rest of Latin America: Automotive Market, by Propulsion Type, 2020-2034 (USD Billion)

8. Competitive Landscape

8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
8.2. Partnerships/Collaborations/Agreements/Exhibitions

9. Company Profiles

9.1. BYD Company Ltd.
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
9.2. General Motors
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
9.3. Honda Motor Co., Ltd.
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
9.4. Hyundai Motor Company
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
9.5. Mercedes-Benz AG
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
9.6. Nissan Motor Co., Ltd.
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
9.7. SAIC Motor Corporation Limited
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
9.8. Stellantis Europe S.p.A.
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
9.9. Suzuki Motor Corporation
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
9.10. Tesla
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development
9.11. TOYOTA MOTOR CORPORATION.
- 9.11.1. Company Overview
- 9.11.2. Financial Performance
- 9.11.3. Product Benchmarking
- 9.11.4. Recent Development
9.12. Volkswagen Group
- 9.12.1. Company Overview
- 9.12.2. Financial Performance
- 9.12.3. Product Benchmarking
- 9.12.4. Recent Development