The global automotive market is changing and has been shaken by disrupting trends. The COVID-19 pandemic has impacted the automotive industry to a significant decline.
The automotive industry encompasses a wide range of organizations and companies dealing with the design, development, manufacturing, marketing, and sales of motor vehicles. Today’s economies in automotive are shifting significantly. This is stimulated by development in emerging markets, the accelerated rise of new technologies, sustainability policies, and changing consumer preferences around ownership. The market dynamic in the automotive industry has been driven mainly by digitization, automation trends, and emerging new business models. These drivers have disrupted the traditional automotive industry and the OEM companies to move forward with more technology, sustainability, and alternative mobility. There are major disruptions in the auto industry, namely electric vehicles, driverless mode, automated factories, and ride-hailing.
Global sales of automotive are estimated to decline progressively this year. Apart from the disrupting trends that affect the auto industry, the COVID-19 crisis has impacted the companies significantly. The majority of European automotive-related companies had to put their workforces on short-term work during the shutdown. The global repercussions are monumental. Auto retail stores have remained closed for months due to government restrictions and many OEMs also suffered from profit decline. To navigate the crisis, automotive companies have to strategize by focusing on digital channels, changing to recurring revenue streams, optimizing assets, and building a sustainable supply chain. Top OEM players in the automotive sectors are General Motors, Audi, Volkswagen, BMW, Tesla, Honda, and Toyota.
The passenger car market consists of passenger cars sales and car manufacturing OEM. Most of the time both functionalities are performed by the same company. The passenger car market is segmented into the hatchback, sedan, and utility vehicles. The global passenger car market is expected to grow mainly due to the companies rearranging their operations and recovering from the COVID-19 impact. The Asia-Pacific region was the largest region in the global passenger car market, accounting for almost half of the market in 2020. Western Europe was the second largest region for the market. The top regions that produce passenger cars are Greater China, Western Europe, Japan-Korea, and North America respectively.
Commercial vehicles come in all sizes and shapes to offer solutions to a variety of transportation functions. Commercial vehicles can be segmented into two separate functions: public and commercial. Vehicles in the public transportation segment may include busses, trains, and trams. Commercial vehicles may include delivery vans, trucks, and tractors. Recently, there are a few trends for OEMs that drive growth in the future of this sector: raising the global standard for efficiency, quality, technological leadership (including EV), and environmental awareness. The COVID-19 pandemic, however, has led to declining sales because of low industrial activities and public restrictions.
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