#2024 Volkswagen sales growth

[akulride]

Volkswagen India has officially kicked off its year-end campaign, 'The Big Rush', offering exceptional benefits on the popular Virtus and Taigun models. The celebration will run from November 9, 2024

[global-research-report]

Exploring the Future of Paint Protection Films: Market Trends and Innovations

The global paint protection film (PPF) market was valued at USD 499.7 million in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2030. This growth is primarily driven by a shift in consumer preferences towards preserving the aesthetic and finish of their vehicles, as well as growing awareness about the importance of maintaining automobiles' external appearance.

Consumers are increasingly seeking products that provide long-lasting protection against scratches, chips, and other damage that can affect the vehicle's paint. Paint protection films offer an effective solution by acting as a clear, durable layer that safeguards the vehicle's paint from everyday wear and tear, such as rock chips, bird droppings, and UV damage. As the demand for maintaining vehicles in pristine condition rises, the market for paint protection films is expected to see steady growth.

In particular, the United States is one of the largest automotive markets in the world and is expected to be a major driver of the paint protection film market. The U.S. market is characterized by a high level of consumer interest in automotive customization and protection products. As more consumers recognize the value of paint protection films in maintaining the appearance of their vehicles, demand for these films is expected to grow significantly during the forecast period.

Regional Insights

Europe:

Europe held the largest revenue share of 31.6% of the paint protection film market in 2023, primarily due to its robust automotive sector. The automotive industry in Europe plays a significant role in the region's economy, contributing over 7% of the European Union’s GDP. The sector is highly integrated with other industries, including textiles, chemicals, steel, mobility, and repair services, alongside information and communication technology (ICT).

Europe is home to major automotive manufacturers such as Volkswagen AG, Stellantis NV, Renault Group, and Mercedes-Benz Group AG. Additionally, foreign automakers like Hyundai, Toyota, and Kia have established significant manufacturing operations within the region. Countries such as Germany, Italy, France, and Spain are key hubs for automotive production, while nations like the Czech Republic and Hungary are home to a large number of small- and medium-sized enterprises (SMEs) specializing in automotive components.

The demand for paint protection films (PPF) in Europe is driven by the strong automotive sector, which increasingly emphasizes vehicle customization, durability, and long-term value retention. The region’s well-established automotive industry, coupled with the growing interest in keeping vehicles in pristine condition, positions Europe as a dominant player in the global PPF market.

North America:

North America is projected to grow at a CAGR of 5.9% from 2024 to 2030. A significant contributor to this growth is the increasing adoption of electric vehicles (EVs), particularly in the U.S. States like California, New Jersey, Washington, and Louisiana offer various tax incentives such as rebates, tax exemptions, and credits to encourage the adoption of EVs. For example, California provides rebates for the purchase and use of plug-in hybrid electric vehicles (PHEVs) and other zero-emission vehicles, while New Jersey and Washington exempt sales and use taxes on EVs. These tax benefits are expected to stimulate the market for EVs, which, in turn, will increase the demand for paint protection films to safeguard the exteriors of these vehicles.

In addition to the automotive market, the growing aerospace and defense sector in North America is also anticipated to drive demand for paint protection films. Both the U.S. and Canada are mature automotive markets, with a high proportion of pre-owned vehicles in circulation, further boosting the demand for PPF. The increasing focus on vehicle protection and aesthetics, coupled with the rising popularity of thermoplastic polyurethane (TPU)-based PPF due to its superior scratch resistance and aesthetic appeal, will also play a significant role in expanding the market.

Browse through Grand View Research's Category Paints, Coatings & Printing Inks Industry Research Reports.

The Central and South America automotive wrap films market size was valued at USD 165.7 million in 2024 and is projected to register a CAGR of 3.8% from 2025 to 2030. 

The global thermal insulation coating market sizewas estimated at USD 10.45 billion in 2024 and is projected to grow at a CAGR of 6.6% from 2025 to 2030. 

Key Companies & Market Share Insights

The paint protection film market is characterized by strong competition, with several key players holding substantial shares in the global market. Two prominent companies operating in this space are 3M and XPEL, Inc. Both companies are heavily involved in the production, distribution, and installation of paint protection films, leveraging their extensive product portfolios, global reach, and strong brand recognition to maintain a competitive edge.

3M Company:

3M is a diversified global corporation known for its innovative solutions across a wide range of industries, including safety and industrial, healthcare, transportation, and consumer goods. The company operates in multiple business divisions, and paint protection films are produced through its Safety & Industrial segment. 3M's Scotchgard brand is highly recognized in the market for providing high-quality automotive protection solutions.

3M’s Scotchgard Paint Protection Film Pro Series offers exceptional protection to automotive surfaces, helping shield vehicles from weathering, chips, and scratches. The product is designed for use in the automotive industry, protecting paint and enhancing the vehicle's aesthetic appeal. 3M's extensive product range also includes automotive films, electronics films, window films, and architectural finishes, allowing the company to cater to a broad spectrum of customer needs.

3M has an extensive global presence, with 89 manufacturing facilities located in 30 countries. This widespread network enables the company to efficiently serve its customers worldwide, offering high-quality products and services on a global scale.

Key Highlights of 3M:

Operates under the Scotchgard brand, offering advanced paint protection films.

Provides a range of protective films for automotive, electronics, windows, and architecture.

Strong global presence with 89 manufacturing facilities in 30 countries.

Known for its innovations in adhesives, sealants, and films across multiple industries.

XPEL:

XPEL, Inc. is a leading manufacturer, distributor, and installer of aftermarket automotive products, including paint protection films, window films, and flat glass films. The company operates primarily in the U.S., Canada, and the UK, where it provides complete paint protection film solutions directly to independent installers, car dealerships, and retail customers. XPEL is renowned for its comprehensive offerings, including not only paint protection films but also installation training, design software, marketing support, and lead generation services for its partners.

The company's product portfolio includes XPEL paint protection films, automotive window films, flat glass window films, and plotters used in the cutting and customization of films. XPEL operates six company-owned installation centers in the U.S. and one installation center each in the UK and the Netherlands. These centers cater to wholesale and retail customers and offer additional services such as custom installations and consultations.

In markets outside of the U.S., Canada, and the UK, XPEL distributes its products through a network of third-party distributors who work under contracts with the company to provide installation services and supply products in international markets.

Key Paint Protection Film Companies:

3M

XPEL Inc.

Schweitzer-Mauduit International, Inc.

Eastman Chemical Company

Avery Dennison Corporation

Saint-Gobain S.A.

RENOLIT SE

Ziebart International Corporation

Hexis S.A.S

Garware Hi-Tech Films Ltd.

Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.

[mordormr]

Exploring the Ghana Automobile Market: Trends, Growth, and Opportunities

The Ghana Automobile Market is projected to be valued at USD 1.93 billion in 2024 and is anticipated to reach USD 2.08 billion by 2029, with a compound annual growth rate (CAGR) of 1.55% over the forecast period (2024-2029).

The Ghana automobile market is witnessing significant transformation, driven by a growing middle class, urbanization, and increasing demand for personal mobility solutions. While the industry has long been dominated by the importation of used vehicles, recent efforts by the government and private sector are steering the market toward greater local manufacturing and assembly of vehicles. This blog will explore the current state of the Ghana automobile market, the key factors driving its growth, emerging trends, and the opportunities that lie ahead for industry stakeholders.

1. Market Overview: Growing Demand for Vehicles in Ghana

The Ghana automobile market is characterized by high demand for both passenger and commercial vehicles, largely driven by the country’s expanding urban population, rising incomes, and improving road infrastructure. Accra, Kumasi, and other major cities are experiencing significant growth in vehicle ownership as more Ghanaians seek personal transport options.

Historically, the market has been dominated by the import of second-hand cars, commonly known as "grey imports," with a large percentage coming from the United States, Japan, and Europe. These vehicles, often more affordable than new cars, make up a substantial portion of the cars on Ghana’s roads. However, the government has introduced policies to encourage local vehicle assembly and the importation of newer, more environmentally friendly models.

2. Key Market Drivers

Urbanization and Middle-Class Growth: Ghana’s urban population is growing rapidly, contributing to an increased demand for vehicles as more people seek efficient transportation solutions in congested cities. The rising middle class, particularly in urban areas, is also playing a key role in driving demand for both new and used cars.

Government Initiatives to Boost Local Assembly: In an effort to reduce dependence on used car imports and boost industrialization, the Ghanaian government has implemented policies aimed at promoting local vehicle assembly. This includes the Ghana Automotive Development Policy, which offers tax incentives to companies that set up assembly plants in the country. Major global automakers, including Volkswagen, Nissan, and Toyota, have already begun establishing assembly plants in Ghana, marking a significant step toward developing a local automotive manufacturing industry.

Economic Growth and Infrastructure Development: Ghana's economy has been growing steadily, with investments in infrastructure, including road networks and public transport systems. These developments are improving access to remote regions and creating new opportunities for the automobile industry, particularly in the commercial vehicle segment.

Rise in Ride-Hailing and Commercial Transport: The expansion of ride-hailing services such as Uber and Bolt in Ghana is driving demand for fuel-efficient and reliable vehicles. These services are providing an alternative to traditional public transport and offering more Ghanaians access to affordable mobility solutions. As a result, the demand for compact cars and sedans suitable for ride-hailing has increased.

3. Challenges Facing the Ghana Automobile Market

High Dependence on Used Vehicles: Despite government efforts to promote new car sales and local assembly, the market remains heavily reliant on the import of used vehicles. These cars, while affordable, often come with environmental and safety concerns, as many do not meet modern emission standards and may require frequent maintenance.

Financing and Affordability Issues: Access to affordable financing options for vehicle purchases remains a challenge for many Ghanaians. High interest rates and limited access to credit have made it difficult for consumers to finance the purchase of new cars. This is one reason why used vehicles continue to dominate the market.

Inadequate After-Sales Services: The lack of reliable after-sales service infrastructure, including spare parts availability and repair centers, poses a challenge to the growth of the new car market. Consumers are often hesitant to purchase new or imported vehicles without the assurance of adequate servicing and parts replacement.

4. Emerging Trends in the Ghana Automobile Market

Electric Vehicle (EV) Potential: While electric vehicles are still in the early stages of adoption in Ghana, there is growing interest in the potential for EVs to become a key part of the market in the future. The government is exploring opportunities to introduce electric vehicle incentives as part of its broader commitment to reducing carbon emissions. With the right infrastructure, such as charging stations and government subsidies, EVs could present a viable alternative to traditional internal combustion engine vehicles, particularly in urban areas.

Shift Toward Local Manufacturing: The establishment of local vehicle assembly plants by international automakers represents a major shift in the market. These plants not only reduce the reliance on imported vehicles but also create jobs, contribute to the country’s industrialization goals, and support the development of a local supply chain. The presence of global players such as Volkswagen, Nissan, and Toyota is expected to increase competition, leading to more affordable and environmentally friendly vehicle options for consumers.

Increased Focus on Vehicle Safety and Emissions: With the government tightening regulations on vehicle emissions and safety standards, there is a growing emphasis on newer, safer, and more fuel-efficient vehicles. This trend is likely to encourage the adoption of newer models, particularly as the government phases out the importation of older, used vehicles that fail to meet emissions standards.

Rising Demand for Commercial Vehicles: As Ghana’s economy grows and urban centers expand, there is an increasing need for commercial vehicles such as buses, trucks, and delivery vans. The growth of e-commerce and logistics industries has further fueled demand for commercial vehicles that can support last-mile delivery and transport services.

5. Regional Insights: Accra Leads the Way

Accra, the capital of Ghana, is the largest market for automobiles in the country, with high demand for both passenger cars and commercial vehicles. The city’s fast-paced urbanization and expanding middle class have driven significant growth in vehicle ownership. Other major cities like Kumasi and Takoradi are also seeing increased demand for automobiles as infrastructure development progresses in these regions.

In rural areas, demand for vehicles is growing, particularly for off-road and commercial vehicles that can navigate the country’s diverse terrain. As road networks improve, the market for new and used vehicles is expected to expand beyond the major cities.

6. Future Outlook: A Growing and Diversifying Market

The Ghana automobile market is poised for growth, driven by a combination of economic development, urbanization, and government policies aimed at encouraging local manufacturing. The shift from a market dominated by used car imports to one that embraces locally assembled vehicles represents a significant opportunity for the industry. Additionally, the increasing focus on electric vehicles, improved safety and emissions standards, and the expansion of ride-hailing services all point to a dynamic future for Ghana’s automobile industry.

As the market continues to evolve, stakeholders in the automotive value chain—including manufacturers, dealers, financial institutions, and service providers—must work together to address challenges related to affordability, financing, and after-sales service infrastructure. By doing so, they can unlock the full potential of the Ghana automobile market and ensure sustained growth in the years to come.

Key Takeaways:

Ghana's automobile market is growing, driven by urbanization, rising incomes, and government support for local vehicle assembly.

The market is transitioning from heavy reliance on imported used vehicles to greater adoption of new and locally assembled cars.

Challenges such as financing constraints and inadequate after-sales services remain, but the future outlook is positive, with opportunities in electric vehicles and local manufacturing.

Major cities like Accra are leading the demand for passenger cars, while rural areas are seeing increased demand for commercial vehicles.

This blog provides an overview of the Ghana automobile market highlighting key trends, growth drivers, and the outlook for the industry, based on insights from the global market research industry.

[tamanna31]

New Study: 2023-2030 Commercial Vehicles Market Trend and Forecast Report

Commercial Vehicles Industry Overview

The global commercial vehicles market size was estimated at USD 1.35 trillion in 2022 and is projected to register a compound annual growth rate (CAGR) of 3.7% from 2023 to 2030.

Implementation of vehicle scrappage programs, aggressive investments in infrastructure development and rural development, and drafting of stringent regulatory norms for vehicle length and loading limits, among other parameters, are anticipated to fuel the growth. The resumption of mining activities in some parts of the world, which has triggered the demand for tippers, is also expected to drive growth.

Gather more insights about the market drivers, restrains and growth of the Commercial Vehicles Market

The rising levels of disposable income in both developing and developed countries and the continued infrastructure development are also projected to bode well for the growth of the market. The rise in awareness for environmentally sustainable transportation solutions has motivated commercial vehicle manufacturers to develop vehicles that reduce carbon emissions. Manufacturers are working on innovating vehicle design, reducing load factors & size, and customizing vehicles according to weight regulations.

Infrastructure conditions, driver technique, weather management, and national policy are additional influential factors considered by automakers for developing vehicles. Research & development for manufacturing such vehicles requires a significant investment. Thus, there is a requirement for policy action and investment initiatives to be taken by the government, private and public sectors. Such initiatives will support manufacturers in reducing operational & production costs.

Furthermore, the demand for small, medium-, and heavy commercial vehicles has increased for logistics and transportation purposes in association with e-commerce. The logistics market has shifted from just being a service provider to offering customer-centric solutions. Thus, the requirement for commercial vehicles has increased for transportation purposes. Supportive regulatory frameworks and additional incentives from governments have raised the demand for commercial electric vehicles. There has been an increase in electric buses and heavy-duty truck registrations in North America, Europe, and the Asia Pacific regions.

With the emerging economies in the Asia Pacific region, China dominates the overall electric bus and electric truck market. According to IEA, with more than 78k buses and 31k trucks registered, local policies of the Chinese government are a significant contributor to high sales of Electric Commercial Vehicles (ECVs). Thus, with the rapid increase in the adoption of electric vehicles, electric commercial vehicles are also expected to witness considerable traction over the forecast period.

While various factors contribute to the growth of the commercial vehicle market, COVID-19 has posed a severe challenge. Global lockdowns stalled all manufacturing and transportation activities. Disruption of the supply chain and economic slowdowns impacted several sectors such as automobile, transportation, and logistics. As the transportation and logistics sectors hold around 50% share in the market for commercial vehicles, less demand from this sector resulted in declining sales of commercial vehicles.

Browse through Grand View Research's Automotive & Transportation Industry Research Reports.

• The global mountain e-bikes market size was estimated at USD 7.52 billion in 2023 and is expected to grow at a CAGR of 9.4% from 2024 to 2030.

• The global automotive 3PL market size was estimated at USD 219.16 billion in 2023 and is projected to grow at a CAGR of 8.9% from 2024 to 2030.

Key Commercial Vehicles Company Insights

The key players that dominated the global market in 2022 include Tata Motors, Volkswagen AG, Ashok Leyland, AB Volvo, and General Motors. Most of these vendors are putting a strong emphasis on providing advanced products based on the latest technologies, as part of the efforts to enhance their respective product offerings in the market. The companies are also pursuing strategic initiatives, such as regional expansions as well as strategic acquisitions, mergers, partnerships, and collaborations, to cement their position in the market.

Organic growth remains a key strategy for most of the market incumbents. As such, market players are focusing on expanding their product offerings by developing and launching new and innovative products. For instance, in August 2022, Mahindra and Mahindra launched the New Jeeto Plus CNG, CharSau, which leads the segment in terms of range, mileage, maneuverability, and payload, leading to higher profits for inter- and intra-city applications. This last-mile transportation solution offers a range of stand-out features suitable for India's small and medium-scale business and trading needs. Some prominent players in the global commercial vehicles market include.

Ashok Leyland

Bosch Rexroth AG

Daimler

Volkswagen AG

Toyota Motor Corporation

Mahindra and Mahindra

TATA Motors

AB Volvo

Golden Dragon

General Motors

Order a free sample PDF of the Commercial Vehicles Market Intelligence Study, published by Grand View Research.

[vijukumar]

Automotive Market: Trends & Analysis

The global automotive market stands as one of the most significant sectors in the world, representing a cornerstone of the global economy. The market is dynamic, constantly evolving with technological advancements, changing consumer preferences, and regulatory shifts. As of 2024, the automotive industry is navigating through a transformative phase, influenced by the push toward sustainability, advancements in electric vehicles (EVs), and the integration of smart technologies. This blog provides an in-depth analysis of the automotive market, covering its size, growth, key players, prevailing trends, and challenges, culminating in a forward-looking conclusion.

Market Size, Share, and Growth

As of 2023, the global automotive market was valued at approximately USD 3.7 trillion, with projections indicating a steady growth trajectory, anticipated to reach USD 5 trillion by 2030. This growth is primarily driven by the increasing demand for electric vehicles (EVs), technological advancements, and the resurgence of the global economy post-pandemic.

In terms of market share, the automotive market is segmented into passenger vehicles, commercial vehicles, and electric vehicles (EVs). The passenger vehicle segment dominates, accounting for nearly 60% of the market share. However, the electric vehicle segment is witnessing the fastest growth, with a compound annual growth rate (CAGR) of 20% from 2024 to 2030. This surge in EV adoption is fueled by heightened environmental awareness, government incentives, and advancements in battery technology.

The commercial vehicle segment, while growing at a slower pace, remains crucial, particularly in emerging economies where infrastructure development is a priority. The Asia-Pacific region leads the market, contributing to over 40% of the global automotive sales, followed by North America and Europe.

Market Trends

Several key trends are shaping the future of the automotive industry, each contributing to the sector's evolution and expansion:

Electrification and the Rise of EVs: The transition from internal combustion engines (ICE) to electric vehicles is one of the most significant trends in the automotive industry. Governments across the globe are setting ambitious targets for reducing carbon emissions, leading to increased investments in EV infrastructure and incentives for EV adoption. Major automakers like Tesla, Toyota, and Volkswagen are at the forefront of this shift, introducing a range of electric models aimed at both the mass market and premium segments.

Autonomous Driving and Connected Vehicles: The development of autonomous vehicles (AVs) is progressing rapidly, with companies like Waymo, Tesla, and GM’s Cruise making significant strides in self-driving technology. In parallel, the integration of connected vehicle technologies is enhancing vehicle safety, efficiency, and user experience. The Internet of Things (IoT) enables real-time communication between vehicles, infrastructure, and other devices, paving the way for smarter, more efficient transportation systems.

Shared Mobility and Changing Ownership Models: The concept of vehicle ownership is evolving, with a growing trend toward shared mobility solutions. Ride-hailing services, car-sharing, and subscription models are gaining popularity, especially in urban areas. Companies like Uber, Lyft, and Zipcar are leading this shift, offering flexible alternatives to traditional car ownership, which is particularly appealing to younger, urban populations.

Sustainability and Green Technologies: The automotive industry is increasingly focused on sustainability, with a strong emphasis on reducing carbon footprints and utilizing green technologies. Beyond electrification, this includes the adoption of lightweight materials, improved fuel efficiency, and the development of hydrogen fuel cell vehicles. Automakers are also investing in circular economy practices, such as vehicle recycling and the use of renewable energy in manufacturing processes.

Digital Transformation and E-Commerce: The digitalization of the automotive industry is reshaping how vehicles are designed, manufactured, sold, and serviced. E-commerce platforms are playing a crucial role in the automotive retail space, with more consumers opting to purchase vehicles online. This trend is accelerated by the growing influence of digital marketing, virtual showrooms, and online customer support.

Key Market Players and Their Impact

The automotive market is dominated by a few key players, each with a significant share in the global market. These companies are instrumental in shaping industry trends and driving innovation.

Toyota Motor Corporation: Toyota remains the largest automaker globally, with a market share of approximately 10%. The company's strong emphasis on hybrid technology and its gradual transition to electric vehicles have solidified its leadership position. Toyota's global sales in 2023 exceeded 9.5 million units, with significant contributions from its best-selling models like the Corolla and the RAV4.

Volkswagen Group: Volkswagen holds a market share of around 8%, with a robust portfolio that includes brands like Audi, Porsche, and Bentley. The company is heavily invested in electrification, with plans to produce over 50 different electric models by 2025. Volkswagen's ID.4 and ID.3 models are gaining traction in key markets, including Europe and China.

Tesla, Inc.: Tesla continues to be a dominant force in the electric vehicle segment, with a market share of about 3% in the overall automotive market but a commanding 20% share in the global EV market. Tesla's Model 3 and Model Y are among the best-selling electric vehicles worldwide, and the company's focus on innovation and battery technology sets it apart from traditional automakers.

General Motors (GM): GM has a market share of approximately 6%, with a strong presence in North America and China. The company is transitioning toward an all-electric future, with plans to phase out internal combustion engines by 2035. GM's Chevrolet Bolt EV and the upcoming Hummer EV are key models in its electric vehicle lineup.

Hyundai-Kia Automotive Group: With a market share of around 7%, Hyundai-Kia is rapidly expanding its electric vehicle portfolio, aiming to launch 23 new EV models by 2025. The group's focus on hydrogen fuel cell technology, alongside traditional battery electric vehicles, positions it uniquely in the market.

Market Challenges

Despite its robust growth prospects, the automotive market faces several significant challenges:

Supply Chain Disruptions: The global semiconductor shortage has severely impacted automotive production, leading to delays and increased costs. The reliance on a complex, global supply chain makes the industry vulnerable to disruptions caused by geopolitical tensions, natural disasters, and pandemics.

Regulatory Hurdles: Stringent environmental regulations and safety standards vary significantly across regions, creating challenges for automakers in terms of compliance and cost management. The shift towards electric vehicles also requires substantial investments in infrastructure, which is progressing at different rates globally.

Technological Integration: The rapid pace of technological advancements presents a double-edged sword. While it drives innovation, it also requires significant R&D investments and poses challenges in integrating new technologies into existing platforms. Moreover, the race to develop autonomous vehicles is fraught with legal, ethical, and safety concerns that need to be addressed before widespread adoption can occur.

Consumer Adoption Barriers: While the demand for electric vehicles is growing, barriers such as high upfront costs, limited charging infrastructure, and range anxiety continue to hinder widespread adoption, particularly in developing markets. Additionally, the shift in ownership models, from traditional to shared mobility, requires a cultural change that may take time to materialize.

Conclusion

The automotive market is at a pivotal juncture, with the convergence of electrification, autonomous driving, and digitalization driving its transformation. The industry's future will be shaped by how well it navigates the challenges of supply chain disruptions, regulatory pressures, and technological integration. Key players like Toyota, Volkswagen, and Tesla are leading the charge, but the market remains highly competitive, with new entrants and evolving consumer preferences continually reshaping the landscape. As we look ahead, the shift towards sustainable and smart mobility solutions is set to redefine the automotive industry. Companies that can innovate and adapt to these changes will thrive, while those that resist will face increasing challenges. Ultimately, the automotive market's trajectory will be determined by its ability to balance growth with sustainability, ensuring that the industry continues to drive global economic progress while addressing the environmental and societal challenges of the 21st century.

[creativeera]

Electric Car Market is Estimated to Witness High Growth Owing to Stringent Emission Norms

The electric car market comprises battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) that aim to reduce vehicular emissions. Electric cars provide environmental and economic benefits over conventional internal combustion engine vehicles as they produce zero direct emissions. The growing awareness regarding the environmental impact of gasoline and diesel cars is encouraging consumers to switch to electric vehicles. Stringent emission control regulations imposed by regulatory authorities across nations to curb air pollution have accelerated the adoption of electric cars. The Global electric car market is estimated to be valued at US$ 343.27 Bn in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the electric car market are Tesla, Inc., Nissan Motor Corporation, BMW AG, Ford Motor Company, General Motors Company, Volkswagen AG, Hyundai Motor Company, Kia Corporation, Audi AG, Mercedes-Benz AG, BYD Company Limited, Rivian Automotive, Inc., Lucid Motors, Inc., Polestar Automotive Holding AB, and Volvo Cars. The key opportunities in the Electric Car Market Growth include rising investments by governments to develop charging infrastructure and provide purchase incentives. Additionally, evolving customer preferences toward electric vehicles over conventional vehicles due to growing environmental consciousness will drive market growth. Globally major automakers are focusing their efforts on expanding their electric vehicle portfolio and production capacities. For instance, Volkswagen plans to increase its global electric vehicle production to around 26 million units per year by 2030. BMW also aims to double its electric vehicle sales annually over the next few years. Market drivers Stringent emission norms imposed by governments: Stringent emission control regulations regarding carbon dioxide emissions from vehicles are encouraging automakers to shift toward electric vehicle production. This is a major market driver. Growing consumer awareness about environmental protection: Increasing environmental consciousness among consumers regarding pollution caused by gasoline and diesel cars is raising the Electric Car Companies for zero-emission electric vehicles.

PEST Analysis Political: The electric car market is experiencing supportive government policies and regulations across different regions and countries globally. Governments are introducing subsidies, tax rebates and other fiscal incentives to promote adoption of eco-friendly electric vehicles. Economic: Factors like fluctuating fuel prices and lower total cost of ownership compared to gasoline vehicles is positively impacting the electric car market. However, high initial purchase price of electric vehicles may pose a challenge for widespread adoption. Social: Increasing awareness about environmental pollution and impact of carbon emissions is driving social change. Many consumers are preferring electric vehicles to fulfill their social responsibility of adopting clean energy solutions. Technological: Continuous research & development is facilitating improvement in battery technologies like lithium-ion batteries. Advancements are resulting in higher driving range on a single charge and faster charging times. Software technologies are also enhancing driver experience through connectivity features. Geographical regions of concentration The electric car market in terms of value is majorly concentrated in the Asia Pacific and European regions currently. China dominates the Asia Pacific electric car market owing to supportive FDI policies and large domestic automobile industry. Presence of major OEMs and consumers' rising disposable income levels are factors behind Europe's prominence. Fastest growing region North America is anticipated to witness the fastest growth in the electric car market during the forecast period. Presence of early technology adopters and government measures promoting emission reductions are driving the regional market. The US market, in particular, will experience high demand fueled by strengthening charging infrastructure and production expansions by leading automakers.

Get more insights on Electric Car Market

Also read related article on Hypercar Market

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Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

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[susannatipsandtricks]

Global Electric Car Sales by Brand BYD, Volkswagen, Tesla And BMW

Tesla leads global electric car sales, followed by BYD and Volkswagen. These brands dominate the market with innovative EV models. Global Electric Car Sales by Brand: Electric vehicles (EVs) are rapidly transforming the automotive industry. Tesla remains at the forefront with its cutting-edge technology and widespread appeal. BYD, a Chinese giant, has swiftly gained traction, particularly in its home market. Volkswagen, a traditional automotive powerhouse, is investing heavily in EVs to catch up. These brands are pushing the boundaries of electric mobility, offering consumers a variety of options. The rise of EVs signifies a significant shift towards sustainable transportation. As technology evolves, more automakers are entering the EV space, intensifying competition and innovation. This trend highlights the growing demand for eco-friendly vehicles and the ongoing revolution in the automotive sector.

Global Plug-in Car Sales Hit 1.3 Million In May 2024

Electric cars are taking over the world. In May 2024, global plug-in car sales hit an impressive 1.3 million. This shows the growing shift towards cleaner and greener transportation. Let's dive into the details of these impressive numbers. Global Electric Car Sales By Brand Several brands lead the electric car market. These brands are pushing the boundaries of innovation and sustainability. Top Brands Leading Sales Here are the top brands that dominated the market: - Tesla: Known for its sleek designs and cutting-edge technology. - BYD: A Chinese brand making waves with affordable options. - Volkswagen: Combining traditional reliability with electric innovation. - BMW: Luxury meets sustainability in their electric models. Sales Figures By Region Different regions showed varying levels of enthusiasm for electric vehicles. Region Sales (in millions) North America 0.4 Europe 0.5 Asia 0.3 Other Regions 0.1 Factors Driving Sales Several factors contributed to the rise in sales: - Government incentives: Tax rebates and subsidies made electric cars more affordable. - Improved infrastructure: More charging stations increased convenience. - Environmental awareness: People chose electric cars to reduce their carbon footprint. - Technological advancements: Better battery life and performance drew more buyers. Future Projections Experts predict that electric car sales will continue to rise. The goal is to reach 2 million units per month by 2025. This growth shows the strong shift towards a sustainable future.

Top Brands Overview

Electric cars are transforming the automotive industry. With global sales increasing, knowing the top brands is essential. This section provides an overview of leading manufacturers in the electric vehicle (EV) market. Leading Manufacturers Several brands dominate the electric car market. These companies set trends and lead in innovation. Here are the top manufacturers: - Tesla - Known for high performance and range. Tesla is a pioneer in the electric car industry. - BYD - A Chinese automaker that offers affordable and efficient electric cars. - Volkswagen - This German giant is investing heavily in EV technology. - Nissan - Famous for the Nissan Leaf, one of the best-selling electric cars. - BMW - Combines luxury with electric innovation. Their i-series is popular worldwide. Below is a table showcasing the global sales figures for these top brands in 2022: Brand Global Sales (in units) Tesla 936,000 BYD 593,000 Volkswagen 452,900 Nissan 200,000 BMW 194,000 Tesla is leading the global electric car market. Their focus on innovation and performance sets them apart. BYD follows, providing affordable options for many. Volkswagen is rapidly expanding its EV lineup. Nissan and BMW continue to deliver reliable and stylish electric vehicles. These brands not only sell the most electric cars. They also invest heavily in research and development. This ensures continuous improvement in battery technology, range, and overall vehicle performance.

Brand Performance Analysis

The global electric car market is booming. Each year, more brands enter the race for dominance. Analyzing brand performance helps consumers and investors make informed decisions. This section delves into how different brands fare in the competitive landscape of electric cars. Market Share Statistics Understanding market share helps gauge a brand's dominance. Tesla leads the pack with a significant share. They hold about 21% of the global market. Here's a breakdown of market shares for top brands: - Tesla: 21% - BYD: 13% - Volkswagen: 11% - BMW: 6% - Nissan: 5% These figures highlight the competitive nature of the industry. Tesla's lead shows their strong brand loyalty and innovation. BYD and Volkswagen are catching up, showcasing their growing influence. The table below summarizes the market shares: Brand Market Share (%) Tesla 21 BYD 13 Volkswagen 11 BMW 6 Nissan 5 Sales Volume Comparison Sales volume is another critical metric. Tesla sold over 500,000 units last year. This number far exceeds other brands. BYD sold 300,000 units, showing their rapid growth. Here is a sales volume comparison: - Tesla: 500,000 units - BYD: 300,000 units - Volkswagen: 220,000 units - BMW: 150,000 units - Nissan: 120,000 units These numbers indicate Tesla's strong market presence. BYD's growth is noteworthy, showing their potential to challenge Tesla in the future. Volkswagen, BMW, and Nissan continue to hold significant market positions. The table below summarizes the sales volumes: Brand Sales Volume (Units) Tesla 500,000 BYD 300,000 Volkswagen 220,000 BMW 150,000 Nissan 120,000

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Regional Sales Insights

The global electric car market is booming. Each region has its unique trends and leading brands. Understanding these regional sales insights helps identify market leaders and consumer preferences. Let's dive into the electric car sales by brand across North America, Europe, and Asia. North America In North America, Tesla dominates the electric car market. The brand's Model 3 and Model Y are top sellers. Consumers prefer Tesla for its innovation and extensive charging network. Other notable brands include: - Chevrolet with its Bolt EV - Ford with the Mustang Mach-E - Nissan with the Leaf A table summarizing the sales figures: Brand Model Units Sold (2022) Tesla Model 3 120,000 Chevrolet Bolt EV 40,000 Ford Mustang Mach-E 35,000 Nissan Leaf 30,000 The demand for electric cars is rising. Consumers are keen on reducing their carbon footprint. Tesla's dominance is driven by its technological edge and brand loyalty. Europe Europe sees a different trend. Volkswagen leads the electric car market. The ID.3 and ID.4 models are popular. European consumers value sustainability and local brands. Other leading brands are: - Renault with the Zoe - BMW with the i3 - Hyundai with the Kona Electric A table summarizing the sales figures: Brand Model Units Sold (2022) Volkswagen ID.3 75,000 Renault Zoe 50,000 BMW i3 45,000 Hyundai Kona Electric 40,000 Volkswagen's investment in electric mobility pays off. The brand's wide range of models caters to different needs and preferences. European consumers prefer compact and efficient models. Asia Asia is a dynamic market. BYD leads in electric car sales. The brand's extensive lineup includes the Han EV and Tang EV. Other prominent brands include: - Tesla with the Model 3 - Wuling with the Hongguang Mini EV - NIO with the ES6 A table summarizing the sales figures: Brand Model Units Sold (2022) BYD Han EV 100,000 Tesla Model 3 90,000 Wuling Hongguang Mini EV 80,000 NIO ES6 70,000 BYD's success is due to its affordable and diverse models. Asian consumers look for value and innovation. The market is growing rapidly, with local brands gaining traction.

Consumer Preferences

The world of electric cars is buzzing with excitement. Global electric car sales are at an all-time high, and consumer preferences are shifting towards greener alternatives. People want reliable, efficient, and stylish vehicles. Let's delve into the popular models and brand loyalty trends shaping the market. Popular Models Several electric car models stand out among consumers. These models are known for their performance, design, and range. Here are some of the top picks: - Tesla Model 3: This model is famous for its sleek design and impressive range of up to 353 miles. - Nissan Leaf: Known for its affordability, the Leaf offers a range of up to 150 miles. - Chevrolet Bolt EV: This car provides a range of 259 miles and a spacious interior. - Hyundai Kona Electric: Combining style with efficiency, the Kona offers a range of 258 miles. These models have garnered attention due to their features and performance. The table below highlights some key specifications: Model Range (miles) Starting Price Tesla Model 3 353 $39,990 Nissan Leaf 150 $31,620 Chevrolet Bolt EV 259 $36,500 Hyundai Kona Electric 258 $37,390 Tesla Model 3 leads the pack with its extended range and competitive pricing. Nissan Leaf is a favorite for budget-conscious consumers. Chevrolet Bolt EV and Hyundai Kona Electric offer a balance between price and range. Brand Loyalty Trends Brand loyalty plays a crucial role in the electric car market. Consumers tend to stick with brands they trust. Tesla has a significant following due to its innovative technology and strong brand image. Several factors influence brand loyalty: - Performance: Consumers prefer brands that deliver high performance and reliability. - Customer Service: Excellent customer service enhances brand loyalty. - Technology: Advanced features and cutting-edge technology attract loyal customers. - Environmental Impact: Brands with a strong commitment to sustainability win customer loyalty. Brands like Tesla, Nissan, and Chevrolet have successfully built loyal customer bases. Tesla's continuous innovation and commitment to quality keep customers coming back. Nissan's focus on affordability and reliability appeals to a broad audience. Chevrolet's balance of price, range, and features attracts a diverse customer base. Brand loyalty is also driven by community engagement. Tesla owners often participate in community events and online forums, fostering a sense of belonging. This community support further strengthens brand loyalty. In conclusion, popular models and brand loyalty trends shape consumer preferences in the electric car market. High performance, advanced technology, and strong brand commitment are key drivers of this loyalty.

Global Plug-in Electric Car Registrations ��� May 2024

Electric cars are changing the world. In May 2024, global plug-in electric car registrations reached new heights. Car brands are battling for the top spot. Let's dive into the numbers and see who's leading the race. In May 2024, global plug-in electric car sales hit record numbers. Consumers around the world are choosing electric over traditional cars. The data shows a significant rise in registrations compared to the previous year. Top Brands By Registrations The following table highlights the top brands by the number of plug-in electric car registrations in May 2024: Brand Registrations Market Share Tesla 150,000 25% BYD 120,000 20% Volkswagen 90,000 15% Nissan 60,000 10% Hyundai 50,000 8% Tesla Leads The Pack Tesla continues to lead the electric car market. With 150,000 registrations, it holds a strong 25% market share. Tesla's popularity is driven by its high performance and cutting-edge technology. Byd's Strong Performance BYD is not far behind. With 120,000 registrations, it has a 20% market share. BYD's extensive range of models appeals to a broad audience. Volkswagen's Steady Growth Volkswagen saw 90,000 registrations in May 2024. This gives it a solid 15% market share. Volkswagen's commitment to electric vehicles is paying off. Nissan And Hyundai's Contributions Nissan and Hyundai registered 60,000 and 50,000 cars respectively. Their combined market share is 18%. These brands continue to be favorites for many consumers.

Ranking In Model

Electric cars are changing the way we think about transportation. More people are choosing electric vehicles (EVs) every day. Global electric car sales are rising fast. Many brands are competing for the top spot. Here, we focus on Ranking In Model. This tells us which car models are the most popular. Knowing this helps buyers make smart choices. Let's dive into the top electric car models by brand. Top Electric Car Models By Sales Every year, some electric car models sell more than others. Tesla Model 3 often tops the charts. People love its long range and fast charging. Nissan Leaf is another favorite. It is known for being affordable and reliable. Chevrolet Bolt also ranks high. It offers a good mix of range and price. Best-selling Brands Brands matter a lot in the electric car market. Tesla leads the way with several popular models. BYD is a strong competitor, especially in China. Nissan and Chevrolet also have models that sell well globally. These brands invest heavily in technology and marketing. Sales Data Table Brand Model Units Sold Tesla Model 3 500,000 Nissan Leaf 150,000 Chevrolet Bolt 100,000 BYD Han EV 200,000 Factors Affecting Sales Many factors influence electric car sales. Price is a big factor. Cheaper cars sell more. Range is also important. Cars that go farther on a single charge are more popular. Charging infrastructure matters too. More charging stations mean more sales. Brand reputation plays a role as well. People trust well-known brands more. Future Trends The future looks bright for electric cars. Sales are expected to grow rapidly. New models with better features will enter the market. Governments are offering incentives to buy electric cars. This will boost sales even more. More brands will join the race, making it an exciting time for buyers.

Brand In Rank

Electric car sales are skyrocketing globally, with various brands competing for the top spot. This section delves into the rankings of electric car brands, showcasing their market performance. Understanding these rankings helps consumers and industry players grasp the competitive landscape of the electric vehicle market. Top-ranked Electric Car Brands Several brands lead in global electric car sales. These top-ranked brands include Tesla, Nissan, and BMW. Each brand offers unique features that attract different segments of the market. Mid-ranked Electric Car Brands Brands like Hyundai and Kia hold strong positions in the mid-rank category. Their models balance affordability with advanced technology, appealing to a wide audience. Emerging Electric Car Brands Emerging brands like Rivian and Lucid Motors are gaining traction. These brands focus on innovation and high performance, aiming to disrupt the market. Electric Car Sales By Brand Brand Units Sold (2023) Tesla 500,000 Nissan 300,000 BMW 250,000 Hyundai 200,000 Kia 180,000 Rivian 50,000 Lucid Motors 30,000 Factors Influencing Brand Rankings Several factors influence these rankings. These include vehicle performance, price, and brand reputation. Consumer preferences also play a crucial role. Future Trends In Electric Car Sales The future looks bright for electric cars. More brands are entering the market, and existing ones continue to innovate. This trend is likely to increase competition and offer better choices for consumers.

Ranking Automotive Groups

The global electric car market is growing fast. Many brands compete to lead in electric car sales. This blog post ranks the top automotive groups selling electric cars. Let's explore the leaders in this exciting market. Top Global Electric Car Automotive Groups Several automotive groups are leading the electric vehicle (EV) market. These groups sell millions of electric cars worldwide. Here are the top players: Rank Automotive Group Electric Car Sales (in millions) 1 Tesla 1.2 2 Volkswagen Group 0.9 3 BYD 0.7 4 Renault-Nissan-Mitsubishi Alliance 0.6 5 Hyundai-Kia 0.5 Tesla: Leading The Charge Tesla is the top player in the electric car market. It sold over 1.2 million electric cars worldwide. Tesla's Model 3 and Model Y are the bestsellers. The company is known for innovation and high performance. Volkswagen Group: A Strong Contender Volkswagen Group ranks second in global electric car sales. It sold around 0.9 million electric cars. The group's ID.3 and ID.4 models are popular choices. Volkswagen aims to lead the EV market soon. Byd: The Rising Star BYD is a Chinese automotive group making waves in the EV market. It sold 0.7 million electric cars globally. The company focuses on affordable electric cars for the masses. Renault-nissan-mitsubishi Alliance: A Global Presence The Renault-Nissan-Mitsubishi Alliance sold 0.6 million electric cars. This group benefits from a wide range of models. The Nissan Leaf and Renault Zoe are top sellers. Hyundai-kia: Steady Growth Hyundai-Kia is growing steadily in the electric car market. It sold 0.5 million electric cars. The Hyundai Kona Electric and Kia Niro EV are well-received models.

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Frequently Asked Questions

Which Brand Sells The Most Electric Cars Globally? Tesla leads in global electric car sales. Their Model 3 and Model Y are particularly popular. Tesla's innovation and range make it a top choice for consumers. How Are Electric Car Sales Trending Globally? Electric car sales are rapidly increasing worldwide. Governments are promoting green energy. Consumers are more eco-conscious and prefer sustainable transportation options. What Factors Drive Electric Car Sales Growth? Government incentives and environmental concerns boost electric car sales. Read the full article

[euro-industry-org]

Audi closes plant: Lower demand for electric cars

The lack of interest in high-end electric cars is a major setback for Volkswagen, of which Audi is a subsidiary. The company said that management is considering shutting down production of its Q8 e-tron SUV models. Today, about 3,000 employees work at the plant producing this model. Recall that the Volkswagen concern includes such companies as Porsche, Audi, Seat and Skoda.

According to calculations, the closure of the Brussels plant or the search for alternatives, as well as other unforeseen costs will have an impact on the fiscal year 2024 in the amount of 2.6 billion euros (2.8 billion dollars). As a result, Volkswagen lowered its operating profit forecast for this year to 6.5-7.0% from 7.0-7.5%.

Audi cited some structural problems at the Brussels facility, including a hard-to-modify plant layout and unprofitable logistics. Further steps will be consulted on.

Closure of the Brussels plant is not ruled out

Audi executives are discussing options for resolving the issue in Brussels, which could also include shutting down operations if no alternative is found. Audi Brussels CEO Volker Hermann said that a final decision has not yet been made.

However, the news was extremely keenly received by employees. According to Rita Beck, spokeswoman for the Audi committee in the VW Group's European works council, Audi staff representatives are asking for long-term guarantees and prospects, so Audi management must take responsibility for the future of the company.

In the first quarter of 2024, Volkswagen reported a significant drop in profits of more than 20%. One of the main reasons is a decline in deliveries of high-end models, including Audi's top-of-the-line electric cars.

Falling demand in 2023

Automakers have invested heavily in electric vehicles in recent years, and therefore have been significantly affected by the decline in demand in this sector in recent years. According to an analysis published in May by the Transportation & Environment (T&E) center, major car companies will not ramp up electric vehicle sales for several more months. In the meantime, manufacturers will have to significantly increase the share of electric vehicles sold by 2025 to achieve an average market share of 21% for the year and meet emissions standards - the European Union's Green Policy requirements.

According to manufacturers' data, sales of hybrid cars continued to grow in Europe in May to the detriment of electric vehicles, which fell 12% year-on-year. Their market share in May was 12.5%, compared to 14.6% in 2023.

Only France and Belgium can boast about the growth of electric car sales in Europe. In Germany, where purchase bonuses will be abolished at the end of 2023, they continued to fall. Sales of the sector leader Tesla, in the first five months of this year fell by 10.2% compared to 2023 and recorded sales of 92,000 units. Sales of electric cars have been relatively sluggish since the end of 2023 despite the EU's ambition to ban the sale of internal combustion engine vehicles by 2035. This is mainly due to the high prices and low availability of such cars for the general public.

[robjackson616-blog]

Electronic Vehicle Market Growth Now and Beyond

According to HTF Market Intelligence, theGlobal Electronic Vehicle market to witness a CAGR of 22.1% during forecast period of 2024-2030. Global Electronic Vehicle Market Breakdown by Component (Battery Cells & Packs, On-Board Charge, Motor, Reducer, Fuel Stack, Others) by Vehicle Type (Passenger Cars, Commercial Vehicles, Two-Wheelers, E-Scooters & Bikes, Light Commercial Vehicles, Others) by Propulsion Type (Hybrid Vehicles, Battery Electric Vehicles, Fuel Cell Electric Vehicles) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The Electronic Vehicle market size is estimated to increase by USD      Billion at a CAGR of 22.1% from 2024 to 2030.. Currently, market value is pegged at USD 438.7 Billion.

Get Detailed TOC and Overview of Report @

An electronic car, commonly known as an electric car or EV (Electric Vehicle), is a type of automobile that uses electric motors for propulsion, relying on energy stored in rechargeable batteries or another energy storage device. Unlike traditional internal combustion engine vehicles, electronic cars produce zero tailpipe emissions.

Some of the key players profiled in the study are Tesla (United States), BYD (China), BMW (Germany), Volkswagen (Germany), Nissan (Japan), Bayerische Motoren Werke Aktiengesellchaft (Germany), Daimler AG (Germany), Energica Motor Company S.p.A. (Italy), Ford Motor Company (United States), General Motor Company (United States)..    

Book Latest Edition of Global Electronic Vehicle Market Study @ https://www.htfmarketintelligence.com/buy-now?format=1&report=908

About Us:

HTF Market Intelligence is a leading market research company providing end-to-end syndicated and custom market reports, consulting services, and insightful information across the globe. HTF MI integrates History, Trends, and Forecasts to identify the highest value opportunities, cope with the most critical business challenges and transform the businesses. Analysts at HTF MI focuses on comprehending the unique needs of each client to deliver insights that are most suited to his particular requirements.

Contact Us:

Craig Francis (PR & Marketing Manager) HTF Market Intelligence Consulting Private Limited Phone: +15075562445 sales@htfmarketintelligence.com

[starfriday]

Preowned cars sales to reach 10.92 mn units by FY28 – Indian Blue Book Report 2023

The Indian used car industry will more than double to $70.48B by FY28

Mumbai: May 23, 2024 - The preowned cars sales market in India is set to reach 10.92 mn. units in FY28 as per the latest edition of Indian Blue Book (IBB) report by car&bike and Das WeltAuto. by Volkswagen. The Indian Used car industry was valued at $32.44B in FY23 and will more than double to $73B by FY28.

Upgrading to a new pre-owned car is the top reason for owners to sell cars while budget buyers are predominantly looking for quality cars. Customers are also becoming more informed about car technicalities with 71% buyers looking at MMV (Make, Model & Variant) as a big consideration.

“The latest edition of the Indian Blue Book, a collaboration with Das WeltAuto. by Volkswagen, reinforces our confidence in the Indian pre-owned car market's explosive growth potential. The increasing involvement of organized players is bringing stability and trust to this market; achieving consistent profitability and providing superlative customer experience remains the top priorities for organised players.” said Mr. Ashutosh Pandey, CEO & MD, Mahindra First Choice.

Buyer Highlights

• The report found that majority of buyers are highly budget conscious (63 %) and looking for quality cars.

• Customers have become more informed about the technicalities of cars with 71% of buyers acknowledging overall repairs & servicing costs as a big consideration.

• Big shift noticed among consumers, who are prioritizing safety as a key feature in a used car, giving impetus to brands like Volkswagen for their 5-star GNCAP product portfolio of Taigun and Virtus

• 45% of buyers/intenders prefer local dealers for exploring, followed by Auto Tech Start-ups (26 %) & OEM backed brands (23 %).

• In terms of awareness and preferences of car leasing, 28% of buyers were aware of the concept while 62% of buyers would avail it in the future.

• Warranty and financial assistance topped the list of demands in terms of services.

• A majority of 56% did not prefer an EV used car.

Seller Perspective

• Upgrading to a new used car top reason to sell cars among 59% of respondents, followed by sufficiency of having another vehicle has increased as extra cars bought during COVID-19 are being sold now.

• Due to the Fastrack process in auto tech startups & OEM backed companies, the actual Turn Around Time (TAT) to sell a car has come down to 3 days

• Full payment within 24 hours remains the top priority among sellers during the sale process followed by vehicle inspection at a location of their choice.

“The pre-owned car market is significantly growing with the potential of it being double by FY 2028. The growth primarily comes from the evolving trends and customer preferences while selecting a pre-owned vehicle. A notable shift is the top priority for safety features, a transition similar to the new car industry, enabling a brand like Volkswagen, to be more accessible and in-demand for customers with our 5-star GNCAP rated product portfolio – Taigun and Virtus. The high preference for safety features and standards among customers is positively impacting the residual value of Volkswagen cars, especially the Taigun. We are confident the Das WeltAuto. business, will continue to grow as one of the top certified pre-owned car brands in India for customers”, said Mr. Ashish Gupta, Brand Director, Volkswagen Passenger Cars India.

Mahindra First Choice Wheels-backed Indian Blue Book launched the first edition in 2015 to highlight the trends in the used car industry in India. Since then, the annual report has been established as the largest and most intensive primary research conducted in India. Since 2022 Das WeltAuto., the pre-owned car brand of Volkswagen, and car&bike, a 100 % subsidiary of Mahindra First Choice Wheels, have co-curated this research report.

About car&bike:

car&bike is a leading auto technology platform with a focus to build India’s largest hyper-local integrated platform for content and commerce. The platform has been built on path-breaking auto programming & the most credible awards for the last 20 years. In a short span of time, car&bike has clearly established itself as one of the top auto portals in the country and the fastest growing one by far. The business offers technology solutions to all the stakeholders of the automotive industry at various points of buy and sell value chain.

[nikjmiles]

Electrify Your Drive: The Most Affordable Electric Vehicles Hitting the Roads in 2024. from Our Auto Expert on Vimeo.

In a world where innovation powers the future, the electric vehicle (EV) market is accelerating at full throttle. Despite a recent deceleration in sales growth, an unexpected twist is emerging: a notable drop in prices. This shift is electrifying the auto industry, making it an opportune moment to unveil the top 10 most budget-friendly electric cars of 2024, each a testament to the evolving landscape of automotive technology.

Leading the charge with a blend of futuristic aesthetics and practicality is the Hyundai Ioniq 5 SE Standard Range. With a price tag of $43,175 and a commendable 220-mile range, this vehicle is not just a feast for the eyes but also a reliable companion for those longer journeys, proving that style and substance can coexist seamlessly.

Hot on its heels, the Fisker Ocean Sport emerges as not just a vehicle but a bold statement in sustainability. At $41,437 and boasting a 231-mile range, this marvel isn’t just driving on the road; it’s paving a new one with its eco-conscious materials and innovative solar roof, ensuring every journey maximizes the power of the sun.

For families looking to embark on electric adventures, the Volkswagen ID.4 Standard is a game-changer. Priced at $41,160 and offering a spacious sanctuary for passengers, its 209-mile range makes it a prime choice for those long-awaited road trips, proving that electric vehicles can indeed be family-friendly.

The Kia Niro EV Wind, with its enticing $40,975 price point and impressive 253-mile range, is redefining expectations, blending speed, technology, and affordability into one dynamic package. This vehicle challenges the notion that electric can’t be exhilarating, setting a new standard for the EV market.

Tesla’s Model 3 continues to push the envelope of electric innovation. With unmatched performance, a 272-mile range, and a price of $40,630, it remains at the forefront of the EV revolution, thanks to its cutting-edge autopilot capabilities and relentless pursuit of excellence.

The Hyundai Ioniq 6 is not just another car on the road; it’s a statement. Priced at $38,650 and offering a 240-mile range, its design prioritizes aerodynamics and efficiency, proving that style and function can go hand in hand in the electric vehicle realm.

Introducing Italian flair to the electric arena, the Fiat 500e Inspi(RED) combines iconic design with the agility of electric power. At $34,095 and with a 149-mile range, it’s the quintessential choice for navigating the urban landscape with style and efficiency.

The Hyundai Kona Electric SE, with its $34,000 price point and 200-mile range, is making the electric dream a tangible reality for a broader audience, offering a compelling mix of features that redefine city driving.

For those who believe driving should always be a joy, the Mini Hardtop Cooper SE Classic stands out. Priced at $31,895 and with a 114-mile range, it delivers an emission-free driving experience without compromising on fun, proving that small packages can indeed contain big surprises.

Lastly, the Nissan Leaf S, the veteran of the electric vehicle market, continues to offer a reliable and accessible path to EV ownership. With a 149-mile range and priced at just $29,280, it remains a beacon of affordability and dependability.

The electric vehicle landscape in 2024 is more diverse and accessible than ever, catering to a wide range of preferences and needs. Whether it’s sustainability, style, or the sheer joy of driving, the evolution of electric vehicles is ensuring that there’s a perfect match for every driver out there. The road ahead is electric, and it’s inviting everyone to join the journey.

[carhirenews]

Volkswagen says tough market to weigh on car sales growth in 2024 https://car-rental.news-6.com/volkswagen-says-tough-market-to-weigh-on-car-sales-growth-in-2024/

[david843346]

Automotive Door Stabilizer Market Statistics by Size, Demand, Share, Key Regions, Segments, Top Trends and Forecast 2024

The global automotive door stabilizer market is segmented into vehicle type such as passenger vehicles, light commercial vehicle and heavy commercial vehicle. Among these segments, passenger car door stabilizer segment is expected to occupy top position in overall automotive door stabilizer market during the forecast period. This can be attributed to the increasing sale of passenger cars across the globe. Moreover, increasing demand for driving pleasure is anticipated to intensify the growth of the automotive door stabilizer market. Passenger vehicle segment is further sub-segmented into sports car, luxury vehicles and economy cars, out of which, sports car segment is anticipated to account for highest percentage of market share in passenger vehicle door stabilizer market.

Global automotive door stabilizer market is expected to flourish at a significant CAGR during the forecast period. Growing automotive production, increasing urbanization, rising disposable income are some of the key factors driving the growth of the automotive door stabilizer market. Moreover, the global automotive door stabilizer market is expected to garner noteworthy revenue by the end of 2024.

Asia Pacific dominated the overall automotive door stabilizer market and is expected to continue its dominance over the forecast period. This can be attributed to spiked production of vehicle in the region. Further, rising disposable income coupled with increasing demand for premium vehicles is expected to accelerate the growth of automotive market in the upcoming years. North America and Europe automotive door stabilizer market is anticipated to witness robust growth during the forecast period. Increasing adoption of advanced automotive accessories and rising spending on vehicles is anticipated to uplift the market of automotive door stabilizer. Moreover, Latin America is anticipated to grow at modest CAGR during the forecast period. Further, growing automotive industry in the region is anticipated to drive the growth of the automotive door stabilizer in Latin America.

Robust Growth of Automotive Industry

Increasing global population coupled with rising per capita income is expected to provide robust growth to the automotive industry in the upcoming years. Consequently, the demand for advanced automotive accessories such as automotive door stabilizer is anticipated to witness significant growth in the upcoming years.

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Stringent Government Regulations

Initiatives by government authorities to ensure the passenger safety are also anticipated to positively impact the growth of the automotive door stabilizer market. Moreover, increasing research & development expenditure by OEM is likely to spearhead future market growth.

Although, low number of market players and lack of compatible products per vehicle is likely to dampen the growth of automotive door stabilizer market during the forecast period.

The report titled “Automotive Door Stabilizer Market: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation” delivers detailed overview of the global automotive door stabilizer market in terms of market segmentation by vehicle type and by region.

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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the global automotive door stabilizer market which includes company profiling ofAISIN SEIKI Co., Ltd. and . Further, key potential companies that may enter into manufacturing of automotive door stabilizer includes Volkswagen AG, General Motors, Hyundai Motor Group, Ford Motor Company, Nissan Motor Company Ltd, Honda Motor Company, Ltd., Fiat Chrysler Automobiles N.V. and Groupe Renault. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive Door Stabilizer market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future. Get more information on this report :  https://www.researchnester.com/reports/automotive-door-stabilizer-market/569

[vijukumar]

The Global Automobile Market: Comprehensive Analysis and Future Outlook

The global automobile market, a cornerstone of modern economies, is a complex and dynamic sector influenced by technological advancements, regulatory changes, and shifting consumer preferences. As we navigate through 2024, it is essential to understand the current landscape, including market size, share, and growth; prevailing trends; key market players; and the challenges that could shape the future of this industry.

Automobile Market Size, Share, and Growth

As of 2023, the global automobile market was valued at approximately $3.8 trillion. The market encompasses various segments, including passenger vehicles, commercial vehicles, electric vehicles (EVs), and luxury cars. Passenger vehicles dominate the market, accounting for about 60% of total sales, followed by commercial vehicles at 25%, and the rapidly growing electric vehicle segment at 10%.

Growth Projections

The market is projected to grow at a compound annual growth rate (CAGR) of 4.5% from 2024 to 2030, driven by several factors, including technological advancements, increased disposable incomes, and a rising focus on sustainability. The electric vehicle segment, in particular, is expected to witness a staggering CAGR of 26% during the same period, underscoring the global shift towards greener transportation solutions.

Automobile Market Trends

Electrification and Sustainability

One of the most significant trends in the automobile market is the shift towards electrification. Governments worldwide are implementing stringent emission regulations, encouraging automakers to invest heavily in electric vehicle technology. Major players like Tesla, Volkswagen, and General Motors are leading the charge, with ambitious plans to increase their EV offerings. For instance, Volkswagen aims to produce 1.5 million EVs annually by 2025.

Autonomous Driving

The development of autonomous driving technology is another critical trend. Companies such as Waymo, Tesla, and Uber are making significant strides in this area, with various levels of autonomous vehicles already in testing or limited deployment. The adoption of autonomous vehicles promises to revolutionize transportation, potentially reducing accidents, improving traffic flow, and providing new mobility solutions.

Connectivity and Digitalization

The integration of advanced digital technologies, including 5G, the Internet of Things (IoT), and artificial intelligence (AI), is transforming the automobile industry. Connected cars offer enhanced safety, entertainment, and navigation features, creating new revenue streams for automakers through data-driven services. For example, BMW's ConnectedDrive platform provides real-time traffic information, remote services, and a suite of other digital offerings.

Shifts in Consumer Preferences

Consumers are increasingly prioritizing sustainability and efficiency in their vehicle choices. There is a growing demand for hybrid and electric vehicles, as well as smaller, more fuel-efficient cars. Additionally, the rise of ride-sharing and car-sharing services, such as Uber and Lyft, is altering traditional car ownership models, particularly among younger demographics.

Key Market Players

Tesla Inc.

Tesla, the leader in the electric vehicle market, holds a significant market share of the global EV market, estimated at around 17%. Known for its innovation and cutting-edge technology, Tesla continues to expand its product line and production capabilities. In 2023, the company reported revenue of $81.5 billion, a testament to its strong market position and consumer demand.

Toyota Motor Corporation

Toyota remains a dominant player in the global automobile market, with a market share of approximately 10%. The company's commitment to hybrid technology, as seen in its popular Prius model, and its expanding lineup of electric vehicles position it well for future growth. Toyota's revenue for 2023 was reported at $275 billion.

Volkswagen Group

Volkswagen Group, with its diverse portfolio of brands including Audi, Porsche, and VW, holds a substantial market share of around 12%. The company's aggressive push towards electrification, exemplified by its ID. series, is a key part of its strategy to lead the EV market. Volkswagen reported revenue of $290 billion in 2023.

General Motors

General Motors (GM), with a market share of about 8%, is another major player making significant investments in electric and autonomous vehicle technologies. GM's ambitious goal to phase out gasoline and diesel-powered cars by 2035 highlights its commitment to sustainability. The company reported a revenue of $156 billion in 2023.

Automobile Market Challenges

Supply Chain Disruptions

The global automobile market faces ongoing supply chain disruptions, exacerbated by the COVID-19 pandemic and geopolitical tensions. Shortages of key components, such as semiconductors, have led to production delays and increased costs. Automakers are now looking to diversify their supply chains and invest in domestic manufacturing capabilities to mitigate these risks.

Regulatory Hurdles

Stringent emission regulations and varying standards across different regions pose a challenge for automakers. Compliance with these regulations requires significant investment in research and development, which can strain financial resources, especially for smaller manufacturers. Additionally, the regulatory landscape is continually evolving, requiring companies to remain agile and adaptable.

High Development Costs

The development of electric and autonomous vehicles involves substantial financial investment. High costs associated with battery technology, software development, and infrastructure deployment can impact profitability, particularly for companies in the early stages of these transitions. Collaboration and partnerships are emerging as strategies to share these burdens and accelerate innovation.

Consumer Acceptance

Despite growing interest in electric and autonomous vehicles, consumer acceptance remains a hurdle. Concerns about range anxiety, charging infrastructure, and the safety of autonomous driving technology can slow adoption rates. Education and robust marketing efforts are necessary to address these concerns and build consumer confidence.

Conclusion

The global automobile market is at a pivotal juncture, driven by technological advancements, shifting consumer preferences, and regulatory pressures. The market's future growth will be shaped by its ability to navigate supply chain disruptions, meet regulatory requirements, and manage the high costs of innovation. Key players like Tesla, Toyota, Volkswagen, and General Motors are leading the way with significant investments in electric and autonomous vehicles, setting the stage for a more sustainable and connected future.

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Electric Vehicle Relay Market is Estimated to Witness High Growth Owing to Rising Adoption of Electric Vehicles

The electric vehicle relay market has been gaining significant traction over the past few years owing to the rising adoption of electric vehicles across the globe. Electric vehicle relays play a vital role in the overall functioning of electric vehicles by controlling various electrical systems and loads within the vehicle. Relays help in protecting circuits and offer greater operational efficiency. They find widespread use in charging systems, battery management systems, powertrain systems and other auxiliary functions within electric vehicles. The growing demand for eco-friendly vehicles coupled with stringent emission norms imposed by regulatory bodies around the world has propelled the sales of electric vehicles in recent years. This, in turn, has stimulated the demand for electric vehicle relays significantly. The global electric vehicle relay market is estimated to be valued at USD 12.09 Bn in 2024 and is expected to reach USD 30.45 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.1% from 2024 to 2031.

Key Takeaways Key players operating in the electric vehicle relay market are AEC (American Electronic Components, Inc.), Continental AG, Denso Corporation, Eaton Corporation, Fujitsu Limited, Hella GmbH & Co. KGaA, Hyundai Mobis, Infineon Technologies AG, Littelfuse Inc., Mitsubishi Electric Corporation, Panasonic Corporation, Robert Bosch GmbH, Schneider Electric SE, TE Connectivity Ltd., and Valeo SA. Key opportunities in the Electric Vehicle Relay Market Growth include development of new products with advanced features suited for autonomous electric vehicles and focus on expanding presence in emerging nations in Asia Pacific and Latin America. Major electric vehicle manufacturers are focusing on expanding their global footprint by setting up manufacturing plants across different regions. For instance, Tesla is setting up a new electric vehicle gigafactory in Berlin, Germany. Similarly, SAIC Motor Corporation and Volkswagen are also expanding their electric vehicle production capacities globally which will drive the demand for electric vehicle relays. Market drivers The rapid surge in electric vehicle sales across the world has been a major driver for the electric vehicle relay market. Stringent regulations aimed at curbing vehicular emissions and policies promoting electric vehicle adoption by governments worldwide have accelerated the sales of Electric Vehicle Relay Market Size and Trends substantially over the past few years. According to the International Energy Agency (IEA), the global stock of electric passenger vehicles reached 10 million in 2020, growing by 43% from 2019. This rapid rise in electric vehicle deployment is expected to drive the demand for electric vehicle relays significantly over the coming years.

PEST Analysis Political: Government regulations and subsidies are influencing the electric vehicle relay market growth. Many countries are supporting the adoption of electric vehicles to reduce carbon emissions from fuel-powered vehicles through various incentives and regulations. Economic: Lower operating costs of electric vehicles compared to fuel vehicles is driving consumers to opt for electric vehicles. Additionally, fluctuations in oil prices are also impacting the demand for electric vehicles. Social: Increasing awareness about environmental pollution and focus on sustainable transportation are positively impacting the sales of electric vehicles. Consumers are willing to pay more for electric vehicles due to their low carbon footprint. Technological: Advancements in relay technologies, such as improvements in communication protocols and power electronics, are enhancing the performance of electric vehicle relays. Electronic relays are replacing mechanical relays in vehicles to reduce complexity and enable controlled switching of large loads with quick response times. Geographical regions where market in terms of value is concentrated Asia Pacific dominated the electric vehicle relay market share in terms of value in 2024 due to the high production and sales of electric vehicles in China. China is the largest manufacturer as well as consumer of electric vehicles globally, which drives the relay market in the country. The fastest growing region for the electric vehicle relay market Europe is expected to witness the highest growth in the electric vehicle relay market during the forecast period. This is attributed to the stringent emission regulations and rising fuel costs in the region which are compelling automakers as well as customers to shift towards electric vehicles for transportation. The presence of major automobile companies and their focus on developing electric vehicles will further support the market growth in Europe.

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Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

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China’s Xpeng to acquire Didi’s smart EV unit in a deal worth up to $744 mln

The smart electric vehicle (EV) division of ride-hailing behemoth Didi will be acquired by Chinese electric car startup Xpeng (9868. HK) in a deal that could be valued at up to $744 million, and the two businesses will collaborate strategically.

The price of Xpeng shares increased by almost 13% on Monday.

In accordance with the agreement, Xpeng will introduce an A-class model the following year under a new name—MONA—with the intention of growing in the mass-market segment. The automobile will start at around $20,000.

Project MONA

According to a statement from Xpeng, “Project ‘MONA’ will accelerate the Company’s production and sales growth and help achieve greater economies of scale.”

The agreement comes at a time when China’s EV industry is experiencing declining demand and surplus production capacity, making it challenging for relative newcomers like Didi to get into the market. Two years after originally declaring such plans, smartphone manufacturer Xiaomi (1810.HK) just recently received regulatory approval to produce EVs, according to sources.

Didi stated it will help the launch by “providing access to its mobility market” and the two businesses will explore strategic cooperation in a number of sectors, including marketing, financial services, and insurance services.

Charging, robotaxis, and cooperatively creating a global market are more potential collaboration opportunities. Didi has been developing robotaxis with Chinese automakers with the goal of launching them by 2025.

According to the agreement, Didi will acquire about 3.25% of Xpeng shares, however, this percentage may rise if production and sales goals are met. Potential milestone payments are included in the estimated $744 million deal value maximum.

Promoting the global application of smart electric vehicles and technologies

Another notable partnership that the Tesla rival has formed recently is the $744 million purchase by Chinese electric vehicle upstart Xpeng of Didi’s smart EV assets.

Didi announced on Monday that the two are joining forces to “promote the global application of smart electric vehicles and technologies.”

Notably, the Didi assets will be incorporated into a new sub-brand dubbed “Mona” under Xpeng, which is planned to debut in 2024. In addition, the cooperation covers marketing, financial insurance services, billing, and global expansion.

The announcement came shortly after Volkswagen announced its $700 million investment in Xpeng, which would enable the company to produce two new automobiles bearing the Volkswagen name and utilizing key XPeng ADAS technologies.

Xpeng’s adoption of EVs is still extremely restricted, accounting for just 2.1% of China’s new energy vehicle market (including hybrids) in 2022 despite significant R&D expenditures. It might be possible for it to reach hundreds of millions of Chinese users through a deal with Didi.

Didi reported 587 million active users for the year that ended in Q1 2023.

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