Will the global automotive market continue to grow?
It is projected that the global automotive industry will grow to just under nine trillion U.S. dollars by 2030. It is anticipated that new vehicle sales will account for about 38 percent of this value. Globally, Volkswagen Group and Toyota Motor are the leading carmakers in terms of revenue. The Japanese auto giant generated almost 250 billion U.S. dollars in revenue in 2020, while Volkswagen raked in a little more than 245 billion U.S. dollars. The U.S.-based Tesla has also recorded a steep growth throughout 2021, as the brand with the highest brand value growth worldwide across sectors. Electric vehicles have gained popularity in the past years, with their use increasing over threefold between 2016 and 2019, including battery electric and plug-in hybrid units.The auto industry has reached a crossroads
As our
Statista Dossier on the impact of COVID-19 on the automotive industry intends to outline, the fate of the industry seems to rely on how fast production will be ramped up following the coronavirus outbreak in the winter of 2019/2020. Amid the outbreak of the pandemic in China, many factories were closed, and no new vehicles were rolling off the assembly lines in Wuhan. Work stoppages resulting from outbreaks continue to affect the industry on a global scale, although factories have reopened in many markets. More recently, the coronavirus pandemic has also sparked a shortage of chips in many industries, including the auto sector. It is projected that on average, electronic systems will account for half of the total price of a new car by 2030.
Mass production of automobiles started in the early 1900s when Ford introduced assembly line car production to mass-manufacture the Model T. Today, the Ford Motor Company still ranks among the leading manufacturers of passenger cars, its most popular passenger light truck model being the Ford F-Series, which was also one of 2020's best-selling light vehicles worldwide.
