Revenue - automobile manufacturing industry worldwide 2019-2023

The global automotive manufacturing market was worth about 2.86 trillion U.S. dollars in 2021. The market is projected to grow to some 2.95 trillion U.S. dollars in 2022. This growth is a slow recovery, still under the industry’s 2019 market size.

Automation and electrification drive market disruption

Automotive technology will change considerably in the next decade. Some 26 percent of new car sales globally are expected to be electric vehicles in 2030, and about 58 millions of new self-driving cars are projected to be added to the world’s fleet that year.

New opportunities in the supplier segment

Technological advancements begin to affect the type of parts that are required to complete the finished product. This allows for further segmentation in the auto supplier industry, particularly within the automotive electronics industry. The biggest changes to the automotive industry currently are automation and electrification. As autonomous and electric vehicles take over the market, electronic components, especially automotive semiconductors, will become even more important for automotive manufacturing.