North America Automotive Market by Vehicle Types (Passenger Cars, Commercial Vehicles [Light Commercial Vehicles and Medium & Heavy Commercial Vehicles] and Two-Wheelers) and Geographies (US, Canada, and Rest of North America) - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The North America automotive market size was valued at USD 891.59 Billion in 2022 and is likely to reach USD 1.43 Trillion by 2031, expanding at a CAGR of 5.43% during the forecast period, 2023–2031. The growth of the market is attributed to the rising disposable income and rapid electrification of the automotive sector.
The automotive industry consists of a wide range of companies and organizations that are involved in the design, development, manufacturing, marketing, and selling of motor vehicles. It is one of the largest industries by revenue. The automotive industry does not include maintenance of automobiles, delivery to the end-user, and motor fuel filling stations.
The automotive market activities include manufacturing of motor vehicles, which consist of components, such as engines and bodies, excluding tires, batteries, and production of fuel. The industry’s principal products are passenger automobiles and light trucks, which includes pickups, vans, and sport utility vehicles.
Commercial vehicles have wide range of products such as delivery trucks and large transport trucks. Light commercial vehicles weighs less than 3.5 metric tons and medium & heavy commercial vehicles that are greater than 3.5 metric tons includes trucks and buses. Two-wheelers include all types of motorcycles such as street bikes, dual-purpose, and off-road recreation. Robotic equipment are increasing utilized for the production of automated machinery. This, in turn, is expected to ramp up the production of cars in the region.
Market Trends, Drivers, Restraints, and Opportunities
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Growing stringent emission norms is anticipated to boost the market growth during the forecast period.
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Increasing demand for commercial vehicles owing to the rapid growth in the logistics industry is one of the major factors driving the market growth.
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Rising focus on reduction in vehicle emissions and increasing focus on the innovation in the electric vehicles industry are expected to spur the growth of the market.
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Government initiatives to provide incentives and mandates to consumers and auto manufacturers are anticipated to proliferate the market growth.
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High demand for the electric vehicles is anticipated to boost the market expansion during the forecast period.
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The COVID-19 pandemic issue across the world is one key factors that have hampered the market growth. However, the relaxation of the stringent norms is expected to help the market to recover soon.
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Implementation of the United States-Mexico-Canada (USMCA) trade agreement in 2020 is anticipated to propel the market growth.
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Increasing R&D investments and ongoing technological advancement to reduce the vehicle emissions are expected to create significant opportunities for the market players.
Scope of the Report
The report on the North America automotive market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Automotive Market - North America Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Types (Passenger Cars, Commercial Vehicles [Light Commercial Vehicles and Medium & Heavy Commercial Vehicles], and Two-Wheelers) |
Geographic Scope |
US, Canada, and Rest of North America |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Tesla, Inc., General Motors, FCA Group, Ford Motor Company, and BMW AG |
North America Automotive Market Segment Insights
Commercial vehicles segment is projected to account for a large market share
Based on types, the market is divided into passenger cars, commercial vehicles, and two- wheelers. The commercial vehicles segment is further bifurcated into light commercial vehicles and medium & heavy commercial vehicles.
The commercial vehicles segment is expected to constitute a key market share during the forecast period owing to increasing e-commerce activities. On the other hand, the passenger cars segment is anticipated to grow at a sustainable rate owing to rising disposable income in the region.
The US to dominate the market
On the basis of geographies, the market is classified as United States, Canada, and Rest of North America. United States is anticipated to dominate the market during the forecast period. The country’s market growth can be attributed to the emergence of electric vehicles. Moreover, government is providing various tax benefits to support the purchase of electric vehicles.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Automotive Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Automotive Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Automotive Market - Supply Chain
4.5. Global Automotive Market Forecast
4.5.1. Automotive Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Automotive Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Automotive Market Absolute $ Opportunity
5. Global Automotive Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Automotive Market Size and Volume Forecast by Types
5.3.1. Passenger Cars Commercial Vehicles Two-Wheelers
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Automotive Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Automotive Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Automotive Demand Share Forecast, 2019-2026
7. North America Automotive Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Automotive Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Automotive Market Size and Volume Forecast by Types
7.4.1. Passenger Cars Commercial Vehicles Two-Wheelers
7.5. Basis Point Share (BPS) Analysis by Types
7.6. Y-o-Y Growth Projections by Types
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Automotive Demand Share Forecast, 2019-2026
8. Latin America Automotive Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Automotive Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Automotive Market Size and Volume Forecast by Types
8.4.1. Passenger Cars Commercial Vehicles Two-Wheelers
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Automotive Demand Share Forecast, 2019-2026
9. Europe Automotive Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Automotive Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Automotive Market Size and Volume Forecast by Types
9.4.1. Passenger Cars Commercial Vehicles Two-Wheelers
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Automotive Demand Share Forecast, 2019-2026
10. Asia Pacific Automotive Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Automotive Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Automotive Market Size and Volume Forecast by Types
10.4.1. Passenger Cars Commercial Vehicles Two-Wheelers
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Automotive Demand Share Forecast, 2019-2026
11. Middle East & Africa Automotive Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Automotive Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Automotive Market Size and Volume Forecast by Types
11.4.1. Passenger Cars Commercial Vehicles Two-Wheelers
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Automotive Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Automotive Market: Market Share Analysis
12.2. Automotive Distributors and Customers
12.3. Automotive Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Tesla, Inc. General Motors FCA Group Ford Motor Company BMW AG