Global automotive sales in both matured and emerging countries is recovering post global economic crisis. Even though the growth is expected to be moderate, the factors like improvement in financial condition and reinforcement of labour markets are going to boost the market growth.
North America and Europe are the matured automotive markets. Automobile sales is picking up in Asia Pacific, primarily in India and China, because of their burgeoning middle class population. Currently, China dominates the automotive market in terms of sales volume. However, government restrictions over number of vehicle ownership and economic uncertainties are some of the key factors expected to deter Chinese automotive market growth in future.
New technological developments, improved power-train systems, mobile connectivity, advanced driver assistance systems and maintenance monitoring are expected to strengthen global automotive sales in the future. Moreover, a shift towards shared mobility among consumers is expected to decelerate private vehicle sales; however, the market is expected to witness growing demand for shared vehicles because of their higher replacement rate. Lower fuel prices and increased affordability are some of the factors which are expected to further drive the sales of sports utility vehicles (SUV) & crossover car models in light vehicle segment. However, stringent restrictive emission norms are going to challenge the overall market growth.
Growing adoption of green vehicles in matured markets is expected to open up newer opportunities in the automotive industry. With slow growth in automotive sales, many key manufacturers are relying and investing on automated driving technology, especially autonomous vehicles (AVs), to sustain continued growth. Though the technology is still under development, once implemented fully it may transform overall automobile market globally and anticipated to drive the industry towards automated & robotic rentals model.
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