Global Future Cars Market is valued approximately USD XX billion in 2021 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2022-2029. Future cars refer to vehicles that are expected to be developed and available for use. These cars are often designed with advanced technologies, including autonomous driving capabilities, electric or hydrogen fuel cell powertrains, and advanced safety features. The Future Cars market is expanding because of factors such as increasing government focus on reducing emission and improve fuel efficiency and rising consumer disposable income.
Many governments across the world have put rigorous car emission standards into place to lower the quantity of greenhouse gas emissions in the environment. The European Union has established a policy to cut the CO2 emissions of light and medium commercial vehicles by 15% before 2025. The Petroleum Ministry of India ordered all automakers to begin producing BS-VI automobiles after 1 April 2020. The decision was made to lessen air pollution in the nation. Furthermore, the government of Japan also set a target to reduce CO2 emissions and other greenhouse gasses by about 80% per vehicle by 2050. Thus, rising government focus on reducing emission through vehicles is driving the market growth. In addition, rising technological advancement and rising adoption of IoT in automotive industry is creating a lucrative growth to the market. However, the high cost of Future Cars stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Future Cars Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the presence of key market players, rising technological advancement and rising government support to the industry. Whereas Europe is expected to grow with a highest CAGR during the forecast period, owing to factors such as rising automotive industry, rising advancements and adoption of electric vehicles, and investments for the development of automotive industry in the region.
Major market player included in this report are:
Toyota Motor corporation
Ford Motor Company
BYD Auto Co., Ltd.
Rivian Automotive, Inc.
Lucid Motors Inc
Recent Developments in the Market:
- In April 2021, in Japan, Toyota Motor Corp. announced updated versions of the Lexus LS and Toyota Mirai, both of which come with Level 2 autonomous Advanced Drive capabilities that help the car stay in its lane, maintain a safe distance from other cars, help with lane changes, and provide advanced driver support.
- In June 2022, The BMW Group and Valeo collaborated on an ADAS agreement. For the future EV platform from BMW, Valeo will supply ADAS sensors, a domain controller, and parking and maneuvering software.
Global Future Cars Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Type, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
Hydrogen Fuel Cell Vehicles
Rest of the World