AUTOMOTIVE ASSEMBLY MARKET ANALYSIS

The automotive industry includes wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles. In automotive assembly, various processes are involved such as metal cutting, pressing, polishing, grinding, welding, plating, & painting. Moreover in the process of automotive assembly there are various steps that are considered. At the initial stage, raw materials such as steel, aluminum are used in car manufacturing process. Many car manufacturers are focusing on more sustainable, as well as lightweight and cost-effective, materials for their cars to keep up with the demand for greener products. In design & engineering process, various models are made in 2D and 3D forms to test the automotive design. Automotive design is a creative process used to define the physical appearance of motor vehicles such as cars, trucks, motorcycles etc. It encompasses interior and exterior design.

Global Automotive Assembly Market - Impact of Coronavirus (Covid-19) Pandemic :

Global automotive assembly market has been impacted significantly by the COVID-19 pandemic, in terms of supply as well as demand. Due to the COVID-19 pandemic, governments of different countries declared total lockdown and temporarily shut down of industries such as automotive industry electronic industries, and others. Therefore, the overall automotive assembly market has been affected.

North America is expected to hold dominant position in the global automotive assembly market during the forecast period’.

Statistics:

North America held a dominant position in the global automotive assembly market in 2021, accounting for 40% share, in terms of value.

Figure 1: Global Automotive Assembly Market Share (%), By Region, 2021

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Among regions, North America held dominant position in the automotive assembly market in 2021 and is expected to retain its dominance throughout the forecast period. In 2020, according to Coherent Market Insights analysis, North America market generated a revenue of US$ 16,596Mn and is expected to reach US$ 27566Mn by 2030, with a CAGR of 5.5% over the forecast period.

In North America, increasing adoption of various technologies such as artificial intelligence and others in automotive assembly is expected to boost growth of the automotive assembly market. Car manufacturers use artificial intelligence technology for car-manufacturing process. Examples of AI in the automotive industry include industrial robots constructing a vehicle and autonomous cars navigating traffic with machine learning and vision.

Electrical system segment is expected to hold a dominant position during the forecast period.

Among component, electrical system segment is expected to hold a dominant position in the global automotive assembly market during the forecast period. The segment is expected to exhibit the highest CAGR of 5.4%.

Figure 2: Global Automotive Assembly Market Value (US$ Mn) Analysis and Forecast and Y-o-Y Growth (%), 2022 - 2030

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Global automotive assembly market was valued at US$ 41,490 Million in 2021 and is expected to reach US$ 68,750 Million by 2030 at a CAGR of 5.80% between 2022 and 2030.

Major players operating in the global automotive assembly market include BMW Group, Daimler, Ford Motor, General Motors, Honda Motor, Hyundai Motor, SAIC Motor, Stellantis, Toyota Moto, Volkswagen Group, and others.