According to Future Market Insights (FMI) reports, the global automotive OEM market is poised to achieve a steady compound annual growth rate (CAGR) of 4.17% throughout the forecast period. As of 2023, the market is valued at US$ 35.16 Billion. Looking ahead, projections suggest that the automotive OEM market’s value is set to soar, with an estimated market valuation of US$ 52.90 Billion by the year 2033. Notably, during the base year, analysts recorded a historical market valuation of US$ 32.4 Billion for the same market segment. These findings indicate substantial growth and potential opportunities for the automotive OEM industry in the coming years.
It is analyzed by the experts that demand for a large number of commercial and passenger vehicles is a major contributor to the expanding market size of automotive OEMs. Consumers are becoming more aware of their safety while traveling and this aspect is fueling the demand for automotive OEM products in 2023. There are several technological advances made by manufacturers to gain an upper hand in the market.
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The rise in disposable income across developing economies is resulting in increased spending on personal vehicles, simultaneously fueling the market growth of automotive OEMs. However, the high cost of automotive OEM products is a crucial factor impeding the growth of the industry. Furthermore, the prevalence of counterfeit automotive OEM products is estimated to challenge the expansion of the market through 2033.
Key Takeaways from the Automotive OEM Market
- The automotive OEM market is estimated to surpass a valuation of US$ 52.90 Billion by the end of the projection period.
- An approximate surge of US$ 2.76 Billion has been witnessed from the base year to the current year in the automotive OEM market.
- The commercial vehicle type segment is projected to advance at a CAGR of 6.8% through the forecast period.
- The powertrain segment by component type category is likely to dominate the automotive OEM market, with a market valuation surpassing US$ 439.67 Billion by 2033.
- The United States automotive OEM market is projected to advance at a moderate pace registering a CAGR of 6.6% during 2023-2033.
“Demand and production of high-performance cars are projected to curate lucrative growth prospects for advancement of the industry through the foreseen years.” – Says an FMI Analyst.
Competitive Landscape in the Automotive OEM Market
Due to the existence of numerous international and regional companies, the market for automotive OEMs is very competitive. To strengthen their position in the market, major players are implementing a variety of methods, including product portfolio growth and regional development. The key players are adopting various business strategies, such as mergers and acquisitions, to expand their geographic presence and consumer base across the world. Therefore, the market is projected to register significant growth through the forecast period.
Some of the key companies in the market are
Toyota Motor Corporation., Volkswagen AG., Nissan., Honda Motor Co., Magna International Inc., Continental AG., CIE automotive., Siemens., BMW AG., Exide Industries Limited., Denso Corp., Robert Bosch, GMbH., Valeo, Aptiv, Ford Motor Company., Mitsubishi Motors Corp.
Recent Developments
- Recently, the 3M collision repair application was launched by the 3M company, which is an application tool for mobiles. It is identified to help with the expert technical support provided by the shop technicians and the personnel for distributor sales.
- In July 2021, MasterBeat Corporation announced that its JTEC Autoworld launched the Amazon retail segment of its online automotive parts platform. JTEC has a plan of utilizing Amazon and several other e-commerce platforms for accelerating the sales and marketing of automotive OEM products.
- Two Indian Companies, Mahindra and Mahindra Tata Motors have increased their market share by about 5% in the Indian market, one in every five cars is made by these Indian OEMs, which are sold in India.
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Key Segments in the Automotive OEM Market
By Components:
- Powertrain
- Chassis
- Electronics and Electrical
- External Body
- Car Interiors
By Vehicle Type:
- Commercial vehicles
- Passenger cars
- Electric cars
By Distribution Channel:
- Retailers
- Wholesalers
- Distributors
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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