Growth Drivers
Increasing Number of Vehicles Production with Increasing Demand Among People for Personal Vehicles – which reached nearly 80 million motor vehicles worldwide in 2021.
Rising Demand for Premium and Luxury Cars Owing to Increasing Disposable Income and Economic Growth of the Countries – for instance, in 2021, luxury car retails in India exhibited an upward trend and rose by 19% compared to 2020.
Upsurge in the Sale of Light Vehicles as Fuel Prices Rise Across the World – which is expected to grow by 5% year-on-year by 2023 around the globe.
Challenges
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
5.9% |
Base Year Market Size (2023) |
USD 33.89 Billion |
Forecast Year Market Size (2036) |
USD 71.4 Billion |
Regional Scope |
|
Author Credits: Saima Khursheed
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