An industry consisting of a wide range of businesses and organizations involved in the design, development, manufacture, marketing, and sale of automobiles. In terms of revenue, it is among the biggest sectors in the world.
On the basis of type, the global automotive industry market is segmented into commercial vehicle (LCVs, heavy trucks, buses & coaches), and passenger cars. Among these, the commercial vehicle segment (LCVs, heavy trucks, buses & coaches) is dominating the market.
Based on propulsion type, the global automotive industry market is segmented into internal combustion engine vehicle and electric vehicle. Among these, the ICE vehicle segment is witnessing significant growth. Technological advancements cause evolution in the design of internal combustion engines, allowing them to produce more power while using less fuel. The ICE engines will remain crucial to the development of the automotive industry in the interim. Additionally, there is improvement for areas like electrification, emissions, and thermal efficiency.