Automotive Market Overview

The global automotive market is one of the largest industries worldwide, projected to grow to $8.9 trillion by 2030, up from $5.1 trillion in 2020. This growth is primarily driven by the increasing demand for electric vehicles (EVs), autonomous vehicles, and connected car technologies.

Key Trends:

• Electric Vehicles (EVs): EV sales are expected to account for over 30% of new car sales by 2030, with major markets like China, the EU, and the US leading the adoption.

• Autonomous Driving: By 2030, the autonomous vehicle market is projected to reach $1.64 trillion, driven by advancements in AI and regulatory support.

• Connected Cars: The global connected car market is expected to grow from $55 billion in 2021 to $121 billion by 2028, with smart technologies improving safety, convenience, and vehicle management.

Challenges and Losses:

• Inefficiencies: The industry loses over $200 billion annually due to inefficient logistics and maintenance practices.

• Carbon Emissions: Traditional internal combustion engine vehicles account for nearly 30% of global CO2 emissions in the transportation sector.

• Theft and Fraud: Automotive theft costs the global economy over $30 billion annually, highlighting the need for advanced security solutions.