The automotive market is one of the leading industries in the world. Without the proper functioning of this industry, life would be immovable. The industry is involved in providing different business organizations and enterprises with a wide variety of motor vehicles that is developed, manufactured, marketed and designed by the expert professional hands. At present, there is a tremendous level of competition amongst the key market players of the automotive industry. There is a severe competition amongst all the market players to gain the topmost position in the market.

Grouping of the automotive industry

The automotive industry is grouped into various sections like designing, engineering, distribution and next generation manufacturing. The automotive industries basically focus on improvising the efficiency, utilizing the alternative energy machines and controlling cost. The automobiles run in different categories like diesel, gasoline, electric and other alternative fuel and hybrid fuel cars like combined motor heat engine drives and ethanol.

The automotive market is enhancing rapidly and is seeing rapid sales all across the globe. However, regulations regarding emissions in different countries have driven the industry to develop electric and hybrid vehicles. There are various market research firms which provides genuine Market Research Reports on the current market trend of the global automotive market.

Segmentation of the automotive market in terms of products and services:

• Automotive components
• Automotive accessories
• Tires and wheels
• Automotive electronics
• Automotive manufacturing
• Powertrain

The automotive industry is also segmented into different global regions. These include Europe, USA, Asia Pacific, North America, APAC. All these regions have seen immense growth of the automotive industry.

Factors affecting the growth of the automotive market:

1. Excess capacity- according to the recent market report, the automotive industry is globally producing a huge number of light and heavy capacity vehicle which are meant for serving different purposes.
2. Pricing pressure- with the excess production of the new automotive products, the prices of such automotive products has been increased by the manufacturers. This has resulted in the boosting up of the automotive industry.
3. Consumer expenditure- the growth of the automotive industry also depends on the budget of the consumers. It depends on the budget of the consumers that would decide the growth of the automotive market.
4. Environmental regulation- this is the main factor that is not allowing the automotive market to grow well. This is one of the restraining factors that is hampering the growth of the automotive industry.

The automotive industry has a huge impact on the economy of every country. According to the recent market study, the automotive industry is one of the major users of the copper, aluminum, iron, steel, rubber, vinyl and plastics. Within the next few years the automotive industry would see a major growth globally.

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