35+ Automotive Industry Statistics & Trends

The automotive industry is undergoing a dynamic shift owing to its technological advancements, evolving consumer preferences, and environmental regulations. Knowing and understanding the key statistics and trends in the automotive industry is very important. 

In this article, you can gain insights into market growth, consumer behavior, and emerging technologies in the automotive industry.

Overview of the Global Automotive Market

1. The market size of the automotive industry is CAGR 6.9% from 2022 to 2030. (Source: Market Research Future)

Source: Market Research Future

2. The used car market will likely observe a CAGR of over 4.5% between 2024 and 2032 (Source: Global Market Insights)
3. The online sales of cars are likely to rise to 7.1-7.3 million in 2024. (Source: Forbes)
4. It is anticipated that around 88.3 million new cars will be on the roads by 2024 globally. (Source: S&P Mobility)
5. The sales volume of internal combustion engine vehicles is likely to increase in 2030. (Source: Nomura Research Institute)
6. There will be an increased use of copper in car components, which is predicted to rise to 6 million tonnes per year by 2040. (Source: Copper Alliance)
7. The flying car market is expected to rise $207.23 billion in 2024 from 2023 at a CAGR of 55.7%. (Source: The Business Research Company)

(Source: KBV Research)

35+ Automotive Industry Statistics & Trends

If you’re in the automotive industry, the following statistics and trends can provide you with really insightful values. These trends are likely to be followed in the upcoming years as well:

1. Around 2.3 million electric vehicles were sold in the first quarter of 2023, which is 25% more than the same period in 2022. (Source: Global EV Outlook 2023 report by International Energy Agency)
2. The average car sales price rises by 10-15% during the two peak seasons of March to May and September to November. (Source: Investopedia)
3. By 2035, the adoption of self-driving vehicles could generate revenue of up to $300-$400 billion. (Source: McKinsey)
4. Over 6 million SUVs were sold in the US in 2022, representing a 15% increase in sales compared to 2021. (Source: Good Car Bad Car)
5. The global automotive cybersecurity market size is likely to reach US$6.0 billion by 2028, with a growth CAGR of 18.5%. (Source: MarketsAndMarkets)

(Source: MarketsAndMarkets)

6. In 2021, the roads of the US had more than 84 million connected cars, and this number is likely to exceed 305 million by 2035. (Source: Statista)
7. By 2040, electric vehicle sales are likely to accelerate up to 54% of total car sales. (Source: Bloomberg NEF)
8. In 2021, the market value of the Automotive Alternative Fuel industry was US$330 Billion, and it is expected to grow at a CAGR of 15.5% during the 2022-27 forecast period and reach US$ 784.45 billion by 2027. (Source: Mordor Intelligence)

(Source: Mordor Intelligence)

9. AR and VR in the automotive industry are likely to reach US$ 20.1 billion by 2025. (Source: IndustryARC)
10. Around 30% of automotive players made their factories smart around two years before 2020. (Source: Capgemini)
11. Mobility-as-a-Service is estimated to reach US$ 0.78 trillion in 2024 and US$ 1.12 trillion by 2029, at a CAGR of 7.43%. (Source: Mordor Intelligence)

(Source: Mordor Intelligence)

12. In 2021, the average owner of the vehicle opted for their vehicle’s maintenance up to 2.8 times a year, whereas in 2023, the maintenance was 2.3 times a year. (Source: Cox Automotive)
13. The automotive cybersecurity market size in 2022 was US$2.9 billion. (Source: Global Market Insights)
14. Around 55% of new car sales in Europe will be completely electrified by 2030. (Source: PWC)
15. With a growth rate of CAGR 6.17% during the forecast period of 2022-2023, the global market size of used car sales is likely to reach US$2,755 billion by 2030. (Source: Straits Research)

(Source: Straits Research)

16. 92% of car buyers conduct online research before buying a car. (Source: Think with Google)
17. 60% of auto buyers prefer watching a video of the car they want to purchase before visiting the website or the dealership. (Source: Think with Google)
18. 25% of drivers preferred hybrid vehicles, which reflects that a quarter of Americans consider gas a major expense while driving a car. (Source: CBS News)
19. 53% of vehicle consumers decide to make their purchase online. (Source: Enterprise Viewpoint)
20. While there was no purchase or import tax on EVs in Norway from 1990 to 2022, some charge has been levied on all new EVs based on the vehicle’s weight as of 2023. (Source: Norwegian EV Policy)
21. The global car GPS navigation system market is expected to reach $35,731.9 million by 2030 at a CAGR of 11.0% for the forecast period of 2020-2030. (Source: Allied Market Research)
22. The global automotive employment industry had a size of 13.58 million in 2020. (Source: Gitnux)
23. 85 million motorized vehicles were manufactured globally in 2022. (Source: Statista)

(Source: Statista)

24. In the US, an average passenger vehicle emits approximately 4.6 metric tons of carbon dioxide annually. (Source: United States Environmental Protection Agency)
25. In the EU, passenger cars are responsible for around 61% of total carbon dioxide emissions from EU road transport. (Source: European Union)
26. At a 1.5% increase from 2021, around 354 million truck drivers were employed in 2022. The gross freight revenue in 2022 was $940.8 billion. (Source: American Trucking Associations)
27. Volkswagen AG was one of the largest car manufacturers in 2022, with a revenue of $295,819.8 million. (Source: CarLogos)
28. China, Japan, and the United States are the top three countries producing the most number of cars each year. (Source: World Population Review)
29. Nearly 85.4 million passenger cars were produced by the end of the fiscal year 2022, which was a 5.7% growth from 2021. (Source: Europe Automobile Manufacturers’ Association)
30. 46% of global car sales were for SUVs in 2022, with most of the noticeable growth across the United States, India, and Europe. The number of electric SUVs is also increasing on a larger scale, ranging to 16% of total SUV sales in 2022. (Source: International Energy Agency)
31. Ford-F Series sold 653,957 units in the United States in 2022, which was 9.9% less than in 2021. (Source: CNBC)
32. Tesla delivered 1.81 million electric cars globally, with a slow growth rate. (Source: The Wall Street Journal)
33. The auto parts wholesaling industry’s revenue in the US grew at a CAGR of 2.3% in 2023 and was expected to reach US$278.8 billion. (Source: Ibis World)
34. The average cost of a car in 2023 was around $48,008 in March 2023. As more cars are launched, it will also mean more discounts. (Source: Kelly Blue Book)
35. The global automotive finance market is growing at a CAGR of 7.3% for the forecast period of 2023-2030. (Source: Grand View Research)
36. Around 32,137 new jobs were launched in January 2024, which marked a 23.14% increase from December 2023. (Source: Global Data)
37. The automotive robotics industry is anticipated to reach US $15.21 billion by 2027 at a CAGR of 11% during the forecast period of 2023-2027. (Source: Mordor Intelligence)
38. In car manufacturing, there are more than 14 robots per 100 employees, or 1,400 industrial robots for every 10,000 employees. (Source: Zipdo)

Conclusion

As we navigate the evolving automotive landscape, understanding key statistics and trends is crucial. These 35+ statistics and facts help you become familiar with the evolving trends in the automotive industry. It will allow you to make better and more informed decisions so that you can relish the opportunities. So, explore the automotive industry’s dynamic shift as you navigate the space more each year.