Rising disposable incomes, increasing urbanization, and growing demand for electric vehicles are expected to drive the Motor Vehicle market

Market Research Future (MRFR) has published a cooked research report on the “Global Motor Vehicle Market” that contains information from 2018 to 2032. The Motor Vehicle market is estimated to register a CAGR of 10.60% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Motor Vehicle market— Volkswagen AG, Toyota Motor Corp, Daimler AG, Ford Motor Co, Honda Motor Co Ltd., Fiat Chrysler Automobiles NV, SAIC Motor Co Ltd., EXOR Group, Bayerische Motoren Werke AG, and Hyundai Motor Co Ltd.

Motor Vehicle Highlights

The global Motor Vehicle market is accounted to register a CAGR of 10.60% during the forecast period and is estimated to reach USD 5734.52 billion by 2032.

The motor vehicle industry is driven by a variety of factors, such as advancements in technology, changing consumer tastes, and governmental efforts to promote sustainability. The acceleration of electric and hybrid vehicle integration, in conjunction with an increasing recognition of environmental issues, propels the transition towards automobiles that are more environmentally friendly and energy-efficient. In addition, safety and convenience are improved by developments in autonomous driving technology and connectivity features, which stimulate market expansion. Moreover, the expansion of the motor vehicle market is aided by the demand for personal vehicles, which is fueled by rising disposable incomes and urbanization.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of motor vehicle industry trends

Segment Analysis

The global Motor Vehicle market has been segmented based on Type, fuel type, engine capacity, and propulsion type.

On the basis of Type, the market is segmented into Motorcycle And Bicycles, Passenger Cars, and Commercial Vehicles. The passenger car segment holds the largest share of the motor vehicle market, driven by urbanization, the increasing purchasing power of the middle class, and the expanding demand for individual transportation.

Based on fuel type, the global Motor Vehicle market has been segmented into Gasoline, Diesel, and Other Fuel Types. The gasoline segment holds the largest share of the motor vehicle market, primarily attributable to the established infrastructure and broad availability of gasoline-powered vehicles.

Based on engine capacity, the global Motor Vehicle market has been segmented into <1000 Cc, <1000-1500 Cc, <1500-2000 Cc, >2000 Cc. The <1000 Cc segment holds the greatest market share for motor vehicles in 2022. This market domination has been facilitated by a global trend towards smaller, more fuel-efficient vehicles, which has been fueled by rising fuel prices and environmental concerns. Reductions in engine capacity often result in improved fuel efficiency, which broadens the range of consumers who find them affordable.

Based on propulsion type, the global Motor Vehicle market has been segmented into IC Engine and Electric Vehicle. The largest segment of the motor vehicle market comprises Internal Combustion (IC) Engines, primarily attributable to their extensive infrastructure and long-standing presence that have supported conventional vehicles.

Regional Analysis

The global Motor Vehicle market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of the US and Canada. The Europe Motor Vehicle market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Motor Vehicle market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Motor Vehicle market comprises the Middle East, Africa, and Latin America.

The North American regional sector maintained the largest market share for Motor Vehicle. The motor vehicle industry in North America is well-established, with a consumer base that values technologically advanced vehicles and places a premium on innovation and regulatory compliance. The region is a focal point for the development and adoption of autonomous vehicles and electric vehicles, propelled by the presence of key automotive industry players and government initiatives that promote sustainable transportation.

Moreover, the European market currently holds the second largest market in 2022. The European motor vehicle market is characterized by its dynamic nature, with a strong emphasis on sustainability, emissions reduction, and state-of-the-art technology. The electric vehicle revolution is spearheaded in Europe due to the adoption of electric and hybrid vehicles being propelled by stringent emission standards. Compact automobiles and fuel-efficient transportation are prioritized on the continent, which is consistent with the objectives of sustainable mobility and urban living.

Additionally, motor vehicle sales in the Asia-Pacific region are expanding at a rapid rate, driven by factors such as rising disposable incomes, expanding middle classes, and heightened urbanization. The Asia-Pacific region is a manufacturing juggernaut with automotive production leaders. The area experiences a notable upswing in the desire for electric vehicles, specifically in nations such as China and India, propelled by governmental incentives and environmental considerations.

Furthermore, the rest of the world's Motor Vehicle market is divided into the Middle East, Africa, and Latin America. A developing motor vehicle market with an emphasis on affordable and efficient transportation options is evident in the Rest of the World. Developing nations such as Africa and Latin America are experiencing an increasing need for fuel-efficient and compact automobiles. As sustainability initiatives acquire momentum, this market is distinguished by a harmonious coexistence of technological progress and cost-effectiveness.

Key Findings of the Study

• The global Motor Vehicle market is expected to reach USD 5734.52 billion by 2032, at a CAGR of 10.60% during the forecast period.


• The Asia-Pacific region experienced the most substantial growth in the global market as a result of its swift urbanization, expanding middle-class populace, and governmental endorsement of electric and sustainable vehicles.


• The Internal Combustion Engine (IC Engine) vehicles stayed popular, especially in places with good infrastructure, low prices, and a preference for consumers.


• Volkswagen AG, Toyota Motor Corp, Daimler AG, Ford Motor Co, Honda Motor Co Ltd., Fiat Chrysler Automobiles NV, SAIC Motor Co Ltd., EXOR Group, Bayerische Motoren Werke AG, and Hyundai Motor Co Ltd.