US Automotive Industry Market Size was valued at USD 1514.8 Billion in 2022. The automotive industry market industry is projected to grow from USD 1567.81 Billion in 2023 to USD 2064.51 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.50% during the forecast period (2023 - 2032). The market is anticipated to witness increased demand for commercial vehicles due to the thriving logistics and passenger transportation industry. Government policies and initiatives is also a market driver that have a significant impact on its growth and are anticipated to continue doing so in the years to come.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Autonomous or driverless vehicles has the ability to see their environment and can perform essential functions like driving without human intervention. Light detection and ranging (LiDAR), radio detection and ranging (RADAR), artificial intelligence (Al) software, and cameras are used to create a dynamic 3D map of the environment in which it perceives and navigates. With a range of sensors, including RADAR, the majority of autonomous cars create and maintain an internal map of their environment. Additionally, from completely autonomous to semi-autonomous, there are many levels of autonomy that call for driver support. Because they use less petrol and have smaller batteries, these cars perform better than conventional ones in terms of safety, fuel economy, reducing traffic and pollution.
In the US automotive industry, sustainability and pollution rules are now important competitive factors. The objectives of these restrictions are to lessen the automobile's negative environmental effects and to encourage environmentally friendly business practices. The United States government has enforced progressively stricter emissions regulations via organizations such as the Environmental Protection Agency (EPA) and the California Air Resources Board (CARB). Automakers must build cars with fewer greenhouse gas and pollution emissions in order to comply with these laws. For the industry, adhering to these criteria has become crucial. Furthermore, the federal and state governments provide a range of incentives, such as tax credits, rebates, and exclusive access to carpool lanes for electric vehicles, to encourage the use of environmentally friendly automobiles. These incentives encourage automakers to invest in environmentally friendly technology while also driving customer demand. Thus, driving the US automotive industry market revenue.
The US automotive industry has experienced its fair share of ups and downs. This is due to factors such as the oil and energy crisis coupled with fluctuation of gas prices, improvement of fuel economy, innovative upgrades, and the COVID-19 pandemic. As of 2024, the US has a total of 283 million vehicles on the road (total vehicle parc). Trucks are the most popular vehicle type, with around 171 million private and commercial truck registrations compared to 102 million vehicle registrations for cars. The EV is expected to gain rapid share in the overall fleet during the upcoming years.
The US Automotive Industry market segmentation, based on vehicle type includes Passenger Cars, Commercial Vehicles, Three Wheelers, and Two Wheelers. The passenger cars segment dominated the market mostly. The rate of globalization of the world's population is one reason that will increase demand for passenger cars. The rise in the disposable income of various consumers worldwide has not translated into an increase in demand for these passenger cars. There are various categories of passenger automobiles, such as full-size, compact, midsize, and premium models. Different consumer demands, tastes, and price ranges are served by each sector.
The US Automotive Industry market segmentation, based on fuel type, includes Diesel, Petrol, and Electric. The electric category generated the most income. In the U.S. automotive industry market, cars that run mostly on electricity are classified as electric vehicles. Plug-in hybrid electric cars (PHEVs), battery electric vehicles (BEVs), and other electric and electrified options fall under this category. Additionally, the expansion of the infrastructure for charging is closely linked to the rise of the electric category. For electric vehicles to be both practical and convenient, fast-charging networks, home chargers, and public charging stations are necessary.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The US Automotive Industry market segmentation, based on service, includes Mechanical, Exterior and Structural, and Electrical and Electronics. The electrical and electronics category generated the most income. With a broad range of parts, systems, and technologies, the electrical and electronics segment in the US automobile market is essential to contemporary cars. The performance, safety, and operation of cars are all dependent on this area. Additionally, the systems that power hybrid and electric cars fall under the heading of electrical and electronics. Regenerative braking technologies, battery management systems, and electric motors are examples of this.
The US Automotive Industry market segmentation, based on equipment, includes Tires, Seats, Batteries, and Other Equipment Types. The tires category generated the most income. With so many automobiles on the road, the US has one of the largest automotive businesses in the world. As a result, there is a huge need for tires and related equipment. The tire equipment sector in the United States is influenced by various factors such as government restrictions, consumer preferences regarding tire quality and performance, and the production and sales of automobiles.
The US automotive industry market area will grow at a significant rate. The demand for cars has increased due to a strengthening economy and positive consumer attitude, setting new records for sales. Furthermore, financing alternatives and low interest rates have made buying a car easier for consumers. Another notable change in the US auto industry is the growing emphasis on sustainability and electric cars (EVs). Significant automakers are making significant investments in EV manufacturing and technology, such as Tesla, Ford, and General Motors. This is indicative of a larger worldwide movement towards greener mobility. Cleaner car uptake has also been aided by government incentives and pollution controls.
The US vehicle market recorded sales of 15.5 million vehicle units in 2023, a 11.6% jump from 13.9 million vehicles sold in 2022. Strong incentives for EVs models, economic growth, higher deliveries, and supply chain improvements fueled the jump in new vehicle sales. The top 10 brands were Ford, Toyota, Chevrolet, Honda, Nissan, Hyundai, Kia, Tesla, Jeep, and Subaru.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the automotive industry market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, automotive industry industry must offer cost-effective items.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1514.8 Billion |
| Market Size 2023 | USD 1567.81 Billion |
| Market Size 2032 | USD 2064.516 Billion |
| Compound Annual Growth Rate (CAGR) | 3.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vehicle Type, Fuel Type, Service, Equipment, and Region |
| Countries Covered | US |
| Key Companies Profiled | GM, AM General, Toyota, Callaway Cars, Equus Automotive, Renault, Hyundai Motor Group, Ford, FCA, Honda, Tesla, Detroit Three, Chrysler LLC, Builk, GMC, Jeep, Monro Inc., Firestone Complete Auto Care, Jiffy Lube International, Inc., Midas International, LLC, and Meineke Car Care Centers, LLC |
| Key Market Opportunities | Â Autonomous Vehicles' Growing Acceptance Will Fuel Industry Growth |
| Key Market Dynamics |  Increased Use of E-Vehicles Will Accelerate Market Expansion ·      Expanding Sustainability and Emissions Policies to Encourage Market Growth |
US Automotive Industry Market Highlights:
Frequently Asked Questions (FAQ) :
The US Automotive Industry market size was valued at USD 1514.8 Billion in 2022.
The market is projected to grow at a CAGR of 3.50% during the forecast period, 2023-2032.
The key players in the market are GM, AM General, Toyota, Callaway Cars, Equus Automotive, Renault, Hyundai Motor Group, Ford, FCA, Honda, Tesla, Detroit Three, Chrysler LLC, Builk, GMC, Jeep, Monro Inc., Firestone Complete Auto Care, Jiffy Lube International, Inc., Midas International, LLC, and Meineke Car Care Centers, LLC.
The electrical and electronics category dominated the market in 2022.
The electric category had the largest share in the market.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
