Motor Vehicles Market In 2029

(MENAFN- EIN Presswire) EINPresswire/ -- "Motor Vehicles Market to Surpass $4 billion in 2029. Within the broader Transport industry which is expected to be $8,792 billion by 2029, the Motor Vehicles market is estimated to account for nearly 0.05% within the total market value

Which Will Be the Biggest Region in the Motor Vehicles Market in 2029
North America will be the largest region in the motor vehicles market in 2029, valued at $1,410 million. The market is expected to grow from $916 million in 2024 at a compound annual growth rate (CAGR) of 9%. The strong growth in the forecast period can be attributed to the expansion of charging infrastructure and rising e-commerce.

Which Will Be The Largest Country In The Motor Vehicles Market In 2029?
The USA will be the largest country in the motor vehicles market in 2029, valued at $1,211 million. The market is expected to grow from $781 million in 2024 at a compound annual growth rate (CAGR) of 9%. The strong growth in the forecast period can be attributed to the expansion of charging infrastructure and favorable government initiatives.

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What will be Largest Segment in the Motor Vehicles Market in 2029?
The motor vehicles market by type into motorcycle and bicycle, passenger car, and commercial vehicle. The passenger car market will be the largest segment of motor vehicles market segmented by type, accounting for 56% or $2,228 million of the total in 2029. The passenger car market is supported to increasing disposable income, technological advancements in electric vehicles, new launches, demand for luxury and comfort features, and stringent emission regulations.

The motor vehicles market is segmented by fuel type into gasoline, diesel, and other fuel types. The gasoline market will be the largest segment of the motor vehicles market segmented by fuel type, accounting for 48% or $1,935 millionof the total in 2029. The gasoline market is supported to lower upfront costs of gasoline vehicles, widespread fuel availability, consumer preference for quieter and smoother engines, and slower EV adoption in emerging markets. Gasoline vehicles maintain significantly lower upfront costs compared to EVs and hybrids, making them the default choice for price-sensitive buyers, especially in emerging economies.

The motor vehicles market by propulsion type into internal combustion (IC) engine and electric vehicle (EV). The internal combustion (IC) engine market will be the largest segment of the motor vehicles market segmented by propulsion type, accounting for 74% or $2,952 millionof the total in 2029. The internal combustion (IC) engine market is supported to established infrastructure, lower upfront costs, consumer familiarity, and continued demand in developing markets where EV adoption remains slow. However, this segment faces challenges from tightening emission regulations globally.

What is the expected CAGR for the Motor Vehicles Market leading up to 2029?
The expected CAGR for the motor vehicles leading up to 2029 is 8%.

What Will Be The Growth Driving Factors In The Motor Vehicles Market In The Forecast Period?
The rapid growth of the global motor vehicles market leading up to 2029 will be driven by the following key factors that are expected to reshape automotive manufacturing, mobility ecosystems, and transportation infrastructure worldwide

Expansion of E-commerce and Logistics Sectors-The expansion of e-commerce and logistics sectors will become a key driver of growth in the motor vehicles market by 2029. The expansion of e-commerce and logistics sectors significantly boosts demand for motor vehicles, particularly commercial vans, light trucks, and delivery vehicles. As online shopping grows, companies require efficient transportation fleets to manage last-mile delivery and warehouse distribution. This drives automakers to develop specialized vehicles with enhanced cargo capacity, fuel efficiency, and real-time connectivity. Additionally, the rise of express delivery services encourages innovation in electric and autonomous delivery vehicles, further stimulating the motor vehicle market. As a result, expansion of e-commerce and logistics sectors is anticipated to contributing to a 1.7% annual growth in the market.

Favorable Government Initiatives- The favorable government initiatives will become a key driver of growth in the motor vehicles market by 2029. Favorable government incentives, such as subsidies, tax credits, and reduced import duties, help lower the cost of motor vehicles, especially electric and fuel-efficient models, making them more affordable for consumers. These policies stimulate demand and encourage faster adoption of advanced vehicle technologies. Incentives also promote local manufacturing by offering benefits to automakers investing in domestic production. Overall, they play a crucial role in accelerating industry growth, innovation, and sustainability goals. As a result, favorable government initiatives is anticipated to contributing to a 1.5% annual growth in the market.

Expansion Of Road Infrastructure And Highways- The expansion of road infrastructure and highways will serve as a key growth catalyst motor vehicles market by 2029. The expansion of road infrastructure and highways significantly boosts the motor vehicle demand by improving connectivity and reducing travel time, making vehicle ownership more practical and appealing. It encourages greater use of personal and commercial vehicles for intercity and long-distance travel. Better roads also reduce wear and tear on vehicles, lowering maintenance costs and enhancing driving comfort. Additionally, improved infrastructure supports logistics and freight movement, increasing demand for commercial vehicles. Therefore, this expansion of road infrastructure and highways is projected to supporting to a 1.0% annual growth in the market.

Expansion Of Charging Infrastructure- The expansion of charging infrastructure will serve as a key growth catalyst for motor vehicles market by 2029. The expansion of charging infrastructure significantly supports the adoption of electric vehicles (EVs) by reducing range anxiety and improving overall convenience for users. With more accessible and faster charging stations, consumers are more likely to consider EVs as practical alternatives to traditional vehicles. It also enables commercial fleets to operate efficiently, encouraging businesses to transition to electric mobility. Additionally, a robust charging network helps governments and manufacturers meet sustainability goals by accelerating the shift toward low-emission transportation. Therefore, this expansion of charging infrastructure will is projected to supporting to a 0.5% annual growth in the market.

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What Are The Key Growth Opportunities In Motor Vehicles Market in 2029?
The most significant growth opportunities are anticipated in internal combustion engine vehicles market, passenger motor vehicles market, and gasoline motor vehicles market. Collectively, these segments are projected to contribute over $2 billion in market value by 2029, driven by sustained demand for fuel-powered mobility, expanding vehicle ownership in emerging economies, and the ongoing need for reliable, cost-efficient transportation solutions. This momentum reflects continued advancements in engine efficiency, emissions control technologies, and vehicle performance enhancements. Together, these factors are expected to support steady growth within the broader motor vehicles industry, even as the market gradually transitions toward hybrid and electric alternatives.
The internal combustion engine vehicles market is projected to grow by $804 million, the passenger motor vehicles market by $678 million, and the gasoline motor vehicles market by $538 million over the next five years from 2024 to 2029.

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