Automotive Outlook, 2023

Automotive Outlook, 2023

Easing of Chip Shortage Crisis, Increasing Electric Vehicle Adoption, and Improving Macroeconomics to Drive Light Vehicle Sales by 3.3%

RELEASE DATE
06-Jun-2023
REGION
Global
Deliverable Type
Market Outlook
Research Code: PE9A-01-00-00-00
SKU: AU02532-GL-MO_27648
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Description

Global light vehicle (LV) sales reached 79.9 million units in 2022, registering 1.3% lower sales than in 2021. China was the top-selling market with 25.7 million units, ahead of the United States at 13.9 million and Japan at 4.1 million. The Russo-Ukrainian War resulted in production delays owing to part supply delays and semiconductor shortages, leading original equipment manufacturers (OEMs) to skip certain advanced driver-assistance system (ADAS) features to avoid delays in vehicle deliveries. Audi and Skoda paused production because of supply chain issues. VW, BMW, Ford, Toyota, Renault, and Hyundai halted production in Russia.

This Growth Outlook takes a deep dive into regional sales of global light vehicles, including key highlights of 2022 and the top trends driving the industry in 2023. It covers major automotive market segments encompassing shared mobility, electric vehicles (EVs), connectivity and telematics, autonomous vehicles, and the aftermarket. OEMs are vertically integrating EV-related capabilities to mitigate against supply chain disruptions, increase efficiency, and establish competitive advantages. Changing customer needs in areas such as gamification, productivity, and entertainment inside the vehicle are creating need for various in-vehicle convenience services made to improve occupant experience.

The shift towards EVs, connected features, digitization, and autonomy demands new skills in automotive manufacturing, with particular focus on software and IT professionals. Increasing connectivity and real-time data regarding vehicle operation and the health of various components are enabling the rise of prognostic and remote diagnostic solutions. The rapid growth in EVs demands best-in-class battery management solutions that can aid in optimal battery design, health and performance monitoring, and failure prediction while deployed and residual value prediction at the product’s end of life. Also, EV growth coupled with governments setting electrification targets are prompting countries to embark on charging infrastructure initiatives to support the burgeoning EV population.

Author: Joe Praveen

RESEARCH: INFOGRAPHIC

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Table of Contents

Key Findings: A Recap of 2022

Key Findings: Top 5 Predictions for 2023

Snapshot: Global LV Sales by Region in 2022 and 2023F

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top 3 Strategic Imperatives on the Global Automotive Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Research Scope

Vehicle Segmentation

Market Segmentation

Top 5 Global Economic Highlights of 2022

Top 5 Global Economic Highlights of 2023

Global GDP Growth Expectations

Recessionary/Slowdown Expectations for Major Markets

Global GDP Growth Snapshot

Advanced Economy Predictions for 2023

Emerging Market and Developing Economy Predictions for 2023

2023 Regional Risks and Policy Direction

2023 Top Growth Opportunities by Region

Snapshot: Global LV Sales by Region in 2022 and 2023F

Winners in 2022

Performance of Top 20 OEM Groups

LV Sales of Key Chinese OEM Groups Globally

Top 5 Markets by Sales Volume in 2022

Key Regional Markets: Emerging Economies

Top Trends Driving the Global Automotive Industry

Trend 1: Sustainability in the Automotive Life Cycle

Trend 2: Vertical Integration in EV Manufacturing

Trend 3: Advent of In-car Convenience Services

Trend 4: Automakers Transforming into Mini Software Companies

Trend 5: Growth in Prognostics-as-a-Service

Key Highlights of the Global Shared Mobility Market in 2022

Electric and Alternative Fuels are Essential to Sustainability

Connectivity Technologies to Take Center Stage

DRT Tech and Public Transport: A Promising Duo

Market Consolidation to Achieve Economies of Scale

Autonomous Shuttles and Collaborations are the Winning Strategies

Key Predictions for the Global Shared Mobility Market in 2023

Key Highlights of the Connected Vehicle Market in 2022

Notable Regulations and Mandates: A Snapshot

Pricing and Service Models

Top Predictions for the Connected Vehicle Market in 2023

Key Highlights of the EV Market in 2022

EV Growth and Penetration in Key Countries

EV Growth and Penetration for Key OEMs

EV Charging Infrastructure Development

Key Predictions for the EV Market in 2023

Key Highlights of the Autonomous Industry in 2022

Autonomous Vehicle (AV) Regulations Overview: Global

ADAS and Autonomous Vehicle Market Overview

Increased Deployment of Eyes-off (L3) Automated Driving

Market Consolidation for Hands-off and Eyes-off Driving

Compliance and Liability Promoting Driver Monitoring System (DMS) Growth

Top Predictions for the Autonomous Industry in 2023

Key Highlights of Automotive Aftermarket in Numbers

Key Highlights of Automotive Aftermarket in Trends

Dealership Downsizing will Influence the Associated Aftermarket

Circular Economy of Green Components to Gain Momentum

Key Automotive Aftermarket Predictions for 2023 in Numbers

Key Automotive Aftermarket Trends to Watch in 2023

Regional Performance: North America

Regional Performance: Western Europe

Regional Performance: LATAM

Regional Performance: APAC

Regional Performance: China

Regional Performance: India

Growth Opportunity 1: Regulations Promoting the Shift to Sustainable Mobility

Growth Opportunity 1: Regulations Promoting the Shift to Sustainable Mobility (continued)

Growth Opportunity 2: Eyes-off Driving in Europe, North America, and APAC

Growth Opportunity 2: Eyes-off Driving in Europe, North America, and APAC (continued)

Growth Opportunity 3: App Store to Supplement In-vehicle Payments

Growth Opportunity 3: App Store to Supplement In-vehicle Payments (continued)

Your Next Steps

Why Frost, Why Now?

List of Exhibits

List of Exhibits (continued)

Legal Disclaimer

Global light vehicle (LV) sales reached 79.9 million units in 2022, registering 1.3% lower sales than in 2021. China was the top-selling market with 25.7 million units, ahead of the United States at 13.9 million and Japan at 4.1 million. The Russo-Ukrainian War resulted in production delays owing to part supply delays and semiconductor shortages, leading original equipment manufacturers (OEMs) to skip certain advanced driver-assistance system (ADAS) features to avoid delays in vehicle deliveries. Audi and Skoda paused production because of supply chain issues. VW, BMW, Ford, Toyota, Renault, and Hyundai halted production in Russia. This Growth Outlook takes a deep dive into regional sales of global light vehicles, including key highlights of 2022 and the top trends driving the industry in 2023. It covers major automotive market segments encompassing shared mobility, electric vehicles (EVs), connectivity and telematics, autonomous vehicles, and the aftermarket. OEMs are vertically integrating EV-related capabilities to mitigate against supply chain disruptions, increase efficiency, and establish competitive advantages. Changing customer needs in areas such as gamification, productivity, and entertainment inside the vehicle are creating need for various in-vehicle convenience services made to improve occupant experience. The shift towards EVs, connected features, digitization, and autonomy demands new skills in automotive manufacturing, with particular focus on software and IT professionals. Increasing connectivity and real-time data regarding vehicle operation and the health of various components are enabling the rise of prognostic and remote diagnostic solutions. The rapid growth in EVs demands best-in-class battery management solutions that can aid in optimal battery design, health and performance monitoring, and failure prediction while deployed and residual value prediction at the product’s end of life. Also, EV growth coupled with governments setting electrification targets are prompting countries to embark on charging infrastructure initiatives to support the burgeoning EV population. Author: Joe Praveen
More Information
Deliverable Type Market Outlook
Author Joe Praveen
Industries Automotive
No Index No
Is Prebook No
Keyword 1 automotive outlook
Keyword 2 automotive industry outlook
Keyword 3 automotive forecast
Podcast No
WIP Number PE9A-01-00-00-00