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OEM Integration and Generative AI will Ensure Greater Connectivity and Digitalization Despite Labor Shortage and Price Pressure
24-May-2024
Global
Market Outlook
MH44-01-00-00-00
AU_2024_772
In 2023, the global light vehicle industry experienced a 6.5% growth, driven by economic recovery and resolved semiconductor chip supply chain challenges. China, the United States, India, Japan, and Germany experienced positive growth. China took the lead with 11% YoY growth in vehicles sold.
Of the 14.1 million EVs sold in 2023, 70% were BEVs. and 30% were PHEVs. As a result, EV penetration increased from 13% in 2022 to 15.8% in 2023. BYD and Tesla remained the top participants with unit sales of 2.9 million and 1.8 million, respectively.
The growth trajectory of the automotive industry will focus on EVs, connectivity, and digitization. Vertical integration of EV-related capabilities will help OEMs mitigate against supply chain disruptions, increase efficiency, and establish competitive advantages.
The shift toward EVs, connected features, digitization, and autonomy will increase the demand for 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. EVs will require 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. Significant advancements in connectivity, electrification, and sustainability will support sector growth in 2024, despite challenges related to higher incentives and increased pricing pressure.
Generative AI is transforming the automotive sector. It is impacting vehicle design, navigation, predictive maintenance, voice assistants, manufacturing, supply chain, and quality control, and enhancing the safety, efficiency, and personalization of in-car interactions. OEMs will be operating in a more challenging environment, with a focus on higher incentives and increased pricing pressure at a time when labor costs are already squeezing profit margins. Advancements in connectivity, electrification, and sustainability will bring about transformative changes in the industry.
Why Is It Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Global Automotive Industry
Key Findings: A Recap of 2023
Key Findings: Top 10 Predictions for 2024
Snapshot: Global LV Sales by Region in 2023 and 2024F
Research Scope
Vehicle Segmentation
Segmentation
Global LV Sales by Region in 2023 and 2024F: Snapshot
Top Country Markets in 2023
Top 5 Country Markets by Sales Volume in 2023
Top 5 Regions by Sales Volume
Major Automotive OEM Performance in 2023
Global LV Sales of Top 10 Chinese OEM Groups
OEM Market Share by Top 5 Region/Country, 2023
Multipronged Approach to Shortlist Top Trends
Top Automotive Trends, Global, 2024–2026
Surging Chinese EV Exports
PV Export Highlights
Acceleration in SDV Development
Alternative Battery Chemistries
Development of V2G-Compatible Vehicles
Generative AI in Automotive
Regulations and Mandates: A Snapshot
Top Trends Driving the Global Shared Mobility Industry in 2024
Shared Mobility *GMV by Region
Profitability
Top 10 Shared Mobility Predictions for 2024
Regulations and Mandates: A Snapshot
Top Trends Driving the Global Connected Vehicle Industry
Connected Vehicle Sales by Region
Top 10 Connected Vehicle Predictions for 2024
2023 Highlights
Top Trends Driving the Global EV Industry in 2024
Global Electric Vehicle Market 2023 and 2024F
Global EV Battery Industry Overview 2024
Top 10 Electric Vehicle Predictions for 2024
Autonomous Vehicle (AV) Regulations Overview: Global
Top Trends Driving the Global ADAS and AD Industry
ADAS and Autonomous Vehicle Sales Forecast
Top 10 Autonomous vehicles Predictions for 2024
Notable Regulations and Mandates: A Snapshot
Top Trends Driving The Global Automotive Aftermarket In 2024
Global Light Vehicles in Operation
Global Automotive Aftermarket Revenue Outlook
Top 10 Automotive Aftermarket Predictions for 2024
Regional Performance: North America
Regional Performance: Europe
Regional Performance: LATAM
Regional Performance: APAC
Growth Opportunity 1: Connectivity to Improve Road Safety
Growth Opportunity 1: Connectivity to Improve Road Safety (continued)
Growth Opportunity 2: Integrated and Autonomous Technology Capabilities
Growth Opportunity 2: Integrated and Autonomous Technology Capabilities (continued)
Growth Opportunity 3: Private Labeling
Growth Opportunity 3: Private Labeling (continued)
Best Practices Recognition
Frost Radar
Benefits and Impacts of Growth Opportunities
Next Steps
Take the Next Step
List of Exhibits
List of Exhibits (continued)
Legal Disclaimer
List of Figures
- Automotive: LV Sales, Global, 2023 and 2024F
- Light Vehicle Sales in the Top 5 Country Markets, Global, 2022 and 2023
- Automotive: Top 5 Regions, Global, 2023 and 2024
- Automotive Market: LV Sales by Chinese OEM Group, 2021 and 2022*
- PV Export, China, 2021–2023
- PV Export Share by OEM, China, 2023
- PV Export by Location/Production Site, China, 2023
- Bidirectional Onboard Charger (OBC) Industry Penetration Forecast, Global, 2023–2030
- Shared Mobility GMV*, Global, 2023, 2024, and 2030
- Connected Vehicles: Top Market Trends, Global, 2023–2030
- Connected Vehicle Installed Base, Global, 2023, 2024, and 2030
- EV Sales by Region, 2023 and 2024e
- Electric Vehicles: Average Battery Size, Global, 2018–2030
- Electric Vehicles: Delivered Average kWh per Vehicle by Region, 2023
- ADAS and AD Regulations: Overview, Global, 2023
- ADAS and Autonomous Driving: Industry Trends, Global, 2023–2030
- Autonomous Driving: ADAS and Autonomous Vehicle Sales Forecast, Global, 2023–2030
- Automotive Aftermarket: Light VIO, Global, 2023 and 2024
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| Deliverable Type | Market Outlook |
|---|---|
| Author | Thanigesh Arumugam Parthasarathi |
| Industries | Automotive |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Emerging Technologies In The Automotive Industry |
| Keyword 2 | Regional Automotive Market Analysis |
| Keyword 3 | Future Of The Automotive Industry |
| List of Charts and Figures | Automotive: LV Sales, Global, 2023 and 2024F~ Light Vehicle Sales in the Top 5 Country Markets, Global, 2022 and 2023~ Automotive: Top 5 Regions, Global, 2023 and 2024~ Automotive Market: LV Sales by Chinese OEM Group, 2021 and 2022*~ PV Export, China, 2021–2023~ PV Export Share by OEM, China, 2023~ PV Export by Location/Production Site, China, 2023~ Bidirectional Onboard Charger (OBC) Industry Penetration Forecast, Global, 2023–2030~ Shared Mobility GMV*, Global, 2023, 2024, and 2030~ Connected Vehicles: Top Market Trends, Global, 2023–2030~ Connected Vehicle Installed Base, Global, 2023, 2024, and 2030~ EV Sales by Region, 2023 and 2024e~ Electric Vehicles: Average Battery Size, Global, 2018–2030~ Electric Vehicles: Delivered Average kWh per Vehicle by Region, 2023~ ADAS and AD Regulations: Overview, Global, 2023~ ADAS and Autonomous Driving: Industry Trends, Global, 2023–2030~ Autonomous Driving: ADAS and Autonomous Vehicle Sales Forecast, Global, 2023–2030~ Automotive Aftermarket: Light VIO, Global, 2023 and 2024~ |
| Podcast | No |
| WIP Number | MH44-01-00-00-00 |
Global Automotive Outlook and Growth Opportunities, 2024
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