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Automobile & Auto components
Automobile & Auto Components: Electrifying the Future
The automotive industry is navigating a period of profound change, propelled by the rapid rise of electric vehicles (EVs), autonomous driving technologies, and sustainable manufacturing practices. The global automobile market, valued at $3.8 trillion in 2023, is expected to grow at a CAGR of 5.6%, reaching $5.3 trillion by 2030, according to Statista. This growth is largely driven by the shift towards electric vehicles (EVs), with global EV sales forecasted to reach 40 million units by 2030, up from 10 million in 2023, according to BloombergNEF.
Auto component suppliers are also benefiting from this transition. The market for EV components, including batteries, motors, and charging infrastructure, is expected to grow from $200 billion in 2023 to $850 billion by 2030, underscoring the increasing demand for specialized parts and the growing role of supply chains in shaping the future of mobility.
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