PUBLISHER: The Business Research Company | PRODUCT CODE: 1833922
PUBLISHER: The Business Research Company | PRODUCT CODE: 1833922
Motor vehicles refer to self-propelled wheeled vehicles intended for transporting people or goods on roads. They include a wide array of products from motorcycles and cars to trucks and buses used by individuals, businesses, governments, and public agencies. Individuals typically use them for daily commuting, personal travel, and recreation, while commercial users employ them for freight, logistics, public transport, construction, and service delivery.
The motor vehicles market consists of sales of motor vehicles by entities (organizations, sole traders and partnerships) that are used in urban centers, rural areas, highways, and industrial zones alike. Motor vehicles are produced through complex supply chains such as manufacturers assemble chassis, engines, electronics, and bodywork in assembly plants around the globe, leveraging parts sourced from specialized suppliers. Production typically adheres to rigorous quality, safety, and emissions regulations.
The global motor vehicles market was valued at $1,904.23 billion in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 6.00%.
Rising Demand For Electric Vehicles (EVs)
Rising demand for electric vehicles (EVs) fueled the growth of the motor vehicles in the historic period. The growing demand for electric vehicles (EVs) is accelerating innovation and transformation across the motor vehicle industry. Automakers are expanding their offerings to include cleaner, energy-efficient models that cater to environmentally conscious consumers. This trend is also driving advancements in key technologies such as batteries, electric drivetrains, and smart systems, improving overall vehicle performance. Moreover, increased EV adoption supports long-term industry growth by meeting global emissions standards and reducing dependence on fossil fuels. For instance, according to the International Energy Agency, Paris-based autonomous intergovernmental organization, in 2023, electric vehicle sales experienced a notable increase of 3.5 million units, reflecting a robust 35% year-over-year growth. Therefore, the Rising demand for electric vehicles (EVs) drove the growth of the motor vehicles market.
Enhancing Breakthrough In Urban Transport With Advanced E-Three-Wheeler
Companies in the motor vehicles market are developing innovative solutions such as three-wheeled electric vehicle to enhance urban mobility, improve energy efficiency, and cater to the growing demand for compact, agile, and environmentally friendly transportation options. A three-wheeled electric vehicle is a compact, battery-powered mode of transport with two or one wheels at the front and one or two at the rear, designed to combine the agility of a motorcycle with the stability and efficiency of an electric vehicle. For instance, in February 2025, Volojet, a US-based motor vehicle manufacturing startup, launched the Tomcat, an innovative three-wheeled electric vehicle that combines sports car performance with motorcycle agility, engineered entirely on Australia's Central Coast. Powered by a Zero Motorcycles S-line electric powertrain, the Tomcat delivers 229 Nm of torque and offers up to 283 km of urban range. Designed for urban commuting, it offers enhanced stability, precise handling, and accessibility features such as customizable controls for users with disabilities, positioning it as a versatile and high-performance mobility solution.
The global motor vehicles market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 58.52% of the total market in 2024.
Motor Vehicles Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global motor vehicles market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for motor vehicles? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The motor vehicles market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider motor vehicles market; and compares it with other markets.