In a recent published report, Kenneth Research has updated the market report for Asia Pacific Car Manufacturing Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Asia Pacific Car Manufacturing Market products.
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The Asia Pacific Car Manufacturing Market was valued at USD 428.1 billion by 2017, growing with 5.4% CAGR during the forecast period, 2018-2025
The car manufacturing market will be analyzed taking car manufacturers as players. Countries such as India and China accounted for the highest revenue share owing to the presence of large number of key players. Domestic demand is driving production growth in India, but this is something of a waiting game for manufacturers as low incomes are unlikely to yield the kind of spending power required for a car purchase. Over the last decade, the car manufacturing industry in Asia Pacific has undergone the transformation. Although Europe and North America are the largest markets globally, Asia Pacific countries are taking an increasing share of global automotive sales and is the only major market projected to see continued strong growth.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Thailand, the APAC region’s biggest manufacturer, is posting annual production over to 3 million units by 2025. Also, the coutrny The country is planning to exempt tax for companies who want to manufacture EV components, which will support the country growth. Thailand faces strong competition from Indonesia, which has its goal of becoming the leading production hub in APAC. Furthermore, rising number of infrastructure projects across the multiple countries in the APAC region are setting strong platform for industry growth
Key Vendors Takeaway
The industry is fragmented in nature. Key players are expanding their presence in these regions through strategic mergers and acquisitions. For instance, in October 2018, Chinese automotive brand, the SAIC Motor Corporation, expanded its presence in India market through a new company MG Motor India. On contrary, the doors are closing in Australian car manufacturing in 2017 with General Motors and Toyota set to close in mid of 2017. Whereas, Ford closed its doors in 2016 following high production volume; however car manufacturing in Australia did not seem to have enough demand to survive in the long term. Such factors would in turn pull back the overall Asia Pacific industry growth.
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The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY KEY PLAYERS
MARKET, BY COUNTRY
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