Automotive Industry Stats: Revenue, Trends, & Usage Statistics 2023

Are you an entrepreneur planning to leverage a business around the automotive industry or an individual just surfing around to gain insights into the automotive industry? If so then this post is for you. 

Here we have curated some fresh stats related to the automotive industry that will assist you in gaining an overview. So, let’s dive in and check the content of this post-

• Automotive Industry Revenue Statistics 2022
• Used Car Industry Statistics 
• Automotive Repair Industry Statistics
• Automotive Industry Stats 2022

Automotive Industry Revenue Statistics 2022

• As of 2021, $1.53 trillion was the revenue of the US motor vehicle and the part dealer.
• The Indian automobile industry contributes 6.4% ( approx ) to India’s GDP. Whereas, the automotive industry in the US contributes to 3% of America’s GDP. 
• By 2030, India’s EV sector will likely reach $50 billion. 
• In 2021, the Indian passenger car market was valued at $30.27 billion. 
• The automotive industry in Inda has a CARG value of 9%+ ( 2022-2027 ) and is estimated to reach a net worth of $54.54 billion by 2027.

What Is The Global Automotive Industry Revenue?

• In 2021, the global revenue of the automotive manufacturing industry was valued at $2.68 trillion. 
• 1.4 billion vehicles have been registered around the globe till now. 

Used Car Statistics 2022

• The globally used car market size has exceeded $1.4 trillion in 2021. 
• The used car market size is growing at a rate of 4%+ CAGR ( 2022-20gaining
• The Indian used car market size was valued at $32.14 billion and is estimated to reach $74.70 billion by the end of 2028. 
• C2C (customer-to-customer) is the largest used car sales sector that acquires 34% of the total sector in India.

Automotive Repair Industry Statistics

• The automotive repair and maintenance market size in the US was valued at $685.25 billion in 2021. 
• The CAGR of automotive repair and maintenance is 5% for the period 2022-2028. 
• The automotive repair and maintenance industry will reach $953.87 billion by 2028. 
• The US automotive repair industry is segmented into four different parts with general automotive repair acquiring the maximum percentage ( 85.60% ).

Automotive Industry Statistics 2022

• The US auto industry spends $18 billion (Approx) every year on research and development.
• US automotive industry supports more than 7.25 million jobs. 
• The total number of cars exported from India in the year 2022 stood at 5,617,246.
• On automobile insurance and loan, Americans spend $698 billion annually. 
• In 2020, US vehicle sales fall by 14.7%.

Which Country Sells The Highest Number Of Vehicles? 

China sells the highest number of vehicles 25,225,242 ( 2020 ) followed by the USA  8,822,399 ( 2020 ). 

What Are The Top Performing Automotive Companies? 

Volkswagen is the top-performing company with an annual revenue of $295,850 million. 

Conclusion

Now, in the end, we hope that you were able to gain some fresh insights into the automotive industry. Here we have covered all the other industries that come under automotive-like repair, maintenance, and used cars industry. 

However, if you are planning to start a business in the automotive industry and looking for a company that can provide software solutions like website and application development, then you should check out Appic Softwares.  We have the best-in-class automotive software developers that can assist you to build different automotive applications like vehicle listing apps, car/bike renting apps, and so on. 

So, what are you waiting for?

Connect with us and share your ideas now!

References

• Zippa
• BrandOngaille
• Global Market Insights
• Mordor Intelligence
• Statista
• IBEF
• Statista
• The Balance
• Zippa