The North American automotive contract manufacturing market is anticipated to grow at a considerable CAGR of 5.8% during the forecast period (2021-2027). The market growth is mainly attributed to the rise in automotive sales in the North American region. According to the reports of the International Organization of Motor Vehicle Manufacturers (OICA), in 2020, 13.3 million motor vehicles were produced in the North American region in which the US accounted for the maximum share. The huge production of motor vehicles has led to an increase in the number of components per vehicle. Moreover, according to the Bureau of Transportation Statistics (BTS), in the US, in 2020, the number of total registered vehicles running on highways accounted for 276.4 million which saw an increase of 2.8 million over 2019. With such a high number of registered vehicles, it is also estimated that there will be replacement of several components which will increase the share of the automotive contract manufacturing market.
Browse the full report description North America Automotive Contract Manufacturing Market Size, Share & Trends Analysis Report By Services (Design and Development, Vehicle Assembly, Automotive Electronics, and Component Manufacturing), By Vehicle Type (Two Wheelers, Passenger Cars, Commercial Vehicle, and Construction and Agricultural Vehicle) Forecast, 2021-2027 at https://www.omrglobal.com/industry-reports/north-america-automotive-contract-manufacturing-market
Sales Data of Automotive in the US
|
Key points
|
Cumulative Total January-March |
Variation |
|
|
2020 |
2021 |
||
|
Passenger Cars |
9,04,437 |
8,67,079 |
36.8% |
|
Light Truck |
25,72,647 |
30,15,780 |
69.3% |
|
Med. HCV/Buses and coaches |
98,404 |
1,13,976 |
36.7% |
Besides, the rising sale of the automotive in North America is to driving the growth of the market during the forecast period. In addition to this, the automotive revolution is estimated to be an opportunity for market players as the government might impose a ban on petrol and diesel cars in the future for a need for a green environment. The adoption of new vehicles will lead to the manufacturing of new products and will further increase the growth of the market in the future years. For instance, the government of the US has imposed a ban on new petrol and diesel cars that has been moved forward to 2030.
Market Coverage
o By Services
o By Vehicle Type
o North America
Key questions addressed by the report
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
North America Automotive Contract Manufacturing Market Report Segment
By Services
By Vehicle Type
North America Automotive Contract Manufacturing Market Report Segment by Geography
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