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LONDON, GREATER LONDON, UNITED KINGDOM, June 23, 2025 /EINPresswire.com/ -- The motor vehicles report describes and explains the motor vehicles market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global motor vehicles market size reached a value of nearly $2,613.56 billion in 2024, having grown at a compound annual growth rate (CAGR) of 6.54% since 2019. The market is expected to grow from $2,613.56 billion in 2024 to $3,830.04 billion in 2029 at a rate of 7.94%. The market is then expected to grow at a CAGR of 7.52% from 2029 and reach $5,503.53 billion in 2034.
What strategies are being adopted by key players in the motor vehicles market?
The key players in the market are adopting extensive strategies in the motor vehicles market such as:
Expanding operational capabilities by leveraging strategic partnerships to enhance efficiency and reach
Strengthening core operations through collaborative alliances with key industry players
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To take advantage of opportunities, The Business Research Company suggests that motor vehicles companies enhance offerings:
Adopting a strategic partnership approach to improve technology integration across mobility solutions
Collaborating to develop innovative products such as three-wheeled electric vehicles
Partnering to manufacture high-performance e-bikes tailored for modern mobility needs
Focusing on the development of smart e-bikes with advanced features and connectivity
Advancing clean mobility through the development of hydrogen-powered vehicles
Developing compact multi-purpose vehicles (MPVs) to meet evolving consumer demands
Investing in advanced technologies to enhance the safety and performance of motorcycles and bicycles
What Is Motor Vehicles: Market Overview?
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.
Complementary products and services include fuel (gasoline, diesel, electricity), maintenance and repair services, insurance, vehicle financing, and aftermarket accessories. Substitutes may include public transit, ride‑sharing services, cycling, walking, and emerging micromobility options.
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Who Are The Major Companies Operating In The Global Motor Vehicles Market?
The top ten competitors in the market made up to 58.52% of the total market in 2024. Toyota Motor Corporation was the largest competitor with a 11.88% share of the market, followed by:
General Motors Company
Ford Motor Company
Stellantis NV.
Mercedes-Benz Group
Bayerische Motoren Werke AG
Hyundai Motor Company
Honda Motor Co. Ltd.
BYD Auto Co. Ltd.
R Volvo Group (AB Volvo)
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. We have published over 15,000 reports across 27 industries and 60+ geographies. Our research is powered by 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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