Published on : Jan 20, 2016
The global automobile market has been witnessing a huge change in the recent years. There are several factors contributing to this phenomenal rise in the global automobile market. In times when the world is battling the pressuring of growing carbon emissions its negative impact on the global warming, car manufacturers across the globe are devising ways to tackle these issues. Such technological advancements and the changing nature of automobiles has accelerated the growth of the global automobile market. Electric vehicles, which are also being marketed as eco-cars or green cars, are the latest trend in the global automobile market.
As the name suggests, the eco-car is environment-friendly as its impact on the environment is lesser than the conventional vehicles. These vehicles are designed to work on unconventional fuels, electricity, or batter. These kind of cars will soon become the focal point of the global automobile industry as they comply with tightening environmental regulations and are associated with cost-effectiveness in the long-term. Currently, this segment of the global automobile market is dominated by the U.S. and Japan, collectively comprising over 50% share in the global automotive market. This lead is also being followed by Europe in the recent years.
The global automobile market is generally enjoying a positive sentiment across the globe due to emerging economies, stabilizing economies, and rising per capita income that is resulting in improving disposable incomes. The growing purchasing power of the consumers is giving the global automobile companies a solid boost. Some of the noteworthy companies operating in the global automobile market are Honda, Hyundai, Fiat, Renault, Volkswagen, Toyota, GM, Suzuki, Daimler, Mazda, BMW, Mitsubishi, and Tata. In the coming years, these companies will have to design topnotch models that not only suit the pockets of their consumers, but also comply with the environmental norms as stipulated by the national governing bodies. The fall in borrowing costs and the stable inflation in several economies is also expected to fuel the growth of this market.