Automotive market seen reaching $119.46 billion by 2030

The Business Research Company says the global automotive market will grow from $90.38 billion in 2026 to $119.46 billion by 2030, driven by electric vehicles, connected cars and tighter emissions rules. Asia-Pacific is the largest regional market and is expected to grow fastest through the forecast period.

Why it matters: - The automotive market is expanding as demand shifts toward electric, connected and software-driven vehicles. - The projected growth points to continued investment in vehicle technology, charging infrastructure and mobility services. - Asia-Pacific’s lead position suggests the center of gravity in auto growth remains in that region.

What happened: - The Business Research Company projected the automotive market will reach $119.46 billion by 2030. - The market was valued at $84.47 billion in 2025 and is expected to rise to $90.38 billion in 2026. - The forecast implies a 7.0% CAGR from 2025 to 2026 and a 7.2% CAGR through 2030. - The company published the outlook on Oct. 2, 2026. - A free sample report is available here. - The full report is available here.

The details: - The company defines the automotive industry as the design, development and production of motor vehicles, systems and components. - Historic growth has been fueled by mass vehicle production, urbanization, demand for mobility, stricter fuel-efficiency standards, stronger supply chains and consumer preference for personal vehicles. - Forecast growth is tied to faster adoption of electric and hybrid vehicles, autonomous driving technologies, connected and software-driven cars, emissions rules and shared mobility models. - Expected trends include software-defined vehicle architectures, broader use of connected vehicle telematics, more advanced driver assistance systems, lightweight materials, battery innovation and charging buildout. - Electric vehicles are a major market driver because they replace or supplement internal combustion engines with battery-powered systems. - Environmental concerns and emissions-cutting policies are pushing both consumers and governments toward cleaner transport. - Cox Automotive reported EV sales reached 1.3 million units in January 2025, up 7.3% from revised 2023 figures. - Asia-Pacific was the largest automotive market region in 2025. - Asia-Pacific is also expected to be the fastest-growing region during the forecast period. - The report also covers South East Asia, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa. - The 2026 report series includes market attractiveness scoring, TAM analysis, company scoring matrices, Excel dashboards, market hotspot infographics and updated trend analysis.

Between the lines: - The forecast suggests the next phase of auto growth will be less about unit volume alone and more about the technology stack inside each vehicle. - EVs, software and connected features are becoming core market drivers, which raises the value of batteries, sensors, telematics and charging networks. - The regional picture implies manufacturers and suppliers will keep competing heavily in Asia-Pacific while also tracking policy-led demand in other markets.

What's next: - The report points to continued momentum in EV adoption, autonomous features and connected vehicle systems through 2030. - Growth in charging infrastructure and battery technology will remain key indicators to watch. - More stringent emissions and sustainability rules are likely to keep shaping product development and market demand.

The bottom line: - The automotive market is on track for steady expansion, with electric and software-enabled vehicles doing much of the heavy lifting.