Overview and Scope
A passenger car is a road motor vehicle that is used to transport people and has a maximum seating capacity of nine people (including the driver).
Sizing and Forecast
The passenger car market size has grown strongly in recent years. It will grow from $1634.12 billion in 2023 to $1768.1 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to urbanization, economic growth, consumer preferences, fuel efficiency, safety standards, emission regulations, affordable financing options.
The passenger car market size is expected to see strong growth in the next few years. It will grow to $2378.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to electric vehicle adoption, connectivity features, sustainability and eco-friendly cars, flexible ownership models, government incentives, hydrogen fuel cell vehicles. Major trends in the forecast period include personalization of vehicle interiors, lightweight materials for fuel efficiency, integration of augmented reality (ar) in head-up displays, compact and urban mobility solutions, vehicle subscription services.
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Segmentation & Regional Insights
The passenger car market covered in this report is segmented –
1) By Type: Hatchback, Sedan, Utility Vehicle
2) By Fuel Type: Gasoline, Diesel, Other Fuel Types
3) By Engine Capacity: <1000 cc, <1000-1500 cc, <1500-2000 cc, >2000 cc
4) By Propulsion Type: IC Engine, Electric Vehicle
Asia-Pacific was the largest region in the passenger car market in 2023. Western Europe was the second-largest region in the passenger car market. The regions covered in the passenger car market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing adoption of electric vehicles is expected to boost the growth of the passenger cars market going forward. An electric vehicle (EV) refers to a vehicle that can drive forward using an electric motor that is powered by a battery and can be externally charged. The rise in passenger car demand due to EVs is attributed to a combination of factors, including increasing affordability, government policies, environmental concerns, and technological advancements. For instance, in March 2022, according to a report published by the US Department Of Energy, a US-based agency that manages nuclear infrastructure and energy policies, electric vehicle (EV) sales increased by 85% in 2021. The number of new light-duty plug-in electric vehicle sales, which includes both electric vehicles (EV) and plug-in hybrid electric vehicles (PHEV) sales, nearly doubled from 308,000 in 2020 to 608,000 in 2021. 73% of all plug-in electric car sales in 2021 were made up of EV sales. Therefore, the growing adoption of electric vehicles is driving the growth of the passenger cars market.
Key Industry Players
Major companies operating in the passenger car market report are Volkswagen AG, Toyota Motor Corp, Daimler AG, Fiat Chrysler Automobiles NV, Ford Motor Co., General Motors Company, BMW AG, Honda Motor Co Ltd., Hyundai Motor Co. Ltd., SAIC Motor Co ltd., Groupe PSA, Tesla Inc., Nissan Motor Co Ltd., Kia Motors Corporation, BYD Company Limited, Renault SA, EXOR Group, Jeep, Tata Motors Limited, Suzuki Motor Corporation, Subaru Corporation, Mazda Motor Corporation, FCA Italy S.p.A., Geely Automobile Holdings Limited, Great Wall Motor Company Limited, Mitsubishi Motors Corporation, Guangzhou Automobile Group Co. Ltd., Changan Automobile Co. Ltd., Dongfeng Motor Corporation, Maserati S.p.A., Brilliance China Automotive Holdings Limited
The passenger car market report table of contents includes:
1. Executive Summary
2. Passenger Car Market Characteristics
3. Passenger Car Product/Service Analysis -Product/Service Examples
4. Passenger Car Market Trends And Strategies
5. Passenger Car Market – Macro Economic Scenario
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31. Belgium Passenger Car Market
32. Denmark Passenger Car Market
33. Finland Passenger Car Market
34. Ireland Passenger Car Market
35. Netherlands Passenger Car Market
36.Appendix
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