The ‘Global Passenger Cars Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global passenger cars market, assessing the market on the basis of its segments like vehicle type, fuel type, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 1.53 trillion
- Forecast CAGR (2023-2028): 20%
- Forecast Market Size (2028): USD 2.24 trillion
Increasing population, rising disposable income, economic development worldwide are the key factors driving the growth of the passenger cars market. With improvements in road infrastructure and increasing affordability of passenger cars, they are emerging as a preferred option for transportation. Commonly used for daily transportation, passenger cars offer users flexibility in movement without dependence on public modes of transport. In countries with less developed public transportation infrastructure, such as the United States, passenger cars are used for travelling to work, for shopping, and any other needed movement.
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The wide variety of passenger cars available is also supporting the passenger cars market as there is a suitable car for any environment at a variety of price points. While compact cars are preferred for short distance travel and in areas with high traffic, larger vehicles and SUVs are suited for comfortable driving, particularly across rough terrain.
The growing focus towards sustainability and environment-friendly transportation are surging the demand for electric fuel type passenger vehicles. Electric vehicles lower pollution, save costs, and are sustainable, which is increasing their demand across end users. Improvements in battery technology for electric vehicles and expansion of electric vehicle charging infrastructure is anticipated to aid the demand for electric passenger vehicles, further bolstering the passenger cars market expansion.
Passenger Cars Industry Definition and Major Segments
Passenger cars are vehicles that are primarily designed to transport passengers between locations and any small baggage they may be carrying. Depending upon the distance, terrain, and number of passengers, the type of passenger car can vary. Passenger cars can be owned directly by users or by cab service providers, among others.
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Based on vehicle type, the market is divided into:
- Compact SUV
On the basis of fuel type, the market is segmented into:
By region, the market is categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Passenger Cars Market Trends
Advancements in technology for autonomous and self-driving passenger cars are a key trend aiding the growth of the passenger cars market. Adoption of various advanced driver assistance systems in passenger cars can already be witnessed, significantly improving the safety and ease of driving. Development of autonomous vehicles can substantially expand the usage and safety of passenger cars, as vehicle movement would not be dependent upon human drivers.
Rising popularity of ride hailing and mobility platforms is another crucial trend influencing the global market for passenger cars. For users who do not travel frequently or aren’t comfortable with driving, ride hailing provides direct and comfortable transportation to and from desired locations. Tourists and business travellers are also increasingly using ride hailing platforms in new locations where they don’t have personal vehicles. The extensive penetration of the internet and smartphones is also supporting the usage of ride hailing for passenger cars.
Improvements in passenger car features are also augmenting the passenger cars market growth by increasing their comfort and appeal. Features such as more space, enhanced connectivity, entertainment systems, and navigation support aid in providing a more comfortable riding and driving experience. Meanwhile, increasing usage of lightweight materials for manufacturing of automotives is improving fuel efficiency, leading to lower operational costs.
Key Market Players
The major players in the global passenger cars market report are General Motors Company, Volkswagen Aktiengesellschaft, Toyota Motors Corporation, Mercedes-Benz AG, Ford Motor Company, Bayerische Motoren Werke AG, Honda Motor Co, Ltd, Tesla, Kia Corporation, and Nissan Motor Co,Ltd, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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