According to TechSci Research report, “Global Passenger Car Market– By Region, Competition, Forecast & Opportunities, 2028,” the Global Passenger Car Market was valued at USD 1,600 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 7.1 % through 2028.
The global passenger car market is huge and full of different types of cars that are perfect for people who need to get around.
It's a mix of small cars, SUVs, and luxury models, and it's influenced by different consumer tastes, tech trends, and local trends. The market is constantly changing due to changing consumer needs, new tech, environmental concerns, and changes in regulations. As cities get bigger, cars that are more compact and city-friendly help people get around in crowded areas. Automakers are facing tough challenges like meeting emissions regulations, building strong charging networks, and dealing with competition. All of this is pushing them to be more sustainable, innovative, and different.
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The global passenger car market is at a turning point due to changing consumer preferences, technological innovations, and environmental concerns. The shift towards EVs, autonomous driving, connectivity, and shared mobility models is transforming the industry.
Technological innovation drives the passenger car market. Connectivity features, infotainment systems, ADAS, and autonomous driving capabilities are at the core of technological innovation. Consumer preferences and market trends are influenced by technology. In addition, modern consumers expect connectivity features like smartphone integration, navigation systems, and real-time data access in their vehicles.
The infotainment system is evolving to offer seamless connectivity, entertainment, and even over-the-air software updates. The demand for heavy and luxury vehicles is increasing along with the growth of diesel-operated vehicles.
The increase in sales of passenger cars due to the consumer preference for economic vehicles helps to expand the market. The global passenger car market segmentation by propulsion types illustrates the transformation of the industry towards cleaner and sustainable mobility solutions. EVs have emerged as a key segment due to environmental consciousness and advances in battery technology.
The development of passenger car manufacturing capacity and comfort is a priority for a number of major companies. In July 2022, Honda announced that the transmission assembly would be relocated from its current location in the Amazonian region of Brazil, with the aim of increasing operational flexibility, increased efficiency, and increased competitiveness. Additionally, BMW has declared that it will produce the X1 model and the 3 series model in Brazil, part of which was initially planned to be made in November 2021, amounting to a total investment of USD104.01 million (BRL 500 million).
The Global Passenger Car Market is analyzed based on Body type, propulsion type, and region. Based on the Body type the market is divided into Hatchbacks, Multi-Purpose Vehicle, Sedan, and Sports Utility Vehicle. Based on the propulsion type, the market is divided into Electric Vehicle, Hybrid Electric Vehicle, Natural Gas Vehicle, Fuel Cell Electric Vehicles, Diesel Vehicles, and Petrol Vehicle. Based on the region, the market is segmented into Asia-Pacific, Europe & CIS, North America, South America, and Middle East & Africa.
Key market players in the Global Passenger Car Market include:
- Ford Motor Company
- General Motors
- AUDI AG
- Kia Motors Corporation
- Tesla Inc.
- Daimler AG
- BMW AG
- Hyundai Motor Company
- BYD Company Ltd.
- Toyota Motor Corporation
- Volkswagen AG
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“The increase in vehicle sales worldwide, combined with a growing penetration of electric passenger cars, contributes significantly to the expansion of the Global Passenger Car Market. Moreover, in addition to rising demand for personal travel, which necessitates specialized and customized vehicles that increase comfort and reduce environmental impact. The Global Passenger Car Market is expected to grow at 7.1 % through the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Passenger Cars Market By Type (Compact, Midsize, Premium, Luxury, Others), Body (MPV, SUV, Hatchback, Sedan, Others), By Engine Type (Hybrid And Electric Vehicles, ICE), By Regional, By Competition Forecast & Opportunities, 2018-2028F,” has evaluated the future growth potential of Automotive Infotainment Systems market globally and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Passenger Car Market.
Table of Content-Passenger Car Market
- Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on Global Passenger Cars Market
- Global Passenger Cars Market Outlook
5.1. Market Size & Forecast
5.1.1. By Volume & Value
5.2. Market Share & Forecast
5.2.1. By Type Market Share Analysis (Compact, Midsize, Premium, Luxury, Others)
5.2.2. By Body Market Share Analysis (MPV, SUV, Hatchback, Sedan, Others)
5.2.3. By Engine Type Market Share Analysis (Hybrid And Electric Vehicles, ICE)
5.2.4. By Regional Market Share Analysis
5.2.4.1. Asia-Pacific Market Share Analysis
5.2.4.2. Europe & CIS Market Share Analysis
5.2.4.3. North America Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)
5.3. Global Passenger Cars Market Mapping & Opportunity Assessment
5.3.1. By Type Market Mapping & Opportunity Assessment
5.3.2. By Body Market Mapping & Opportunity Assessment
5.3.3. By Engine Type Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
- Asia-Pacific Passenger Cars Market Outlook
6.1. Market Size & Forecast
6.1.1. By Volume & Value
6.2. Market Share & Forecast
6.2.1. By Type Market Share Analysis
6.2.2. By Body Market Share Analysis
6.2.3. By Engine Type Market Share Analysis
6.2.4. By Country Market Share Analysis
6.2.4.1. China Market Share Analysis
6.2.4.2. India Market Share Analysis
6.2.4.3. Japan Market Share Analysis
6.2.4.4. Indonesia Market Share Analysis
6.2.4.5. Thailand Market Share Analysis
6.2.4.6. South Korea Market Share Analysis
6.2.4.7. Australia Market Share Analysis
6.2.4.8. Rest of Asia-Pacific Market Share Analysis
6.3. Asia-Pacific: Country Analysis
6.3.1. China Passenger Cars Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Volume & Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Type Market Share Analysis
6.3.1.2.2. By Body Market Share Analysis
6.3.1.2.3. By Engine Type Market Share Analysis
6.3.2. India Passenger Cars Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Volume & Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Type Market Share Analysis
6.3.2.2.2. By Body Market Share Analysis
6.3.2.2.3. By Engine Type Market Share Analysis
6.3.3. Japan Passenger Cars Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Volume & Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Type Market Share Analysis
6.3.3.2.2. By Body Market Share Analysis
6.3.3.2.3. By Engine Type Market Share Analysis
6.3.4. Indonesia Passenger Cars Market Outlook
6.3.4.1. Market Size & Forecast
6.3.4.1.1. By Volume & Value
6.3.4.2. Market Share & Forecast
6.3.4.2.1. By Type Market Share Analysis
6.3.4.2.2. By Body Market Share Analysis
6.3.4.2.3. By Engine Type Market Share Analysis
6.3.5. Thailand Passenger Cars Market Outlook
6.3.5.1. Market Size & Forecast
6.3.5.1.1. By Volume & Value
6.3.5.2. Market Share & Forecast
6.3.5.2.1. By Type Market Share Analysis
6.3.5.2.2. By Body Market Share Analysis
6.3.5.2.3. By Engine Type Market Share Analysis