Global Passenger Cars Market Report and Forecast 2023-2028
Market Outlook
According to the report by Expert Market Research (EMR), the global passenger cars market reached a volume of 72.50 Million units in 2022. Aided by the escalating urbanisation, advancements in automotive technology, and shifting consumer preferences, the market is projected to further grow at a CAGR of 3.18% between 2023 and 2028 to reach a volume of 90.45 Million units by 2028.
Passenger cars, predominantly designed for the transportation of passengers rather than goods, have grown to be much more than mere vehicles. They are now statements of lifestyle, status, and personal choices. Ranging from sedans, hatchbacks to SUVs, these vehicles cater to a wide spectrum of consumers, ensuring mobility, convenience, and, in many cases, luxury. Over the years, the introduction of innovative technologies, safety features, and fuel efficiencies has transformed the passenger car segment, making it dynamic and ever-evolving.
One of the pivotal drivers of the global passenger cars market growth is the rapid urbanisation and infrastructure development across emerging economies. As cities expand and road networks improve, owning a personal vehicle has become both a necessity and a convenience for many. Moreover, with the growth of the middle class in these regions, the aspiration to own a car, which is often perceived as a status symbol, has bolstered market expansion.
Technological innovations are significantly influencing the passenger cars market expansion. The integration of Artificial Intelligence, Internet of Things (IoT), and other technologies has not only enhanced vehicle performance but also passenger experience. Features such as advanced driver assistance systems (ADAS), infotainment systems, and connectivity solutions are becoming standard in many new models, appealing to the tech-savvy generation of consumers.
Furthermore, there is an evident shift in the passenger cars market trends towards sustainable and eco-friendly vehicles. As environmental concerns intensify, there's a growing interest in electric and hybrid passenger cars. Governments worldwide are not just encouraging but also incentivising the adoption of these eco-friendly alternatives, aiming to reduce carbon footprints and combat the menace of pollution. Thus, the shift towards sustainability in consumer preference has further steered automotive manufacturers to invest heavily in research and development of green technologies and electric vehicles (EVs).
Safety remains paramount in the passenger cars segment. The incorporation of advanced safety features, such as autonomous emergency braking, lane departure warning, and adaptive cruise control, is making passenger cars safer than ever. Such features, once exclusive to luxury cars, are now being integrated into mid-range vehicles, widening their accessibility and appeal. Moreover, the flexibility of finance options and the boom of the shared mobility ecosystem are reshaping the dynamics of the passenger cars market development.
Market Segmentation
The market can be divided based on vehicle type, fuel type, and region.
Market Breakup by Vehicle Type
- Hatchback
- Sedan
- Compact SUV
- SUV
Market Breakup by Fuel Type
- Petrol
- Diesel
- Electric
- Hybrid
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global passenger cars companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- 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
- Nissan Motor Co,Ltd
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.