Passenger Cars Market Size
| Icons | Lable | Value |
|---|---|---|
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 2.43 Trillion |
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Market Size (2030) | USD 4.1 Trillion |
|
|
CAGR (2024 - 2030) | 9.10 % |
|
Largest Share by Region | North America |
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|
Market Concentration | Low |
Major Players |
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*Disclaimer: Major Players sorted in alphabetical order. |
Passenger Cars Market Analysis
The Passenger Cars Market size is estimated at 2.43 trillion USD in 2024, and is expected to reach 4.1 trillion USD by 2030, growing at a CAGR of 9.10% during the forecast period (2024-2030).
2.43 Trillion
Market Size in 2024 (USD)
4.1 Trillion
Market Size in 2030 (USD)
2.08 %
CAGR (2017-2023)
9.10 %
CAGR (2024-2030)
Largest Segment by Fuel Type
56.57 %
value share, Gasoline, 2023
FCEVs are growing rapidly due to advancements in hydrogen technology, expanding hydrogen refueling infrastructure, and strong support for zero-emission vehicles.
Largest Country
57.45 %
value share, China, 2023
China leads the global passenger car market due to its large population, significant domestic manufacturing capacity, and strong consumer demand for a variety of vehicle types.
Largest Segment by Vehicle Body Type
55.22 %
value share, Sports Utility Vehicle, 2023
SUVs dominate due to their spaciousness, higher seating capacity, versatility, and increasing consumer preference for vehicles that offer comfort and utility.
Fastest-growing Segment by Fuel Category
34.58 %
Projected CAGR, FCEV, 2024-2030
FCEVs are the fastest-growing segment due to rapid advancements in hydrogen technology, increased investment in hydrogen infrastructure, and the global push towards zero-emission vehicles.
Leading Market Player
10.70 %
market share, Toyota Motor Corporation, 2023
Toyota dominates the passenger car market globally. The company's extensive network across the world and diverse product range have helped it claim the top spot.
Rising population, increasing spending power, and adoption of electric vehicles and hybrid technology are all expected to contribute to the growth of the passenger car market between 2024 and 2030
- The market for passenger cars is witnessing significant growth, primarily driven by the increasing demand from middle-income households and improving living standards in emerging economies. Additionally, the affordability of these vehicles is attracting consumers. Technological advancements, like the integration of all-EV charging stations with the Internet of Things (IoT) and real-time information solutions, have further fueled market expansion.
- Global governments have taken proactive measures to promote the adoption of electric vehicles (EVs). Notably, countries like China, India, France, and the United Kingdom have set targets to phase out petrol and diesel vehicles by 2040. Major industry players are ramping up production capacities, adhering to stringent emission norms (e.g., India's Bharat Stage 6), and countries like China, India, Japan, and South Korea have announced plans to ban the sales of new internal combustion engine (ICE) vehicles by 2040. These developments are driving the sales of passenger cars in the electromobility sector.
- Leading companies in the sector, including Ford Motor Company, Hyundai Motor Company, Nissan Motor Company Ltd, Toyota Motor Corporation, and Volkswagen AG, are bolstering their market presence through strategic moves like joint ventures, mergers, new product launches, and R&D. These automakers have committed a staggering USD 515 billion over the next five to ten years to develop and manufacture battery-powered vehicles, signaling a shift away from traditional combustion engines.
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The global passenger car market is dynamically evolving, driven by shifts toward electric vehicles, technological innovations, and changing consumer behaviors
- The global passenger car market is undergoing significant transformations, driven by technological advancements, changing consumer preferences, and stringent environmental regulations. In recent years, there has been a marked shift toward electric vehicles, prompted by global efforts to reduce carbon emissions and the growing consumer awareness about sustainability. Governments worldwide are supporting this shift with incentives for EV purchases and investments in charging infrastructure, which are crucial for overcoming range anxiety among potential buyers. However, internal combustion engine vehicles still dominate the market in many regions, supported by improvements in fuel efficiency and emissions reductions.
- Economic factors play a pivotal role in shaping the passenger car market. The global economic slowdown and supply chain disruptions, initially sparked by the COVID-19 pandemic and exacerbated by geopolitical tensions, led to fluctuations in car sales. These disruptions have caused shortages in critical components such as semiconductors, impacting production rates and increasing vehicle prices.
- In the coming years, the passenger car market is expected to continue evolving, with innovations such as autonomous driving technologies, connected car features, and advanced safety systems becoming more prevalent. These features not only enhance the driving experience but also promise to improve road safety and reduce traffic congestion. Additionally, the rise of mobility-as-a-service (MaaS) is changing how people perceive vehicle ownership, potentially leading to decreased private car ownership in favor of shared transportation solutions.
Global Passenger Cars Market Trends
The rising global demand and government support propel electric vehicle market growth
- Electric vehicles (EVs) have become indispensable in the automotive sector, driven by their potential to enhance energy efficiency and reduce greenhouse gas and pollution emissions. This surge is primarily attributed to growing environmental concerns and supportive government initiatives. Notably, global EV sales witnessed a robust 10.82% growth in 2022 compared to 2021. Projections indicate that annual sales of electric passenger cars will surpass 5 million by the end of 2025, accounting for approximately 15% of total vehicle sales.
- Leading manufacturers and organizations, like the London Metropolitan Police & Fire Service, have been actively pursuing their electric mobility strategies. For instance, they have set a target of a zero-emission fleet by 2025, with a goal of electrifying 40% of their vans by 2030 and achieving full electrification by 2040. Similar trends are expected globally, with the period from 2024 to 2030 witnessing a surge in demand and sales of electric vehicles.
- Asia-Pacific and Europe are poised to dominate electric vehicle production, driven by their advancements in battery technology and vehicle electrification. In a notable move, in May 2020, Kia Motors Europe unveiled its "Plan S," signaling a strategic shift toward electrification. This decision came on the heels of record-breaking sales of Kia's EVs in Europe. Kia has ambitious plans to introduce 11 EV models globally by 2025, spanning various segments like passenger vehicles, SUVs, and MPVs. The company aims to achieve annual global EV sales of 500,000 by 2026.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Africa's demographic evolution demonstrates consistent growth with a notable acceleration in recent years
- Several European countries face population declines, while others grow, indicating a need for targeted policy interventions
- North America's demographic story highlights steady growth and adaptability, with each nation contributing uniquely to the region's vibrant mosaic, underlining North America's continued global significance
- Despite a GDP per capita decline in 2022-2023, Africa shows potential for future economic stability through trade agreements and infrastructure development
- Europe's GDP per capita is on track for steady growth, reflecting resilience and strategic policies
- Despite challenges in 2020, by 2023, the US experienced growth, Mexico displayed a robust recovery, while Canada witnessed a dip
- South Africa's consumer vehicle population shows signs of stabilization
- European countries are experiencing growth in CVP, driven by government incentives for environmentally friendly vehicles
- North America exhibits diverse trends in consumer spending for vehicle purchases (CVP), and Canada experiences a slight decrease, while the US sees an increase, and Mexico shows significant growth
- South Africa, Kenya, and Morocco exhibit declining inflation rates, while Nigeria faces a sharp inflation increase
- The European region is poised for economic stability, with concerted efforts to manage inflation and foster a balanced economic landscape
- From 2017 to 2030, North America, particularly countries like the US and Canada, navigated inflationary spikes, especially post-pandemic in 2022, but projections suggest a trend toward economic stability and controlled inflation for the region by 2030
- Auto interest rates across Africa, Asia-Pacific, and North America showed significant regional diversity, influenced by a combination of economic policies, market dynamics, and global conditions
- Global efforts to expand and enhance EV infrastructure are signaling a collective push toward electrification
- The demand for EVs in the Asia-Pacific region is fueled by falling battery prices
- The Middle East's battery market: A continuous descent in prices and promising energy trends
- South America鈥檚 surging demand for electric vehicle batteries: falling costs and strategic alliances
- The used car sales segment in Asia-Pacific is poised for growth, with China and India leading the expansion, reflecting strong economic signals and shifting consumer demands toward vehicle ownership
- Countries like Australia, India, and Indonesia project a steady upward trajectory in GDP per capita, suggesting robust economic strategies and potential investment in the automotive sectors
- Saudi Arabia and the United Arab Emirates, both pivotal nations in the Middle East, demonstrated population growth from 2017 to 2023. While there were slight dips for both countries in between, the overarching upward trend indicates their significant roles and attractions in the region
- South America's demographic narrative, represented by Brazil and Colombia, showcases a story of consistent growth, with Brazil experiencing a pronounced surge
- Asia-Pacific displays a panorama of economic evolution: from the relentless pursuits of emerging economies to the recalibrations of established ones, painting a picture of resilience, adaptation, and ambition
- Projections for the coming years indicate a steady growth trajectory for both the UAE's diversified sectors and its role as a regional business hub. This growth can be attributed to the country's focus on diversification efforts and strategic partnerships
- During 2017-2030, Brazil and Colombia displayed contrasting economic paths. While both faced downturns around 2020, Brazil's GDP per capita showed recovery by 2023, whereas Colombia witnessed a slight decline
- The Asia-Pacific's diverse consumer spending trends on vehicle purchases not only reflect the region's evolving economic conditions but also highlight the shifting consumer preferences and vehicular market dynamics across countries
- In the short term (2022-2023), Saudi Arabia maintained stable consumer spending for vehicle purchases, while the UAE experienced a slight decline, suggesting differing market dynamics
- Brazil and Colombia are expected to see an increase in consumer spending for vehicle purchases (CVP), indicating a recovering automotive market and growing consumer confidence
- Asia-Pacific鈥檚 varied inflation rates reflect the diverse economic challenges and responses of each nation, from battling pandemic-induced fluctuations to aiming for future stability through strategic economic policies
- From 2017 to 2030, the Middle East is expected to display varied inflationary patterns, with countries like Iran facing significant challenges, while others like Saudi Arabia and the UAE will show stability
- Projections indicate a trend toward economic stabilization and controlled inflation in the region, highlighting a concerted push to restore equilibrium and foster growth
- The global MaaS market is growing significantly growth trajectory, indicating sustained expansion across all regions
- Battery pack prices in Africa continued to decline from USD 186 in 2022 to USD 176 in 2023, driven by technological advancements and increased market competition
- Declining battery prices and government initiatives drive demand for electric vehicles in Europe
- Declining prices of lithium-ion batteries drive the demand for electric vehicles in North America
- The global automotive industry will undergo a transformative phase, with a pronounced shift toward electrification from 2023 to 2025, followed by a period of refinement and consolidation in the subsequent years
- For over a year, Russia's invasion of Ukraine disrupted global crude oil and petroleum product markets
Passenger Cars Industry Overview
The Passenger Cars Market is fragmented, with the top five companies occupying 35.10%. The major players in this market are Ford Motor Company, General Motors Company, Nissan Motor Co. Ltd., Toyota Motor Corporation and Volkswagen AG (sorted alphabetically).
Passenger Cars Market Leaders
Ford Motor Company
General Motors Company
Nissan Motor Co. Ltd.
Toyota Motor Corporation
Volkswagen AG
Other important companies include Bayerische Motoren Werke AG, Daimler AG (Mercedes-Benz AG), Honda Motor Co. Ltd., Hyundai Motor Company, Kia Corporation.
*Disclaimer: Major Players sorted in alphabetical order.
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Passenger Cars Market News
- December 2023: Mustang Mach-E is avaiable with electric all-wheel drive and has standard heated seats and steering wheel.
- December 2023: Hyundai Motor unveiled its "Strategy 2025" blueprint, outlining KRW 61.1 trillion in investments for future technology research and development (R&D) until 2025. The goal is to electrify the majority of new vehicles in key markets such as Korea, the United States, China, and Europe by 2030, with emerging markets such as India and Brazil following suit by 2035.
- December 2023: Toyota debuts the Corolla GR-S in Brazil. Its 2.0-liter Dynamic Force Atkinson flex cycle engine generates 177 horsepower when running on ethanol and 169 horsepower when running on gasoline, with 21.4 kgfm of torque in both cases.
Free with this Report
For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
Passenger Cars Market Report - Table of Contents
EXECUTIVE SUMMARY & KEY FINDINGS
REPORT OFFERS
1. INTRODUCTION
1.1. Study Assumptions & Market Definition
1.2. Scope of the Study鈥�
1.3. Research Methodology
2. KEY INDUSTRY TRENDS
2.1. Population
2.1.1. Africa
2.1.2. Asia-Pacific
2.1.3. Europe
2.1.4. Middle East
2.1.5. North America
2.1.6. South America
2.2. GDP Per Capita
2.2.1. Africa
2.2.2. Asia-Pacific
2.2.3. Europe
2.2.4. Middle East
2.2.5. North America
2.2.6. South America
2.3. Consumer Spending For Vehicle Purchase (cvp)
2.3.1. Africa
2.3.2. Asia-Pacific
2.3.3. Europe
2.3.4. Middle East
2.3.5. North America
2.3.6. South America
2.4. Inflation
2.4.1. Africa
2.4.2. Asia-Pacific
2.4.3. Europe
2.4.4. Middle East
2.4.5. North America
2.4.6. South America
2.5. Interest Rate For Auto Loans
2.6. Shared Rides
2.7. Impact Of Electrification
2.8. EV Charging Station
2.9. Battery Pack Price
2.9.1. Africa
2.9.2. Asia-Pacific
2.9.3. Europe
2.9.4. Middle East
2.9.5. North America
2.9.6. South America
2.10. New Xev Models Announced
2.11. Used Car Sales
2.12. Fuel Price
2.13. Oem-wise Production Statistics
2.14. Regulatory Framework
2.15. Value Chain & Distribution Channel Analysis
3. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
3.1. Vehicle Configuration
3.1.1. Passenger Cars
3.1.1.1. Hatchback
3.1.1.2. Sedan
3.1.1.3. Sports Utility Vehicle
3.2. Propulsion Type
3.2.1. Hybrid and Electric Vehicles
3.2.1.1. By Fuel Category
3.2.1.1.1. BEV
3.2.1.1.2. FCEV
3.2.1.1.3. HEV
3.2.1.1.4. PHEV
3.2.2. ICE
3.2.2.1. By Fuel Category
3.2.2.1.1. CNG
3.2.2.1.2. Diesel
3.2.2.1.3. Gasoline
3.2.2.1.4. LPG
3.3. Region
3.3.1. Asia-Pacific
3.3.1.1. China
3.3.1.2. India
3.3.1.3. Japan
3.3.2. Europe
3.3.2.1. Belgium
3.3.2.2. Czech Republic
3.3.2.3. France
3.3.2.4. Germany
3.3.2.5. Italy
3.3.2.6. Norway
3.3.2.7. Poland
3.3.2.8. Russia
3.3.2.9. Spain
3.3.2.10. UK
3.3.3. North America
3.3.3.1. Canada
3.3.3.2. Mexico
3.3.3.3. US
3.3.4. South America
3.3.4.1. Argentina
3.3.4.2. Brazil
4. COMPETITIVE LANDSCAPE
4.1. Key Strategic Moves
4.2. Market Share Analysis
4.3. Company Landscape
4.4. Company Profiles
4.4.1. Bayerische Motoren Werke AG
4.4.2. Daimler AG (Mercedes-Benz AG)
4.4.3. Ford Motor Company
4.4.4. General Motors Company
4.4.5. Honda Motor Co. Ltd.
4.4.6. Hyundai Motor Company
4.4.7. Kia Corporation
4.4.8. Nissan Motor Co. Ltd.
4.4.9. Toyota Motor Corporation
4.4.10. Volkswagen AG
5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
6. APPENDIX
6.1. Global Overview
6.1.1. Overview
6.1.2. Porter鈥檚 Five Forces Framework
6.1.3. Global Value Chain Analysis
6.1.4. Market Dynamics (DROs)
6.2. Sources & References
6.3. List of Tables & Figures
6.4. Primary Insights
6.5. Data Pack
6.6. Glossary of Terms
List of Tables & Figures
- Figure 1:
- POPULATION TRENDS, VOLUME IN UNITS, AFRICA, 2017 - 2030
- Figure 2:
- POPULATION TRENDS, VOLUME IN UNITS, ASIA-PACIFIC, 2017 - 2030
- Figure 3:
- POPULATION TRENDS, VOLUME IN UNITS, EUROPE, 2017 - 2030
- Figure 4:
- POPULATION TRENDS, VOLUME IN UNITS, MIDDLE EAST, 2017 - 2030
- Figure 5:
- POPULATION TRENDS, VOLUME IN UNITS, NORTH AMERICA, 2017 - 2030
- Figure 6:
- POPULATION TRENDS, VOLUME IN UNITS, SOUTH AMERICA, 2017 - 2030
- Figure 7:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, AFRICA, 2017 - 2030
- Figure 8:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
- Figure 9:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, EUROPE, 2017 - 2030
- Figure 10:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, MIDDLE EAST, 2017 - 2030
- Figure 11:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, NORTH AMERICA, 2017 - 2030
- Figure 12:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 13:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, AFRICA, 2017 - 2030
- Figure 14:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
- Figure 15:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, EUROPE, 2017 - 2030
- Figure 16:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, MIDDLE EAST, 2017 - 2030
- Figure 17:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, NORTH AMERICA, 2017 - 2030
- Figure 18:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 19:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, AFRICA, 2017 - 2030
- Figure 20:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, ASIA-PACIFIC, 2017 - 2030
- Figure 21:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, EUROPE, 2017 - 2030
- Figure 22:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, MIDDLE EAST, 2017 - 2030
- Figure 23:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, NORTH AMERICA, 2017 - 2030
- Figure 24:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, SOUTH AMERICA, 2017 - 2030
- Figure 25:
- AUTO LOAN INTEREST RATES, PERCENTAGE, GLOBAL, 2017 - 2022
- Figure 26:
- ELECTRIC VEHICLE MARKET PENETRATION RATE, BY VEHICLE TYPE, PERCENTAGE OF VOLUME, GLOBAL, 2017 - 2030
- Figure 27:
- CHARGING STATION DEPLOYMENT, BY TYPE, VOLUME IN UNITS, GLOBAL, 2017 - 2022
- Figure 28:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, AFRICA, 2017 - 2030
- Figure 29:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, ASIA-PACIFIC, 2017 - 2030
- Figure 30:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, EUROPE, 2017 - 2030
- Figure 31:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, MIDDLE EAST, 2017 - 2030
- Figure 32:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, NORTH AMERICA, 2017 - 2030
- Figure 33:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, SOUTH AMERICA, 2017 - 2030
- Figure 34:
- ANNOUNCEMENT OF NEW XEV MODELS, BY VEHICLE TYPE, VOLUME IN UNITS, GLOBAL, 2023 - 2027
- Figure 35:
- FUEL PRICE, BY FUEL TYPE, USD/LITER, GLOBAL, 2017 - 2022
- Figure 36:
- GLOBAL PASSENGER CARS MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 37:
- GLOBAL PASSENGER CARS MARKET, VALUE IN USD, 2017 - 2030
- Figure 38:
- GLOBAL PASSENGER CARS MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 39:
- GLOBAL PASSENGER CARS MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 40:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 41:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 42:
- GLOBAL PASSENGER CARS MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 43:
- GLOBAL PASSENGER CARS MARKET, BY HATCHBACK, BY VALUE IN USD, 2017 - 2030
- Figure 44:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 45:
- GLOBAL PASSENGER CARS MARKET, BY SEDAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 46:
- GLOBAL PASSENGER CARS MARKET, BY SEDAN, BY VALUE IN USD, 2017 - 2030
- Figure 47:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 48:
- GLOBAL PASSENGER CARS MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 49:
- GLOBAL PASSENGER CARS MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 50:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 51:
- GLOBAL PASSENGER CARS MARKET, BY PROPULSION TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 52:
- GLOBAL PASSENGER CARS MARKET, BY PROPULSION TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 53:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 54:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY PROPULSION TYPE, 2017 - 2030
- Figure 55:
- GLOBAL PASSENGER CARS MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 56:
- GLOBAL PASSENGER CARS MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 57:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 58:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 59:
- GLOBAL PASSENGER CARS MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 60:
- GLOBAL PASSENGER CARS MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 61:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 62:
- GLOBAL PASSENGER CARS MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 63:
- GLOBAL PASSENGER CARS MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 64:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 65:
- GLOBAL PASSENGER CARS MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 66:
- GLOBAL PASSENGER CARS MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 67:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 68:
- GLOBAL PASSENGER CARS MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 69:
- GLOBAL PASSENGER CARS MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 70:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 71:
- GLOBAL PASSENGER CARS MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 72:
- GLOBAL PASSENGER CARS MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 73:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 74:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 75:
- GLOBAL PASSENGER CARS MARKET, BY CNG, BY VOLUME IN UNITS, 2017 - 2030
- Figure 76:
- GLOBAL PASSENGER CARS MARKET, BY CNG, BY VALUE IN USD, 2017 - 2030
- Figure 77:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 78:
- GLOBAL PASSENGER CARS MARKET, BY DIESEL, BY VOLUME IN UNITS, 2017 - 2030
- Figure 79:
- GLOBAL PASSENGER CARS MARKET, BY DIESEL, BY VALUE IN USD, 2017 - 2030
- Figure 80:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 81:
- GLOBAL PASSENGER CARS MARKET, BY GASOLINE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 82:
- GLOBAL PASSENGER CARS MARKET, BY GASOLINE, BY VALUE IN USD, 2017 - 2030
- Figure 83:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 84:
- GLOBAL PASSENGER CARS MARKET, BY LPG, BY VOLUME IN UNITS, 2017 - 2030
- Figure 85:
- GLOBAL PASSENGER CARS MARKET, BY LPG, BY VALUE IN USD, 2017 - 2030
- Figure 86:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 87:
- GLOBAL PASSENGER CARS MARKET, BY REGION, BY VOLUME IN UNITS, 2017 - 2030
- Figure 88:
- GLOBAL PASSENGER CARS MARKET, BY REGION, BY VALUE IN USD, 2017 - 2030
- Figure 89:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY REGION, 2017 - 2030
- Figure 90:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY REGION, 2017 - 2030
- Figure 91:
- GLOBAL PASSENGER CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 92:
- GLOBAL PASSENGER CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 93:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 94:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 95:
- GLOBAL PASSENGER CARS MARKET, BY CHINA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 96:
- GLOBAL PASSENGER CARS MARKET, BY CHINA, BY VALUE IN USD, 2017 - 2030
- Figure 97:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 98:
- GLOBAL PASSENGER CARS MARKET, BY INDIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 99:
- GLOBAL PASSENGER CARS MARKET, BY INDIA, BY VALUE IN USD, 2017 - 2030
- Figure 100:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 101:
- GLOBAL PASSENGER CARS MARKET, BY JAPAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 102:
- GLOBAL PASSENGER CARS MARKET, BY JAPAN, BY VALUE IN USD, 2017 - 2030
- Figure 103:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 104:
- GLOBAL PASSENGER CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 105:
- GLOBAL PASSENGER CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 106:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 107:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 108:
- GLOBAL PASSENGER CARS MARKET, BY BELGIUM, BY VOLUME IN UNITS, 2017 - 2030
- Figure 109:
- GLOBAL PASSENGER CARS MARKET, BY BELGIUM, BY VALUE IN USD, 2017 - 2030
- Figure 110:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 111:
- GLOBAL PASSENGER CARS MARKET, BY CZECH REPUBLIC, BY VOLUME IN UNITS, 2017 - 2030
- Figure 112:
- GLOBAL PASSENGER CARS MARKET, BY CZECH REPUBLIC, BY VALUE IN USD, 2017 - 2030
- Figure 113:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 114:
- GLOBAL PASSENGER CARS MARKET, BY FRANCE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 115:
- GLOBAL PASSENGER CARS MARKET, BY FRANCE, BY VALUE IN USD, 2017 - 2030
- Figure 116:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 117:
- GLOBAL PASSENGER CARS MARKET, BY GERMANY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 118:
- GLOBAL PASSENGER CARS MARKET, BY GERMANY, BY VALUE IN USD, 2017 - 2030
- Figure 119:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 120:
- GLOBAL PASSENGER CARS MARKET, BY ITALY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 121:
- GLOBAL PASSENGER CARS MARKET, BY ITALY, BY VALUE IN USD, 2017 - 2030
- Figure 122:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 123:
- GLOBAL PASSENGER CARS MARKET, BY NORWAY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 124:
- GLOBAL PASSENGER CARS MARKET, BY NORWAY, BY VALUE IN USD, 2017 - 2030
- Figure 125:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 126:
- GLOBAL PASSENGER CARS MARKET, BY POLAND, BY VOLUME IN UNITS, 2017 - 2030
- Figure 127:
- GLOBAL PASSENGER CARS MARKET, BY POLAND, BY VALUE IN USD, 2017 - 2030
- Figure 128:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 129:
- GLOBAL PASSENGER CARS MARKET, BY RUSSIA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 130:
- GLOBAL PASSENGER CARS MARKET, BY RUSSIA, BY VALUE IN USD, 2017 - 2030
- Figure 131:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 132:
- GLOBAL PASSENGER CARS MARKET, BY SPAIN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 133:
- GLOBAL PASSENGER CARS MARKET, BY SPAIN, BY VALUE IN USD, 2017 - 2030
- Figure 134:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 135:
- GLOBAL PASSENGER CARS MARKET, BY UK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 136:
- GLOBAL PASSENGER CARS MARKET, BY UK, BY VALUE IN USD, 2017 - 2030
- Figure 137:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 138:
- GLOBAL PASSENGER CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 139:
- GLOBAL PASSENGER CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 140:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 141:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 142:
- GLOBAL PASSENGER CARS MARKET, BY CANADA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 143:
- GLOBAL PASSENGER CARS MARKET, BY CANADA, BY VALUE IN USD, 2017 - 2030
- Figure 144:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 145:
- GLOBAL PASSENGER CARS MARKET, BY MEXICO, BY VOLUME IN UNITS, 2017 - 2030
- Figure 146:
- GLOBAL PASSENGER CARS MARKET, BY MEXICO, BY VALUE IN USD, 2017 - 2030
- Figure 147:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 148:
- GLOBAL PASSENGER CARS MARKET, BY US, BY VOLUME IN UNITS, 2017 - 2030
- Figure 149:
- GLOBAL PASSENGER CARS MARKET, BY US, BY VALUE IN USD, 2017 - 2030
- Figure 150:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 151:
- GLOBAL PASSENGER CARS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 152:
- GLOBAL PASSENGER CARS MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 153:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 154:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 155:
- GLOBAL PASSENGER CARS MARKET, BY ARGENTINA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 156:
- GLOBAL PASSENGER CARS MARKET, BY ARGENTINA, BY VALUE IN USD, 2017 - 2030
- Figure 157:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 158:
- GLOBAL PASSENGER CARS MARKET, BY BRAZIL, BY VOLUME IN UNITS, 2017 - 2030
- Figure 159:
- GLOBAL PASSENGER CARS MARKET, BY BRAZIL, BY VALUE IN USD, 2017 - 2030
- Figure 160:
- GLOBAL PASSENGER CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 161:
- GLOBAL PASSENGER CARS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 162:
- GLOBAL PASSENGER CARS MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 163:
- GLOBAL PASSENGER CARS MARKET SHARE(%), BY MAJOR PLAYERS, 2023
Passenger Cars Industry Segmentation
Passenger Cars are covered as segments by Vehicle Configuration. Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type. Asia-Pacific, Europe, North America, South America are covered as segments by Region.
- The market for passenger cars is witnessing significant growth, primarily driven by the increasing demand from middle-income households and improving living standards in emerging economies. Additionally, the affordability of these vehicles is attracting consumers. Technological advancements, like the integration of all-EV charging stations with the Internet of Things (IoT) and real-time information solutions, have further fueled market expansion.
- Global governments have taken proactive measures to promote the adoption of electric vehicles (EVs). Notably, countries like China, India, France, and the United Kingdom have set targets to phase out petrol and diesel vehicles by 2040. Major industry players are ramping up production capacities, adhering to stringent emission norms (e.g., India's Bharat Stage 6), and countries like China, India, Japan, and South Korea have announced plans to ban the sales of new internal combustion engine (ICE) vehicles by 2040. These developments are driving the sales of passenger cars in the electromobility sector.
- Leading companies in the sector, including Ford Motor Company, Hyundai Motor Company, Nissan Motor Company Ltd, Toyota Motor Corporation, and Volkswagen AG, are bolstering their market presence through strategic moves like joint ventures, mergers, new product launches, and R&D. These automakers have committed a staggering USD 515 billion over the next five to ten years to develop and manufacture battery-powered vehicles, signaling a shift away from traditional combustion engines.
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Market Definition
- Vehicle Type - The category includes passenger cars.
- Vehicle Body Type - This include various body types such as Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles.
- Fuel Category - The category includes various fuel types such as Gasoline, Diesel, LPG (Liquefied Petroleum Gas), CNG (Compressed Natural Gas), HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles)
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor鈥� or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver鈥檚 seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001鈥�10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001鈥�14,000 lb (Class 3), 14,001鈥�16,000 lb (Class 4), 16,001鈥�19,500 lb (Class 5), 19,501鈥�26,000 lb (Class 6), 26,001鈥�33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
糖心vlog传媒 follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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