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Global Passenger Cars Market Share, Analysis, Trends: By Vehicle Type: Hatchback, Sedan, Compact SUV, SUV; By Fuel Type: Petrol, Diesel, Electric, Hybrid; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
Global Passenger Cars Market Outlook
The global passenger cars market size reached a value of around USD 1.53 trillion in 2022. The market is further expected to grow at a CAGR of 6.20% between 2023 and 2028, reaching a value of around USD 2.24 trillion by 2028.
Key Trends in the Market
Passenger cars are four-wheeled motor vehicles that are primarily used to transport people. Since they are a common form of transportation, the number of passenger cars is growing in many nations. The size and shape of passenger cars may vary, as can the primary fuel source, however, most passenger cars have a total minimum seating capacity of five people, including the driver.
- The key factors propelling the passenger car global market expansion are the rise in demand for passenger cars as a result of the surge in disposable incomes and increasing affordability of passenger cars.
- A growing urban population is anticipated to support the global passenger vehicle market in the coming years, as the need increases to travel across short and long distances in minimal time.
- The demand for and sales of passenger electric cars are predicted to undergo rapid increase throughout the forecast period as a result of the growing emphasis on reducing exhaust emissions and improving fuel efficiency, propelling the overall passenger vehicle market.
Global Passenger Cars Market Analysis
Based on vehicle type, the market is divided into hatchback, sedan, compact SUV, and SUV. On the basis of fuel type, the market is categorised into petrol, diesel, electric, and hybrid. The regional markets for passenger cars are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model, along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global passenger car market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
- 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
Global Passenger Cars Market Share by Vehicle Type
The SUV vehicle type is anticipated to witness significant growth in the market for passenger cars during the forecast period, owing to strong engines and features like sunroof and connected technologies. Due to the increasing global popularity of leisure and travel activities, there has been a growth in the demand for special utility vehicles (SUVs). In addition, the growing consumers preference for cars with a high stance and good road visibility is accelerating the segment growth.
Global Passenger Cars Market Share by Fuel Type
Based on fuel type, the electric segment is estimated to have account for a sizable share in the passenger cars market in the coming years, supported by the growing infrastructure development for charging electric vehicles across many nations. Vehicles fuelled by petrol and diesel are expected to be increasingly replaced with hybrid and electric models due to their sustainability. Furthermore, the working population is switching significantly to electric-powered vehicles as a result of the rising fuel prices, thus aiding the growth of electric passenger cars.
Competitive Landscape
Mercedes-Benz AG, founded in 1998 and headquartered in Stuttgart, Germany, is one of the top manufacturers and suppliers of premium and luxurious vehicles and vans worldwide. The company develops, produces, distributes, and sells a variety of automotive products, including buses, trucks, vans, and passenger automobiles.
Ford Motor Company, established in 1903 and based in Michigan in the United States is one of the leading automakers that offers a complete line-up of cars, trucks, sport utility vehicles, and electric vehicles. The company also provides auto finance and leasing services.
Nissan Motor Co,Ltd, founded in 1933 and headquartered in Yokohama, Japan, is a major automaker with operations all over the world. The company produces and sells vehicles and related parts. It makes commercial vehicles, sports automobiles, luxury cars, and more.
Other market players include General Motors Company, Volkswagen Aktiengesellschaft, Toyota Motors Corporation, Bayerische Motoren Werke AG, Honda Motor Co, Ltd, Tesla, and Kia Corporation, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Vehicle Type |
|
| Breakup by Fuel Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Passenger Cars Market Analysis
8.1 Key Industry Highlights
8.2 Global Passenger Cars Historical Market (2018-2022)
8.3 Global Passenger Cars Market Forecast (2023-2028)
8.4 Global Passenger Cars Market by Vehicle Type
8.4.1 Hatchback
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Sedan
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Compact SUV
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.4.4 SUV
8.4.4.1 Historical Trend (2018-2022)
8.4.4.2 Forecast Trend (2023-2028)
8.5 Global Passenger Cars Market by Fuel Type
8.5.1 Petrol
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Diesel
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Electric
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Hybrid
8.5.4.1 Historical Trend (2018-2022)
8.5.4.2 Forecast Trend (2023-2028)
8.6 Global Passenger Cars Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2022)
8.6.4.2 Forecast Trend (2023-2028)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2022)
8.6.5.2 Forecast Trend (2023-2028)
9 North America Passenger Cars Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Passenger Cars Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Passenger Cars Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Passenger Cars Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Passenger Cars Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 General Motors Company
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Volkswagen Aktiengesellschaft
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Toyota Motors Corporation
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Mercedes-Benz AG
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Ford Motor Company
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Bayerische Motoren Werke AG
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Honda Motor Co, Ltd
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Tesla
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Kia Corporation
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 Nissan Motor Co,Ltd
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Passenger Cars Market: Key Industry Highlights, 2018 and 2028
2. Global Passenger Cars Historical Market: Breakup by Vehicle Type (USD Million), 2018-2022
3. Global Passenger Cars Market Forecast: Breakup by Vehicle Type (USD Million), 2023-2028
4. Global Passenger Cars Historical Market: Breakup by Fuel Type (USD Million), 2018-2022
5. Global Passenger Cars Market Forecast: Breakup by Fuel Type (USD Million), 2023-2028
6. Global Passenger Cars Historical Market: Breakup by Region (USD Million), 2018-2022
7. Global Passenger Cars Market Forecast: Breakup by Region (USD Million), 2023-2028
8. North America Passenger Cars Historical Market: Breakup by Country (USD Million), 2018-2022
9. North America Passenger Cars Market Forecast: Breakup by Country (USD Million), 2023-2028
10. Europe Passenger Cars Historical Market: Breakup by Country (USD Million), 2018-2022
11. Europe Passenger Cars Market Forecast: Breakup by Country (USD Million), 2023-2028
12. Asia Pacific Passenger Cars Historical Market: Breakup by Country (USD Million), 2018-2022
13. Asia Pacific Passenger Cars Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Latin America Passenger Cars Historical Market: Breakup by Country (USD Million), 2018-2022
15. Latin America Passenger Cars Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Middle East and Africa Passenger Cars Historical Market: Breakup by Country (USD Million), 2018-2022
17. Middle East and Africa Passenger Cars Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Global Passenger Cars Market Structure
Key Questions Answered in the Report
In 2022, the global market for passenger cars attained a value of USD 1.53 trillion.
The market for passenger cars is projected to grow at a CAGR of 6.20% between 2023 and 2028.
The market is estimated to witness healthy growth in the forecast period of 2023-2028 to reach USD 2.24 trillion by 2028.
The major drivers of the market include the surge in middle-income group population, rising disposable income, increasing demand for passenger electric vehicles (EVs), and rise in standards of living.
Growing affordability of passenger cars, rise in technological advancements, and increasing urbanisation are the key trends propelling the growth of the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The primary vehicle types in the market for passenger cars are hatchback, sedan, compact SUV, and SUV.
The major players in the passenger cars market 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.
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