According to IMARC Group’s latest report, titled “Passenger Cars Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The global passenger cars market size reached US$ 1.6 Trillion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.5 Trillion by 2028, exhibiting a growth rate (CAGR) of 8.2% during 2023-2028.
Industry Overview:
Passenger cars refer to motor vehicles designed for the transportation of people with a maximum seating capability of nine, including the driver. They comprise mini vans, sports utility vehicles, motorcycles, electric-powered cars and vehicles, engine scooters, bicycles, vans, light and pickup trucks, etc. Passenger cars rely on lubricating oils to protect against corrosion, wear and tear, low and high-temperature deposits, and oxidation. They assist in covering distances between work, educational institutions, home, shopping and leisure facilities, etc. In addition, passenger cars also offer enhanced mechanics, engines, aerodynamics, performance, autonomous control, and entertainment.
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Market Trends and Growth Drivers:
The escalating need for advanced driver assistance systems (ADAS), such as driver alertness, night vision, and adaptive cruise control, to avoid accidents is primarily driving the passenger cars market. Besides this, the elevating demand for electric vehicles (EVs), as they do not produce greenhouse gases and harmful emissions, is further augmenting the market growth. Moreover, the extensive research and development (R&D) activities by the leading manufacturers to meet real-time customer conditions and the launch of passenger cars with high ground clearance, sturdy vehicles, and powerful engines are also catalyzing the global market.
In addition, the rising integration of all-EV charging station systems with the internet of things (IoT) and real-time information solutions to provide data about the availability of vacant spots and nearby charging stations is acting as another significant growth-inducing factor. Apart from this, the growing popularity of heavy and luxury vehicles and the increasing number of diesel-operated automobiles are expected to bolster the passenger cars market in the coming years.
Passenger Cars Market Competitive Analysis and Segmentation:
The competitive landscape of the passenger cars market has been studied in the report with the detailed profiles of the key players operating in the market.
Passenger Cars Key Companies:
- Bayerische Motoren Werke AG,
- Ford Motor Company
- General Motors Company
- Groupe Renault
- Honda Motor Co. Ltd.
- Hyundai Motor Company
- Mercedes-Benz Group AG
- Tata Motors Limited
- Tesla Inc.
- Toyota Motor Corporation
- Volkswagen AG.
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Key Market Segmentation:
The report has segmented the passenger cars market on the basis of type, fuel type, engine capacity, propulsion type, and region.
Breakup by Type:
- Hatchback
- Sedan
- Utility Vehicle
Breakup by Fuel Type:
- Gasoline
- Diesel
- Others
Breakup by Engine Capacity:
- < 1000 cc
- < 1000-1500 cc
- < 1500-2000 cc
- >2000 cc
Breakup by Propulsion Type:
- IC Engine
- Electric Vehicle
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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