Insight by Abdul Wasay, Chief Operating Officer at The Business Research Company
In response to fluctuating tariffs and geopolitical trade developments, the Passenger Car Market Outlook 2025 analyses how businesses are adapting through supply chain diversification and strategic sourcing.
What Is the Projected Market Size of the Passenger Car Industry in 2024 and 2025?
The global passenger car market has experienced significant growth in the past years. The market, which was valued at $1548.94 billion in 2024, is projected to increase to $1644.2 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 6.1%.
What Is the Projected Market Size of the Passenger Car Market in 2029?
The market size of the passenger car sector is projected to reach $2161.88 billion in 2029, expanding at a compound annual growth rate (CAGR) of 7.1%.
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What Are the Key Drivers of Passenger Car Market Growth?
The key drivers in the passenger car market are:
• Increased adoption of electric vehicles
• Inclusion of connectivity features in passenger cars
• Growing demand for sustainable and eco-friendly cars
• Adoption of flexible vehicle ownership models
What Are the Primary Segmentation Categories in the Passenger Car Market?
The passenger car market covered in this report is segmented –
1) By Type: Hatchback, Sedan, Utility Vehicle
2) By Fuel Type: Gasoline, Diesel, Other Fuel Types
3) By Engine Capacity: <1000 cc, <1000-1500 cc, <1500-2000 cc, >2000 cc
4) By Propulsion Type: IC Engine, Electric Vehicle
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What Are the Major Trends Shaping the Passenger Car Market in 2025 and Beyond?
The key trends in the passenger car market are:
• The development of vehicles that integrate connectivity features and sustainability is becoming a key trend.
• The increasing flexibility of car ownership models is signaling a shift in the market.
• Interest in lightweight vehicle materials for fuel efficiency is on the rise.
• Advances in augmented reality and its integration in vehicles, particularly head-up displays, are shaping the future of the industry.
Who Are the Emerging Players in the Passenger Car Market?
Major players in the passenger car market are:
• Volkswagen AG
• Toyoto Motor Corp
• Daimler AG
• Fiat Chrysler Automobiles NV
• Ford Motor Co.
• General Motors Company
• BMW AG
• Honda Motor Co Ltd.
• Hyundai Motor Co. Ltd.
• SAIC Motor Co ltd.
• Groupe PSA
• Tesla Inc.
• Nissan Motor Co Ltd.
• Kia Motors Corporation
• BYD Company Limited
• Renault SA
• EXOR Group
• Jeep
• Tata Motors Limited
• Suzuki Motor Corporation
• Subaru Corporation
• Mazda Motor Corporation
• FCA Italy S.p.A.
• Geely Automobile Holdings Limited
• Great Wall Motor Company Limited
• Mitsubishi Motors Corporation
• Guangzhou Automobile Group Co. Ltd.
• Changan Automobile Co. Ltd.
• Dongfeng Motor Corporation
• Maserati S.p.A.
• Brilliance China Automotive Holdings Limited
Which Regions Are Leading the Growth in the Global Passenger Car Market?
Asia-Pacific was the largest region in the passenger car market in 2024
