What Is The Current and Historic Market Size Analysis Of Passenger Car Market?
The passenger car market has seen considerable growth due to a variety of factors.
• The size of the passenger car market has been on a steep rise in the past few years. The market is projected to increase from $1783.28 billion in 2024 to $1938.92 billion in 2025, demonstrating a Compound Annual Growth Rate (CAGR) of 8.7%.
This growth in the historical timeframe can be linked to factors such as urbanization, economic expansion, changing consumer tastes, fuel efficiency, safety regulations, emission control guidelines, and reasonable finance alternatives.
What Is The Projected Growth And Market Size For The Passenger Car
The passenger car market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, it is anticipated that the passenger car market will experience robust expansion, targeting a valuation of $2574.62 billion in 2029 with a compound annual growth rate (CAGR) of 7.3%.
This projected growth over the forecast period is largely due to the increased adoption of electric vehicles, connected-car features, sustainable and eco-friendly cars, flexible ownership schemes, government incentives, and hydrogen fuel cell vehicles. Key trends accompanying this growth period include customization of vehicle interiors, utilization of lightweight materials for enhanced fuel efficiency, application of augmented reality (AR) in windscreen displays, solutions for compact and urban mobility, and vehicle subscription services.
What Are The Essential Drivers Behind The Growth Of The Passenger Car Market?
The expansion of the passenger cars market is projected to be fueled by the rising acceptance of electric vehicles. Electric vehicles (EVs), which are powered by a battery-charged electric motor, are contributing to an increased demand for passenger cars. The escalating growth is the result of a variety of factors including more cost-effective options, governmental policies, environmental consciousness, and technological progress. For example, the U.S. Energy Information Administration stated in January 2024 that in 2023, 16.3% of total new light-duty vehicle (LDV) sales in the US came from the sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVs). Furthermore, the Department Of Energy reported in March 2022 that in 2021, 73% of all plug-in electric vehicle (PEV) sales in the US were of electric vehicles (EVs). Therefore, the heightened adoption of electric vehicles is stimulating the advancement of the passenger cars market.
What Are The Main Segments Of The Global 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
Subsegments:
1) By Hatchback: Compact Hatchback, Subcompact Hatchback
2) By Sedan: Compact Sedan, Midsize Sedan, Full-Size Sedan
3) By Utility Vehicle: Sport Utility Vehicle (SUV), Crossover Utility Vehicle (CUV), Minivan
Pre-Book The Passenger Car Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Emerging Trends Are Influencing The Growth Of The Passenger Car Market Landscape?
Key players in the passenger car market are innovating and introducing new products like the A-class SUV in an effort to expand their customer reach and boost sales and revenue. The A-class SUV is a passenger vehicle capable of carrying five passengers, with a cargo capacity of 50.5 cubic feet. For example, in February 2022, BYD Auto Co. Ltd., an auto manufacturing company based in China, unveiled the Atto 3, its first A-class SUV built on the firm's e-platform 3.0. Boasting a unique feature derived from the Attosecond - the smallest unit of time in physics - the Atto 3 is designed to be fast, vibrant, and dynamic. This is the first SUV model that comes with a sports-themed interior, reflecting BYD's fresh design philosophy. Equipped with BYD's groundbreaking Blade Battery technology, the Atto 3 offers users some of the highest safety standards in the market and a notably extended range per charge.
Who Are the Key Players in the Passenger Car Market?
Major companies operating in the passenger car market include:
• 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
What Is The Most Dominant Region In The Passenger Car Market?
Asia-Pacific was the largest region in the passenger car market in 2024. Western Europe was the second-largest region in the passenger car market. The regions covered in the passenger car market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
