Passenger Car Global Market Report 2024

The passenger car market size has grown strongly in recent years. It will grow from $1634.12 billion in 2023 to $1768.1 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The expansion observed in the historical period can be ascribed to factors such as urbanization, economic growth, consumer preferences, fuel efficiency, adherence to safety standards, compliance with emission regulations, and the availability of affordable financing options.

The passenger car market size is expected to see strong growth in the next few years. It will grow to $2378.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period can be linked to the adoption of electric vehicles, the integration of connectivity features, the emphasis on sustainability and eco-friendly cars, the availability of flexible ownership models, government incentives, and the introduction of hydrogen fuel cell vehicles. Key trends expected in the forecast period involve the personalization of vehicle interiors, the utilization of lightweight materials for enhanced fuel efficiency, the incorporation of augmented reality (AR) in head-up displays, the development of compact and urban mobility solutions, and the introduction of vehicle subscription services.

The anticipated growth in the passenger cars market is expected to receive a significant boost due to the increasing adoption of electric vehicles (EVs). An electric vehicle is defined as a vehicle propelled by an electric motor powered by a rechargeable battery. The surge in demand for passenger cars driven by EVs is influenced by several factors, including rising affordability, governmental policies, environmental concerns, and technological advancements. For instance, a report published by the US Department of Energy in March 2022 revealed an 85% increase in EV sales in 2021. The total sales of new light-duty plug-in electric vehicles, encompassing both EVs and plug-in hybrid electric vehicles (PHEVs), nearly doubled from 308,000 in 2020 to 608,000 in 2021. Notably, EV sales accounted for 73% of all plug-in electric car sales in 2021. Consequently, the growing adoption of electric vehicles serves as a driving force for the expansion of the passenger cars market.

The landscape of additive manufacturing is undergoing continuous evolution, and automobile manufacturers are actively incorporating 3D printing technology to streamline production time and reduce costs. 3D printing involves creating a three-dimensional physical object based on a digital design. This technology is employed in building prototypes of cars, creating concept models, verifying designs, and producing functional parts for test vehicles and engines. Additionally, automobile manufacturers utilize 3D printing for the construction of various tools, jigs, and fixtures essential for assembly and manufacturing processes. The application of 3D printing facilitates rapid prototyping, enhances efficiency on the assembly line, reduces turnaround time, allows greater flexibility in design, and minimizes material wastage.

Leading companies in the passenger car market are introducing new products such as the A-class SUV to cater to broader customer bases, boost sales, and increase revenue. An A-class SUV is characterized by a passenger capacity of 5 and a cargo capacity of 50.5 cu ft. For example, in February 2022, BYD Auto Co. Ltd., a China-based automobile manufacturer, unveiled the Atto 3, the inaugural A-class SUV built on BYD's e-platform 3.0. The ATTO 3 possesses a distinctive feature that emphasizes speed, energy, and dynamism, inspired by the Attosecond, the smallest unit of time in physics. Distinguishing itself as the first SUV with a sporty-themed cabin, the ATTO 3 reflects BYD's new design language. Featuring BYD's innovative Blade Battery technology as a standard component, the ATTO 3 ensures market-leading safety standards and an extended single-charge range for users.

Major companies operating in the passenger car market report are Volkswagen AG, Toyota Motor Corporation, 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.

Asia-Pacific was the largest region in the passenger car market in 2023. 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.

The countries covered in the passenger car market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The passenger car market consists of sales of pickup trucks, compact cars, and minivans. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. . The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The primary categories within the passenger car market comprise hatchbacks, sedans, and utility vehicles. A hatchback is a car configured with a rear door that swings open to provide access to a cargo area. Various fuel types used in passenger cars include gasoline, diesel, and others. Engine capacities are categorized as 1000 cc, 1000-1500 cc, 1500-2000 cc, and >2000 cc. Propulsion types encompass internal combustion (IC) engines and electric vehicles.

The passenger car market research report is one of a series of new reports that provides passenger car market statistics, including passenger car industry global market size, regional shares, competitors with a passenger car market share, detailed passenger car market segments, market trends and opportunities, and any further data you may need to thrive in the passenger car industry. This passenger car market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.