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Global Passenger Cars Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028

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    Report

  • 176 Pages
  • October 2023
  • Region: Global
  • TechSci Research
  • ID: 5892278
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In 2022, the Passenger Car Market reached a valuation of USD 1600 billion and is projected to reach USD 2395.61 billion by 2028. This segment has long been a dynamic and significant player in the automotive industry globally. Comprising a diverse range of vehicles designed for passenger transportation, the market's growth and evolution have been shaped by various factors. Economic conditions, technological advancements, and shifting consumer preferences have all contributed to its expansion over the years. However, regional disparities and industry-specific challenges might have influenced this trajectory.

Market segmentation remains a pivotal strategy for automakers aiming to cater to diverse consumer demands. Passenger cars are categorized based on factors like vehicle type, size, and intended use. This approach has led to the identification of distinct segments such as compact cars, midsize cars, luxury vehicles, SUVs, crossovers, and electric vehicles. SUVs and crossovers, in particular, have gained immense popularity due to their adaptability, spaciousness, and elevated driving positions. This trend reflects evolving consumer lifestyles and preferences.

Electric Vehicle Revolution:

One of the most transformative trends is the accelerated adoption of electric vehicles (EVs). Mounting environmental concerns and advancements in battery technology have fueled this transition. Established automakers have integrated electric models into their portfolios, and companies like Tesla have played a crucial role in reshaping consumer perceptions of electric mobility. This shift has triggered intense competition and innovation, prompting significant investments in research and development to enhance battery range, charging infrastructure, and overall EV performance.

Technological Advancements and Connectivity:

Technological progress drives the evolution of passenger cars, with features like advanced driver assistance systems (ADAS), infotainment platforms, autonomous driving capabilities, and seamless connectivity options differentiating brands and attracting consumers. The pursuit of autonomous driving technology intensifies, with companies aiming for higher levels of vehicle autonomy while navigating regulatory and safety considerations.

Changing Consumer Preferences and Urbanization:

Evolving consumer preferences and increasing urbanization significantly influence the market. Rising demand for SUVs and crossovers reflects consumers' desire for versatile and spacious vehicles. Additionally, the shift towards ride-sharing, car-sharing, and mobility-as-a-service models in urban areas prompts automakers to explore new business models and consumer behaviors. This trend emphasizes smaller, fuel-efficient vehicles and electric cars as practical urban mobility solutions.

Stringent Emission Regulations and Sustainability Initiatives:

Efforts to curb greenhouse gas emissions have led to stringent emission regulations, compelling automakers to develop more fuel-efficient and environmentally friendly vehicles. In response, manufacturers invest in hybrid technologies, electrification, and lightweight materials to improve fuel efficiency and reduce emissions. Corporate sustainability initiatives and consumer awareness of environmental issues drive automakers to adopt sustainable practices throughout their supply chains and manufacturing processes.

Challenges in Autonomous Driving and Supply Chain Disruptions:

Autonomous driving technology presents opportunities and challenges. Ensuring safety and reliability in complex scenarios requires advanced sensor technology and extensive testing. The lack of standardized regulations across regions complicates deployment. Supply chain disruptions, as seen during events like the COVID-19 pandemic, impact parts availability, manufacturing, and distribution. Developing resilient supply chain strategies is essential to mitigate future disruptions.

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Market Trends:

Electrification and Sustainable Mobility: The shift towards cleaner, more energy-efficient transportation solutions is a dominant trend. Electric vehicles (EVs) are gaining traction due to advancements in battery technology and government incentives. Traditional and new automakers are expanding their EV portfolios to meet eco-friendly mobility demands.

Mobility Services and Shared Ownership: Changing consumer behavior drives the trend towards mobility services and shared ownership models. Ride-sharing, car-sharing, and subscription services offer flexible alternatives to traditional car ownership, particularly in densely populated areas.

Digitalization and Personalized Experiences: The passenger car market experiences digital transformation, integrating technology into the driving experience. From infotainment systems to over-the-air updates, vehicles offer personalized connectivity, enhancing convenience and safety.

Segmental Insights:

Market segments include sedans, hatchbacks, SUVs, crossovers, luxury vehicles, electric and hybrid cars, and performance vehicles. Each caters to diverse consumer preferences, contributing to the market's diversity.

Regional Insights:

  • North America: Diverse market with a history of SUVs and pickup trucks. Growing focus on electric and hybrid vehicles due to environmental concerns and regulations.
  • Europe: Favors smaller vehicles due to urbanization and stringent emissions regulations. Strong EV growth driven by incentives and sustainability goals.
  • Asia-Pacific: Diverse due to economic growth and urbanization. Strong demand for compact cars, small SUVs, and luxury vehicles. China leads in EV adoption.
  • Middle East and Africa: Luxury vehicles and EVs gain traction. Urbanization prompts exploration of mobility solutions. African market diverse with used vehicles.
  • South America: Mix of consumer preferences, influenced by economic conditions. Demand for SUVs, pickups, and smaller vehicles. Growing interest in hybrids and EVs.

Report Scope:

In this report, the Global Passenger Cars Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Passenger Cars Market, By Type:

  • Compact
  • Midsize
  • Premium
  • Luxury
  • Others

Passenger Cars Market, By Body:

  • MPV
  • SUV
  • Hatchback
  • Sedan
  • Others

Passenger Cars Market, By Engine Type:

  • Hybrid And Electric Vehicles
  • ICE

Passenger Cars Market, By Geography:

  • North America
  • Europe
  • Asia-Pacific
  • Middle East & Africa
  • South America

Passenger Cars Market, By Region:

  • North America
  • United States
  • Canada
  • Mexico
  • Europe & CIS
  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain
  • Russia
  • Belgium
  • Asia-Pacific
  • China
  • India
  • Japan
  • Indonesia
  • Thailand
  • South Korea
  • Australia
  • South America
  • Brazil
  • Argentina
  • Colombia
  • Middle East & Africa
  • Saudi Arabia
  • UAE
  • Turkey
  • Egypt
  • Iran

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Passenger Cars Market.

Available Customizations:

Global Passenger Cars Market report with the given market data, the publisher offers customizations according to a company's specific needs.


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Table of Contents

1. Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
4. Impact of COVID-19 on Global Passenger Cars Market
5. Global Passenger Cars Market Outlook
5.1. Market Size & Forecast
5.1.1. By Volume & Value
5.2. Market Share & Forecast
5.2.1. By Type Market Share Analysis (Compact, Midsize, Premium, Luxury, Others)
5.2.2. By Body Market Share Analysis (MPV, SUV, Hatchback, Sedan, Others)
5.2.3. By Engine Type Market Share Analysis (Hybrid And Electric Vehicles, ICE)
5.2.4. By Regional Market Share Analysis
5.2.4.1. Asia-Pacific Market Share Analysis
5.2.4.2. Europe & CIS Market Share Analysis
5.2.4.3. North America Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)
5.3. Global Passenger Cars Market Mapping & Opportunity Assessment
5.3.1. By Type Market Mapping & Opportunity Assessment
5.3.2. By Body Market Mapping & Opportunity Assessment
5.3.3. By Engine Type Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
6. Asia-Pacific Passenger Cars Market Outlook
6.1. Market Size & Forecast
6.1.1. By Volume & Value
6.2. Market Share & Forecast
6.2.1. By Type Market Share Analysis
6.2.2. By Body Market Share Analysis
6.2.3. By Engine Type Market Share Analysis
6.2.4. By Country Market Share Analysis
6.2.4.1. China Market Share Analysis
6.2.4.2. India Market Share Analysis
6.2.4.3. Japan Market Share Analysis
6.2.4.4. Indonesia Market Share Analysis
6.2.4.5. Thailand Market Share Analysis
6.2.4.6. South Korea Market Share Analysis
6.2.4.7. Australia Market Share Analysis
6.2.4.8. Rest of Asia-Pacific Market Share Analysis
6.3. Asia-Pacific: Country Analysis
6.3.1. China Passenger Cars Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Volume & Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Type Market Share Analysis
6.3.1.2.2. By Body Market Share Analysis
6.3.1.2.3. By Engine Type Market Share Analysis
6.3.2. India Passenger Cars Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Volume & Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Type Market Share Analysis
6.3.2.2.2. By Body Market Share Analysis
6.3.2.2.3. By Engine Type Market Share Analysis
6.3.3. Japan Passenger Cars Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Volume & Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Type Market Share Analysis
6.3.3.2.2. By Body Market Share Analysis
6.3.3.2.3. By Engine Type Market Share Analysis
6.3.4. Indonesia Passenger Cars Market Outlook
6.3.4.1. Market Size & Forecast
6.3.4.1.1. By Volume & Value
6.3.4.2. Market Share & Forecast
6.3.4.2.1. By Type Market Share Analysis
6.3.4.2.2. By Body Market Share Analysis
6.3.4.2.3. By Engine Type Market Share Analysis
6.3.5. Thailand Passenger Cars Market Outlook
6.3.5.1. Market Size & Forecast
6.3.5.1.1. By Volume & Value
6.3.5.2. Market Share & Forecast
6.3.5.2.1. By Type Market Share Analysis
6.3.5.2.2. By Body Market Share Analysis
6.3.5.2.3. By Engine Type Market Share Analysis
6.3.6. South Korea Passenger Cars Market Outlook
6.3.6.1. Market Size & Forecast
6.3.6.1.1. By Volume & Value
6.3.6.2. Market Share & Forecast
6.3.6.2.1. By Type Market Share Analysis
6.3.6.2.2. By Body Market Share Analysis
6.3.6.2.3. By Engine Type Market Share Analysis
6.3.7. Australia Passenger Cars Market Outlook
6.3.7.1. Market Size & Forecast
6.3.7.1.1. By Volume & Value
6.3.7.2. Market Share & Forecast
6.3.7.2.1. By Type Market Share Analysis
6.3.7.2.2. By Body Market Share Analysis
6.3.7.2.3. By Engine Type Market Share Analysis
7. Europe & CIS Passenger Cars Market Outlook
7.1. Market Size & Forecast
7.1.1. By Volume & Value
7.2. Market Share & Forecast
7.2.1. By Type Market Share Analysis
7.2.2. By Body Market Share Analysis
7.2.3. By Engine Type Market Share Analysis
7.2.4. By Country Market Share Analysis
7.2.4.1. Germany Market Share Analysis
7.2.4.2. Spain Market Share Analysis
7.2.4.3. France Market Share Analysis
7.2.4.4. Russia Market Share Analysis
7.2.4.5. Italy Market Share Analysis
7.2.4.6. United Kingdom Market Share Analysis
7.2.4.7. Belgium Market Share Analysis
7.2.4.8. Europe & CIS Market Share Analysis
7.3. Europe & CIS: Country Analysis
7.3.1. Germany Passenger Cars Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Volume & Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Type Market Share Analysis
7.3.1.2.2. By Body Market Share Analysis
7.3.1.2.3. By Engine Type Market Share Analysis
7.3.2. Spain Passenger Cars Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Volume & Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Type Market Share Analysis
7.3.2.2.2. By Body Market Share Analysis
7.3.2.2.3. By Engine Type Market Share Analysis
7.3.3. France Passenger Cars Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Volume & Value
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Type Market Share Analysis
7.3.3.2.2. By Body Market Share Analysis
7.3.3.2.3. By Engine Type Market Share Analysis
7.3.4. Russia Passenger Cars Market Outlook
7.3.4.1. Market Size & Forecast
7.3.4.1.1. By Volume & Value
7.3.4.2. Market Share & Forecast
7.3.4.2.1. By Type Market Share Analysis
7.3.4.2.2. By Body Market Share Analysis
7.3.4.2.3. By Engine Type Market Share Analysis
7.3.5. Italy Passenger Cars Market Outlook
7.3.5.1. Market Size & Forecast
7.3.5.1.1. By Volume & Value
7.3.5.2. Market Share & Forecast
7.3.5.2.1. By Type Market Share Analysis
7.3.5.2.2. By Body Market Share Analysis
7.3.5.2.3. By Engine Type Market Share Analysis
7.3.6. United Kingdom Passenger Cars Market Outlook
7.3.6.1. Market Size & Forecast
7.3.6.1.1. By Volume & Value
7.3.6.2. Market Share & Forecast
7.3.6.2.1. By Type Market Share Analysis
7.3.6.2.2. By Body Market Share Analysis
7.3.6.2.3. By Engine Type Market Share Analysis
7.3.7. Belgium Passenger Cars Market Outlook
7.3.7.1. Market Size & Forecast
7.3.7.1.1. By Volume & Value
7.3.7.2. Market Share & Forecast
7.3.7.2.1. By Type Market Share Analysis
7.3.7.2.2. By Body Market Share Analysis
7.3.7.2.3. By Engine Type Market Share Analysis
8. North America Passenger Cars Market Outlook
8.1. Market Size & Forecast
8.1.1. By Volume & Value
8.2. Market Share & Forecast
8.2.1. By Type Market Share Analysis
8.2.2. By Body Market Share Analysis
8.2.3. By Engine Type Market Share Analysis
8.2.4. By Country Market Share Analysis
8.2.4.1. United States Market Share Analysis
8.2.4.2. Canada Market Share Analysis
8.2.4.3. Mexico Market Share Analysis
8.3. North America: Country Analysis
8.3.1. United States Passenger Cars Market Outlook
8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Volume & Value
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Type Market Share Analysis
8.3.1.2.2. By Body Market Share Analysis
8.3.1.2.3. By Engine Type Market Share Analysis
8.3.2. Canada Passenger Cars Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Volume & Value
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Type Market Share Analysis
8.3.2.2.2. By Body Market Share Analysis
8.3.2.2.3. By Engine Type Market Share Analysis
8.3.3. Mexico Passenger Cars Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Volume & Value
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Type Market Share Analysis
8.3.3.2.2. By Body Market Share Analysis
8.3.3.2.3. By Engine Type Market Share Analysis
9. South America Passenger Cars Market Outlook
9.1. Market Size & Forecast
9.1.1. By Volume & Value
9.2. Market Share & Forecast
9.2.1. By Type Market Share Analysis
9.2.2. By Body Market Share Analysis
9.2.3. By Engine Type Market Share Analysis
9.2.4. By Country Market Share Analysis
9.2.4.1. Brazil Market Share Analysis
9.2.4.2. Colombia Market Share Analysis
9.2.4.3. Argentina Market Share Analysis
9.2.4.4. Rest of South America Market Share Analysis
9.3. South America: Country Analysis
9.3.1. Brazil Passenger Cars Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1. By Volume & Value
9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Type Market Share Analysis
9.3.1.2.2. By Body Market Share Analysis
9.3.1.2.3. By Engine Type Market Share Analysis
9.3.2. Colombia Passenger Cars Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Volume & Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Type Market Share Analysis
9.3.2.2.2. By Body Market Share Analysis
9.3.2.2.3. By Engine Type Market Share Analysis
9.3.3. Argentina Passenger Cars Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1. By Volume & Value
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Type Market Share Analysis
9.3.3.2.2. By Body Market Share Analysis
9.3.3.2.3. By Engine Type Market Share Analysis
10. Middle East & Africa Passenger Cars Market Outlook
10.1. Market Size & Forecast
10.1.1. By Volume & Value
10.2. Market Share & Forecast
10.2.1. By Type Market Share Analysis
10.2.2. By Body Market Share Analysis
10.2.3. By Engine Type Market Share Analysis
10.2.4. By Country Market Share Analysis
10.2.4.1. Turkey Market Share Analysis
10.2.4.2. Iran Market Share Analysis
10.2.4.3. Saudi Arabia Market Share Analysis
10.2.4.4. UAE Market Share Analysis
10.2.4.5. Rest of Middle East & Africa Market share Analysis
10.3. Middle East & Africa: Country Analysis
10.3.1. Turkey Passenger Cars Market Outlook
10.3.1.1. Market Size & Forecast
10.3.1.1.1. By Volume & Value
10.3.1.2. Market Share & Forecast
10.3.1.2.1. By Type Market Share Analysis
10.3.1.2.2. By Body Market Share Analysis
10.3.1.2.3. By Engine Type Market Share Analysis
10.3.2. Iran Passenger Cars Market Outlook
10.3.2.1. Market Size & Forecast
10.3.2.1.1. By Volume & Value
10.3.2.2. Market Share & Forecast
10.3.2.2.1. By Type Market Share Analysis
10.3.2.2.2. By Body Market Share Analysis
10.3.2.2.3. By Engine Type Market Share Analysis
10.3.3. Saudi Arabia Passenger Cars Market Outlook
10.3.3.1. Market Size & Forecast
10.3.3.1.1. By Volume & Value
10.3.3.2. Market Share & Forecast
10.3.3.2.1. By Type Market Share Analysis
10.3.3.2.2. By Body Market Share Analysis
10.3.3.2.3. By Engine Type Market Share Analysis
10.3.4. UAE Passenger Cars Market Outlook
10.3.4.1. Market Size & Forecast
10.3.4.1.1. By Volume & Value
10.3.4.2. Market Share & Forecast
10.3.4.2.1. By Type Market Share Analysis
10.3.4.2.2. By Body Market Share Analysis
10.3.4.2.3. By Engine Type Market Share Analysis
11. SWOT Analysis
11.1. Strength
11.2. Weakness
11.3. Opportunities
11.4. Threats
12. Market Dynamics
12.1. Market Drivers
12.2. Market Challenges
13. Market Trends and Developments
14. Competitive Landscape
14.1. Company Profiles (Up to 10 Major Companies)
14.1.1. BMW AG
14.1.1.1. Company Details
14.1.1.2. Key Product Offered
14.1.1.3. Financials (As Per Availability)
14.1.1.4. Recent Developments
14.1.1.5. Key Management Personnel
14.1.2. Ford Motor Company
14.1.2.1. Company Details
14.1.2.2. Key Product Offered
14.1.2.3. Financials (As Per Availability)
14.1.2.4. Recent Developments
14.1.2.5. Key Management Personnel
14.1.3. Honda Motor Co. Ltd.
14.1.3.1. Company Details
14.1.3.2. Key Product Offered
14.1.3.3. Financials (As Per Availability)
14.1.3.4. Recent Developments
14.1.3.5. Key Management Personnel
14.1.4. Hyundai Motor Company
14.1.4.1. Company Details
14.1.4.2. Key Product Offered
14.1.4.3. Financials (As Per Availability)
14.1.4.4. Recent Developments
14.1.4.5. Key Management Personnel
14.1.5. Kia corporation
14.1.5.1. Company Details
14.1.5.2. Key Product Offered
14.1.5.3. Financials (As Per Availability)
14.1.5.4. Recent Developments
14.1.5.5. Key Management Personnel
14.1.6. Mercedes Group
14.1.6.1. Company Details
14.1.6.2. Key Product Offered
14.1.6.3. Financials (As Per Availability)
14.1.6.4. Recent Developments
14.1.6.5. Key Management Personnel
14.1.7. Volvo Group
14.1.7.1. Company Details
14.1.7.2. Key Product Offered
14.1.7.3. Financials (As Per Availability)
14.1.7.4. Recent Developments
14.1.7.5. Key Management Personnel
14.1.8. Nissan Motor Company Ltd.
14.1.8.1. Company Details
14.1.8.2. Key Product Offered
14.1.8.3. Financials (As Per Availability)
14.1.8.4. Recent Developments
14.1.8.5. Key Management Personnel
14.1.9. Toyota Motor Corporation
14.1.9.1. Company Details
14.1.9.2. Key Product Offered
14.1.9.3. Financials (As Per Availability)
14.1.9.4. Recent Developments
14.1.9.5. Key Management Personnel
14.1.9.6. Volkswagen AG
14.1.10. Company Details
14.1.10.1. Key Product Offered
14.1.10.2. Financials (As Per Availability)
14.1.10.3. Recent Developments
14.1.10.4. Key Management Personnel
15. Strategic Recommendations
15.1. Key Focus Areas
15.1.1. Target Regions & Countries
15.1.2. Target Type
15.1.3. Target Engine Type
16. About the Publisher & Disclaimer

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • BMW AG
  • Ford Motor Company
  • Honda Motor Co. Ltd.
  • Hyundai Motor Company.
  • Kia corporation
  • Mercedes Group
  • Volvo Group
  • Nissan Motor Company Ltd.
  • Toyota Motor Corporation.
  • Volkswagen AG

Table Information