The global passenger cars market is expected to exhibit a CAGR of 8.50% during 2022-2027.
A passenger car is a motor vehicle designed for the transportation of people with a maximum seating capacity of nine, including the driver. It comprises electric-powered cars and vehicles, mini vans, sports utility vehicles, motorcycles, motor scooters, bicycles, vans, and light and pickup trucks. It relies on lubricating oils to protect low-temperature deposits, corrosion, wear and tear, oxidation, and high-temperature deposits. It assists in covering distances between home, work, educational institutions, and shopping and leisure facilities. In addition, it offers enhanced performance, mechanics, engine, aerodynamics, autonomous control, and entertainment.
Passenger Cars Market Trends:
The growing adoption of advanced driver assistance systems (ADAS), such as night vision, driver alertness, and adaptive cruise control, to avoid accidents represents one of the key factors driving the market. Besides this, there is a rise in the demand for electric vehicles (EVs) as they do not produce greenhouse gases and harmful emissions. This, along with the burgeoning automobile industry, is contributing to the growth of the market. Moreover, key market players are extensively investing in research and development (R&D) activities to meet real-time customer needs to remain competitive in the industry. They are also focusing on developing passenger cars with high ground clearance, sturdy vehicles, and powerful engines, which is positively influencing the 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 propelling the growth of the market. Apart from this, the escalating demand for heavy and luxury vehicles, along with the increasing number of diesel-operated vehicles, is bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global passenger cars market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, fuel type, engine capacity and propulsion type.
Breakup by Type:
- Utility Vehicle
Breakup by Fuel Type:
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
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and Volkswagen AG.
|Base Year of the Analysis
| Historical Period
||Type, Fuel Type, Engine Capacity, Propulsion Type, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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 and Volkswagen AG.
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Key Questions Answered in This Report:
- How has the global passenger cars market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global passenger cars market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the fuel type?
- What is the breakup of the market based on the engine capacity?
- What is the breakup of the market based on the propulsion type?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global passenger cars market and who are the key players?
- What is the degree of competition in the industry?