Global Passenger Cars Market Report and Forecast 2024-2032

Global Passenger Cars Market Outlook

The global passenger cars market size reached a value of around USD 1.62 trillion in 2023. The market is further expected to grow at a CAGR of 6.5% between 2024 and 2032, reaching a value of around USD 2.85 trillion by 2032.

Key Trends in the Market

Passenger cars are four-wheeled motor vehicles that are primarily used to transport people. Since they are a common form of transportation, the number of passenger cars is growing in many nations. The size and shape of passenger cars may vary, as can the primary fuel source, however, most passenger cars have a total minimum seating capacity of five people, including the driver.

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• The key factors propelling the passenger car global market expansion are the rise in demand for passenger cars as a result of the surge in disposable incomes and increasing affordability of passenger cars.

• A growing urban population is anticipated to support the global passenger vehicle market in the coming years, as the need increases to travel across short and long distances in minimal time.

• The demand for and sales of passenger electric cars are predicted to undergo rapid increase throughout the forecast period as a result of the growing emphasis on reducing exhaust emissions and improving fuel efficiency, propelling the overall passenger vehicle market.

Global Passenger Cars Market Analysis

Based on vehicle type, the market is divided into hatchback, sedan, compact SUV, and SUV. On the basis of fuel type, the market is categorised into petrol, diesel, electric, and hybrid. The regional markets for passenger cars are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model, along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global passenger car market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• General Motors Company

• Volkswagen Aktiengesellschaft

• Toyota Motors Corporation

• Mercedes-Benz AG

• Ford Motor Company

• Bayerische Motoren Werke AG

• Honda Motor Co, Ltd

• Tesla

• Kia Corporation

• Nissan Motor Co,Ltd

• Others

Global Passenger Cars Market Share by Vehicle Type

The SUV vehicle type is anticipated to witness significant growth in the market for passenger cars during the forecast period, owing to strong engines and features like sunroof and connected technologies. Due to the increasing global popularity of leisure and travel activities, there has been a growth in the demand for special utility vehicles (SUVs). In addition, the growing consumers preference for cars with a high stance and good road visibility is accelerating the segment growth.

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Global Passenger Cars Market Share by Fuel Type

Based on fuel type, the electric segment is estimated to have account for a sizable share in the passenger cars market in the coming years, supported by the growing infrastructure development for charging electric vehicles across many nations. Vehicles fuelled by petrol and diesel are expected to be increasingly replaced with hybrid and electric models due to their sustainability. Furthermore, the working population is switching significantly to electric-powered vehicles as a result of the rising fuel prices, thus aiding the growth of electric passenger cars.

Competitive Landscape

Mercedes-Benz AG, founded in 1998 and headquartered in Stuttgart, Germany, is one of the top manufacturers and suppliers of premium and luxurious vehicles and vans worldwide. The company develops, produces, distributes, and sells a variety of automotive products, including buses, trucks, vans, and passenger automobiles.

Ford Motor Company, established in 1903 and based in Michigan in the United States is one of the leading automakers that offers a complete line-up of cars, trucks, sport utility vehicles, and electric vehicles. The company also provides auto finance and leasing services.

Nissan Motor Co,Ltd, founded in 1933 and headquartered in Yokohama, Japan, is a major automaker with operations all over the world. The company produces and sells vehicles and related parts. It makes commercial vehicles, sports automobiles, luxury cars, and more.

Other market players include General Motors Company, Volkswagen Aktiengesellschaft, Toyota Motors Corporation, Bayerische Motoren Werke AG, Honda Motor Co, Ltd, Tesla, and Kia Corporation, among others.

Key Highlights of the Report