Global Passenger Car Market to be Led by Passenger cars through 2028
The major drivers for the Global Passenger Car
Market include Consumer Demand for personal vehicle and wide range of passenger
electric vehicles are expected to drive the market in forecast period.
According to TechSci Research report, “Global Passenger Car Market– By Region,
Competition, Forecast & Opportunities, 2028,” Global Passenger
Car Market has valued at USD 1,600 Billion in 2022 and is anticipated to
project robust growth in the forecast period with a CAGR of 7.1 % through 2028.
The global passenger car market is huge and full of different types of cars
that are perfect for people who need to get around. It's a mix of small cars,
SUVs, and luxury models, and it's influenced by different consumer tastes, tech
trends, and local trends. The market is constantly changing due to changing
consumer needs, new tech, environmental concerns, and changes in regulations.
As cities get bigger, cars that are more compact and city-friendly help people
get around in crowded areas. Automakers are facing tough challenges like
meeting emissions regulations, building strong charging networks, and dealing
with competition. All of this is pushing them to be more sustainable,
innovative, and different.
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Pages and an in-depth TOC on "Global Passenger Car Market."
The global passenger car market is at a turning
point due to changing consumer preferences, technological innovations, and
environmental concerns. The shift towards EVs, autonomous driving, and connectivity
and shared mobility models are transforming the industry. Technological
innovation drives the passenger car market. Connectivity features, infotainment
systems, ADAS, and autonomous driving capabilities are at the core of
technological innovation. Consumer preferences and market trends are influenced
by technology. In addition, modern consumers expect connectivity features like
smartphone integration, navigation system, and real time data access in their
vehicle. The infotainment system is evolving to offer seamless connectivity,
entertainment, and even over the air software updates. The demand for heavy and
luxury vehicles is increasing along with the growth of diesel operated
vehicles. The increase in sales of passenger cars due to the consumer preference
for economic vehicles helps to expand the market. The global passenger car
market segmentation by propulsion types illustrates the transformation of the
industry towards cleaner and sustainable mobility solutions. EVs have emerged
as a key segment due to environmental consciousness and advances in battery
technology.
The development of passenger car manufacturing
capacity and comfort is a priority for a number of major companies. In July
2022, Honda announced that the transmission assembly will be relocated from its
current location in the Amazonian region of Brazil, with the aim of increasing
operational flexibility, increased efficiency, and increased competitiveness.
Additionally, BMW has declared that it will produce the X1 model and the 3 series
model in Brazil, part of which was initially planned to be made in November
2021, amounting to a total investment of USD104.01 million (BRL 500 million).
The Global Passenger Car Market is analyzed based
on Body type, propulsion type, and by region. Based on the Body type the market
is divided into Hatchback, Multi-Purpose Vehicle, Sedan, Sports Utility Vehicle.
Based on the propulsion type, the market is divided into Electric Vehicle,
Hybrid Electric Vehicle, Natural Gas Vehicle, Fuel Cell Electric Vehicle, Diesel
Vehicle, Petrol Vehicle. Based on the region,
the market is segmented into Asia-Pacific, Europe & CIS, North America, South
America, and Middle East & Africa.
Key market players in the Global Passenger Car
Market include:
- Ford Motor Company
- General Motors
- AUDI AG
- Kia Motors Corporation
- Tesla Inc.
- Daimler AG
- BMW AG
- Hyundai Motor Company
- BYD Company Ltd.
- Toyota Motor Corporation
- Volkswagen AG
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“The increase in vehicle sales worldwide, combined
with a growing penetration on electric passenger cars, contributes
significantly to the expansion of Global Passenger Car Market. Moreover, in
addition of rising demand for personal travel, which necessitate specialized and
customized vehicles which increases comfort and reduces environmental impact.
The Global Passenger Car Market is expected to grow at 7.1 % through forecast
period.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Passenger Cars Market By
Type (Compact, Midsize, Premium, Luxury, Others), Body (MPV, SUV, Hatchback,
Sedan, Others), By Engine Type (Hybrid And Electric Vehicles, ICE), By Regional,
By Competition Forecast & Opportunities, 2018-2028F,” has evaluated the future growth potential of Automotive
Infotainment Systems market globally and provides statistics and information on
market structure, size, share and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities
present in the Global Passenger Car Market.
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