The global passenger cars market size was valued at USD 1587.75 Billion in 2022 and to surpass USD 3593.43 Billion by 2031, expanding CAGR of 6.1% during the forecast period, 2023–2031. The growth of the market is attributed to the rising demand for passenger cars in developing countries.
Passenger cars are motor vehicles with four wheels, which aids in transportation of eight or nine passengers at a time. The number of passenger cars increased in several countries, as it is a common mode of conveyance. Passenger cars utilize substantial portion of energy generated by combustion of fuel. Fuel used in passenger cars includes petrol, diesel, and others.
Passenger cars comprise advanced technology such as fast charging, navigation, voice recognition, and smartphone integration. Some passenger cars have features such as automatic parking, automatic braking, and assistance in lane keeping. Passenger cars are found in four types, including SUV, MUV, sedan, and hatchback. Passenger cars used in sports are known as Sport Utility Vehicles (SUV).
Passenger cars utilized for various purposes are known as Multi-purpose Utility Vehicles (MUV). The sedan provides separate compartments for passengers, cargo, and engines. Hatchback cars utilize advanced techniques to flip the doors upwards. Technology changed the automotive industry by providing good driving experience and bringing safety and comfort to passengers.
The COVID-19 pandemic negatively affected the manufacturing industry, due to the lockdowns. Transportation of raw materials and export of automotive components were halted, due to stringent regulations. The production of new passenger cars was completely shut down and the entire industry was hampered.
Passenger Cars Market Trends, Drivers, Restraints, and Opportunities
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Increasing demand for special utility vehicles is anticipated to drive the market.
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Rising population is expected to propel the market during the forecast period.
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Growing disposable income is projected to boost the market in the coming years.
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Increasing raw material prices is estimated to hinder the market in the coming years.
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High cost of electric cars and inadequate charging infrastructure are anticipated to hamper the market expansion.
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Government projects and policies are expected to create lucrative opportunities for the market players.
Scope of Passenger Cars Market Report
The report on the global passenger cars market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Passenger Cars Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Fuel Types (Diesel, Petrol, and Others), and Vehicle Types (SUV & MUV, Sedan, and Hatchback)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Mahindra & Mahindra; Maruti Suzuki; Honda; Toyota; and Hyundai
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Passenger Cars Market Segment Insights
Fuel Types Segment Analysis
On the basis of fuel types, the passenger cars market is segmented into diesel, petrol, and others. The petrol segment is projected to expand at a considerable CAGR during the forecast period, owing to the increasing domestic demand for petrol. The diesel segment is anticipated to account for a major market share during the forecast period, as it is affordable than petrol.
Vehicle Types Segment Analysis
In terms of vehicle types, the market is divided into SUV & MUV, sedan, and hatchback. The SUV & MUV segment is expected to hold a significant share of the market in the coming years, due to increasing flow of investments in the automotive industry. The hatchback segment accounts for a significant market share, owing to its various features.
Regional Analysis
In terms of regions, the passenger cars market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to increasing population and rising per capita income of people in the region. North America is expected to constitute a key share of the market during the forecast period, owing to technological advancements in passenger cars in the region.
Segments
The global passenger cars market has been segmented on the basis of
Fuel Types
Vehicle Types
- SUV & MUV
- Sedan
- Hatchback
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global passenger cars market are Mahindra & Mahindra; Maruti Suzuki; Honda; Toyota; and Hyundai.
Key market players introduced different applications and technologies in passenger cars to increase their market share and revenue. Maruti Suzuki promoted the growth of the passenger car market in India in 2020 by expanding its range of SUVs, whereas Hyundai sold a large number of hatchback and sedan passenger cars in the region. Maruti Suzuki India Ltd. (MSIL) upgraded its popular car models, such as Baleno in April 2019.
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