Passenger Cars Market Size, Share, Growth & Forecast [2031]

Passenger Cars Market Size, Share, Growth & Forecast [2031]

Segments - Passenger Cars Market by Fuel Types (Diesel, Petrol, and Others), Vehicle Types (SUV & MUV, Sedan, and Hatchback), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Akash Vedpathak
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Fact-checked by : Vineet Pandey
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Editor : Shruti Bhat

Upcoming | Report ID :AL-4052 | 4.5 Rating | 78 Reviews | 146 Pages | Format : PDF Excel PPT

Report Description


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 Market Outlook

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.

  • Increasing demand for special utility vehicles is anticipated to drive the market.

  • Rising population is expected to propel the market during the forecast period.

  • Growing disposable income is projected to boost the market in the coming years.

  • Increasing raw material prices is estimated to hinder the market in the coming years.

  • High cost of electric cars and inadequate charging infrastructure are anticipated to hamper the market expansion.

  • 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.

Attributes

Details

Report Title

Passenger Cars Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Fuel Types (Diesel, Petrol, and Others), and Vehicle Types (SUV & MUV, Sedan, and Hatchback)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Mahindra & Mahindra; Maruti Suzuki; Honda; Toyota; and Hyundai

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.

Passenger Cars Market Fuel Types

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.

Passenger Cars Market Region

Segments

The global passenger cars market has been segmented on the basis of

Fuel Types

  • Diesel
  • Petrol
  • Others 

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.

Passenger Cars Market Key Players

Frequently Asked Questions

Key players competing in the global passenger cars market are Mahindra & Mahindra; Maruti Suzuki; Honda; Toyota; and Hyundai.

Passenger cars are motor vehicles with four wheels, which aids in transportation of eight or nine passengers at a time.

High cost of electric cars and inadequate charging infrastructure are major restraints of the passenger cars market.

Increasing demand for special utility vehicles is anticipated to drive the market.

The SUV 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.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Passenger Cars Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Passenger Cars Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Passenger Cars Market - Supply Chain
  4.5. Global Passenger Cars Market Forecast
     4.5.1. Passenger Cars Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Passenger Cars Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Passenger Cars Market Absolute $ Opportunity
5. Global Passenger Cars Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Passenger Cars Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Passenger Cars Demand Share Forecast, 2019-2026
6. North America Passenger Cars Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Passenger Cars Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Passenger Cars Demand Share Forecast, 2019-2026
7. Latin America Passenger Cars Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Passenger Cars Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Passenger Cars Demand Share Forecast, 2019-2026
8. Europe Passenger Cars Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Passenger Cars Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Passenger Cars Demand Share Forecast, 2019-2026
9. Asia Pacific Passenger Cars Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Passenger Cars Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Passenger Cars Demand Share Forecast, 2019-2026
10. Middle East & Africa Passenger Cars Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Passenger Cars Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Passenger Cars Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Passenger Cars Market: Market Share Analysis
  11.2. Passenger Cars Distributors and Customers
  11.3. Passenger Cars Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. Mahindra & Mahindra Maruti Suzuki Honda Toyota Hyundai

Methodology

Our Clients

The John Holland Group
Deloitte
General Mills
Nestle SA
Siemens Healthcare
Honda Motor Co. Ltd.
Dassault Aviation
General Electric