"Market Intelligence for High-Geared Performance"
Passenger cars are the most common means of transportation in developed countries. In recent years there been tremendous adoption in advanced technologies such as advanced driver assistance system (ADAS). Adoption of electric vehicle is fuelling the demand for passenger cars. Due to the increase in per capita income, the number of passenger cars in developing countries is also increasing. The passenger car market of a country depends to a large extent on its current economic conditions, which is why the industry dropped during the recession in the United States and Europe. Many passenger car manufacturers, including General Motors, Ford and Chrysler, have had to seek large loans to continue production in a sluggish economy. Rising raw material prices are one of the biggest concerns in the passenger car market. The prices of steel and plastics have soared to high levels recently, leading to an increase in the price of passenger cars to consumers. The passenger car market depends largely on research and development, and its products need to meet real-time customer needs to remain competitive.
Key Market Driver -
Increasing disposable income is expected to drive the growth of the market in the forecast period.
Key Market Restraint -
Fluctuating raw material prices may hamper the growth of the market during the forecast period.
Globally, the Passenger Cars market is segmented by fuel type, by vehicle type and by geographic coverage. Based on fuel type, the market is further segmented into petrol, diesel, hybrid and electric. The electric segment is expected to dominate the market over the forecast period. Various governments across the globe have imposed stringent emission norms on automotive manufacturers to develop emission free vehicles. Adoption of charging infrastructure in various countries is fuelling the demand for electric vehicles. By vehicle type the market is segmented into hatchback, sedan, compact-SUV and SUV. The compact-SUV segment is expected to dominate the market over the forecast period. High ground clearance, sturdy vehicle and powerful engine are the factors that is dominating the compact-SUV segment over the forecast period. Adoption of EV and Hybrid technology is also another factor that is helping to dominate in passenger car market.
Major players operating in the global Passenger Cars market include General Motors, Volkswagen, Toyota, Hyundai, Ford, Nissan, PSA Peugeot Citroen, Tesla, Honda, Mercedes, BMW, Audi, Daimler, TATA Motors, Kia Motors, Honda, Suzuki, and Renault among others.
Geographically, the Passenger Cars market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific holds the maximum share in the global market and is expected to propel further owing to the rapid adoption of advanced technologies by the automotive industry. Developing and developed countries such as India, China, Japan and South Korea are the largest contributors in the world’s automotive market. In addition, with the rapid urbanization of cities in countries such as India, China, and ASEAN countries, the demand and sales of passenger cars have been increasing. Increasing disposable income of consumers is boosting the demand for passenger cars. The European region recorded the second-largest share. Rising adoption of electric vehicle charging infrastructure is helping to maintain second-largest position in the market. Presence of major key players in this region and rising adoption of advanced technologies is boosting the passenger car market in this region. North America to show a decent growth in the passenger car market.
By Fuel Type
By Vehicle Type
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