Global Passenger Car Market Overview 2033 : Forecasted Market

Passenger Car Global Market Report 2024

“The Business Research Company recently released a comprehensive report on the Global Passenger Car Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company’s, The passenger car market size has grown strongly in recent years. It will grow from $1634.12 billion in 2023 to $1768.1 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to urbanization, economic growth, consumer preferences, fuel efficiency, safety standards, emission regulations, affordable financing options.

The passenger car market size is expected to see strong growth in the next few years. It will grow to $2378.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to electric vehicle adoption, connectivity features, sustainability and eco-friendly cars, flexible ownership models, government incentives, hydrogen fuel cell vehicles. Major trends in the forecast period include personalization of vehicle interiors, lightweight materials for fuel efficiency, integration of augmented reality (ar) in head-up displays, compact and urban mobility solutions, vehicle subscription services.

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Market Drivers and Trends:

The growing adoption of electric vehicles is expected to boost the growth of the passenger cars market going forward. An electric vehicle (EV) refers to a vehicle that can drive forward using an electric motor that is powered by a battery and can be externally charged. The rise in passenger car demand due to EVs is attributed to a combination of factors, including increasing affordability, government policies, environmental concerns, and technological advancements. For instance, in March 2022, according to a report published by the US Department Of Energy, a US-based agency that manages nuclear infrastructure and energy policies, electric vehicle (EV) sales increased by 85% in 2021. The number of new light-duty plug-in electric vehicle sales, which includes both electric vehicles (EV) and plug-in hybrid electric vehicles (PHEV) sales, nearly doubled from 308,000 in 2020 to 608,000 in 2021. 73% of all plug-in electric car sales in 2021 were made up of EV sales. Therefore, the growing adoption of electric vehicles is driving the growth of the passenger cars market.

Major companies operating in the passenger car market are developing new products such as the A-class SUV to meet larger customer bases, more sales, and increased revenue. The A-class SUV refers to a passenger car that has a passenger capacity of 5 and a cargo capacity of 50.5 cu ft. For instance, in February 2022, BYD Auto Co. Ltd. a China-based automobile manufacturer launched Atto 3, the first A-class SUV constructed with BYD’s e-platform 3.0. ATTO 3 has a unique feature that makes it fast, energetic, and dynamic as it is based on the Attosecond, the smallest time scale unit in physics. The ATTO 3 is the first SUV with a sporty-themed cabin, which embodies BYD’s new design language. The innovative Blade Battery technology from BYD is a standard feature of ATTO 3, providing users with standards of safety that are among the highest in the market as well as a longer single-charge range.

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Major Key Players of the Market:

Volkswagen AG, Toyoto Motor Corp, Daimler AG, Fiat Chrysler Automobiles NV, Ford Motor Co., General Motors Company, BMW AG, Honda Motor Co Ltd., Hyundai Motor Co. Ltd., SAIC Motor Co ltd., Groupe PSA, Tesla Inc., Nissan Motor Co Ltd., Kia Motors Corporation, BYD Company Limited, Renault SA, EXOR Group, Jeep, Tata Motors Limited, Suzuki Motor Corporation, Subaru Corporation, Mazda Motor Corporation, FCA Italy S.p.A., Geely Automobile Holdings Limited, Great Wall Motor Company Limited, Mitsubishi Motors Corporation, Guangzhou Automobile Group Co. Ltd., Changan Automobile Co. Ltd., Dongfeng Motor Corporation, Maserati S.p.A., Brilliance China Automotive Holdings Limited

Passenger Car Market 2024 Key Insights:

• The passenger car market size is expected to see strong growth in the next few years. It will grow to $2378.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.

• Electric Vehicle Adoption Sparks Surge In Passenger Car Market Growth

• Development Of Products To Drive The Revenues Of Passenger Cars Market

• Asia-Pacific was the largest region in the passenger car market in 2023

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