Passenger Cars Market Dynamics - 2021 to 2031
The Passenger Cars Market is expected to register a CAGR of 6.5% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by vehicle type, fuel type, propulsion type. Based on vehicle type, the market is segmented into Hatchback, Sedan, SUV and MUV. Based on fuel type, the market is divided into Petrol, Diesel, CNG, Electric.
Purpose of the ReportThe report Passenger Cars Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Passenger Cars Market Segmentation
Vehicle Type- Hatchback
- Sedan
- SUV and MUV
- Petrol
- Diesel
- CNG
- Electric
Strategic Insights
Passenger Cars Market Growth Drivers- Rising the demand for electric vehicles: across the globe drives the passenger car market. Increasing consumers spending towards the environment pollution and growing significant investment in the automotive industry drives the market growth.
- Rising Disposable Income and Changing Lifestyles: As the global middle class expands, particularly in emerging economies like India, China, and parts of Africa, the ability to afford personal vehicles is growing. Increased disposable income leads to greater purchasing power, allowing more consumers to invest in passenger cars, including mid-range and premium segments.
- Urbanization and Demand for Personal Mobility: As urban populations grow, the demand for personal transportation is increasing. Car ownership is becoming an important symbol of economic progress and convenience, especially in countries with expanding urban infrastructure. People are looking for efficient and affordable ways to travel in congested urban environments, further boosting demand for compact and subcompact cars.
- Growing Adoption of Autonomous Driving: The development and integration of autonomous driving technologies are expected to play a major role in the passenger car market. Self-driving cars have the potential to revolutionize the way people travel, making commuting more efficient and safer. While fully autonomous vehicles are still in the experimental phase, the ongoing development of driver assistance systems (ADAS) like lane-keeping assistance, automated parking, and adaptive cruise control are already influencing consumer preferences.
- Integration of Connected Cars and IoT Integration: The integration of Internet of Things (IoT) technology in passenger cars is driving the market. Features such as infotainment systems, navigation, and vehicle diagnostics allow consumers to connect their cars to their smartphones, providing a better overall driving experience. The increasing use of cloud-based platforms and connected services, such as over-the-air updates, is making passenger cars more user-friendly and technologically advanced.
- Rising use of shared mobility services: Mobility shared services is increasing at rapid pace that drives the market opportunity. Consumers are adopting car sharing platform which is likely to create ample opportunity for the market growth.
- Urban Mobility Solutions and Car Sharing: Governments are also promoting shared mobility solutions and ride-sharing services. This shift towards mobility-as-a-service (MaaS) can impact the demand for traditional passenger cars. However, it also creates a new market for vehicles designed for ride-hailing services, like compact cars and multi-passenger electric vehicles.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Passenger Cars Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Passenger Cars Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
The major players includes Hyundai Motor Corp., Kia Corporation, Toyota Motor Corp., Honda Motors, Mahindra & Mahindra, Maruti Suzuki Ltd., Nissan Motors, Tata Motors Ltd., Ford Motors, Daimler AG, and Others
High manufacturing costs of the passenger cars hinders the market growth.
The Passenger Cars Market is estimated to witness a CAGR of 6.5% from 2023 to 2031
The major factors driving the Passenger Cars Market are: Rising sale of the passenger cars across the globe owing to rising disposable income of the people drives the market growth.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Passenger Car Market - By Vehicle Type
1.3.2 Passenger Car Market - By Fuel Type
1.3.3 Passenger Car Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. PASSENGER CAR MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. PASSENGER CAR MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. PASSENGER CAR MARKET - GLOBAL MARKET ANALYSIS
6.1. PASSENGER CAR - GLOBAL MARKET OVERVIEW
6.2. PASSENGER CAR - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. PASSENGER CAR MARKET - REVENUE AND FORECASTS TO 2028 - VEHICLE TYPE
7.1. OVERVIEW
7.2. VEHICLE TYPE MARKET FORECASTS AND ANALYSIS
7.3. HATCHBACK
7.3.1. Overview
7.3.2. Hatchback Market Forecast and Analysis
7.4. SEDAN
7.4.1. Overview
7.4.2. Sedan Market Forecast and Analysis
7.5. SUV AND MUV
7.5.1. Overview
7.5.2. SUV and MUV Market Forecast and Analysis
8. PASSENGER CAR MARKET - REVENUE AND FORECASTS TO 2028 - FUEL TYPE
8.1. OVERVIEW
8.2. FUEL TYPE MARKET FORECASTS AND ANALYSIS
8.3. PETROL
8.3.1. Overview
8.3.2. Petrol Market Forecast and Analysis
8.4. DIESEL
8.4.1. Overview
8.4.2. Diesel Market Forecast and Analysis
8.5. CNG
8.5.1. Overview
8.5.2. CNG Market Forecast and Analysis
9. PASSENGER CAR MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Passenger Car Market Overview
9.1.2 North America Passenger Car Market Forecasts and Analysis
9.1.3 North America Passenger Car Market Forecasts and Analysis - By Vehicle Type
9.1.4 North America Passenger Car Market Forecasts and Analysis - By Fuel Type
9.1.5 North America Passenger Car Market Forecasts and Analysis - By Countries
9.1.5.1 United States Passenger Car Market
9.1.5.1.1 United States Passenger Car Market by Vehicle Type
9.1.5.1.2 United States Passenger Car Market by Fuel Type
9.1.5.2 Canada Passenger Car Market
9.1.5.2.1 Canada Passenger Car Market by Vehicle Type
9.1.5.2.2 Canada Passenger Car Market by Fuel Type
9.1.5.3 Mexico Passenger Car Market
9.1.5.3.1 Mexico Passenger Car Market by Vehicle Type
9.1.5.3.2 Mexico Passenger Car Market by Fuel Type
9.2. EUROPE
9.2.1 Europe Passenger Car Market Overview
9.2.2 Europe Passenger Car Market Forecasts and Analysis
9.2.3 Europe Passenger Car Market Forecasts and Analysis - By Vehicle Type
9.2.4 Europe Passenger Car Market Forecasts and Analysis - By Fuel Type
9.2.5 Europe Passenger Car Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Passenger Car Market
9.2.5.1.1 Germany Passenger Car Market by Vehicle Type
9.2.5.1.2 Germany Passenger Car Market by Fuel Type
9.2.5.2 France Passenger Car Market
9.2.5.2.1 France Passenger Car Market by Vehicle Type
9.2.5.2.2 France Passenger Car Market by Fuel Type
9.2.5.3 Italy Passenger Car Market
9.2.5.3.1 Italy Passenger Car Market by Vehicle Type
9.2.5.3.2 Italy Passenger Car Market by Fuel Type
9.2.5.4 United Kingdom Passenger Car Market
9.2.5.4.1 United Kingdom Passenger Car Market by Vehicle Type
9.2.5.4.2 United Kingdom Passenger Car Market by Fuel Type
9.2.5.5 Russia Passenger Car Market
9.2.5.5.1 Russia Passenger Car Market by Vehicle Type
9.2.5.5.2 Russia Passenger Car Market by Fuel Type
9.2.5.6 Rest of Europe Passenger Car Market
9.2.5.6.1 Rest of Europe Passenger Car Market by Vehicle Type
9.2.5.6.2 Rest of Europe Passenger Car Market by Fuel Type
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Passenger Car Market Overview
9.3.2 Asia-Pacific Passenger Car Market Forecasts and Analysis
9.3.3 Asia-Pacific Passenger Car Market Forecasts and Analysis - By Vehicle Type
9.3.4 Asia-Pacific Passenger Car Market Forecasts and Analysis - By Fuel Type
9.3.5 Asia-Pacific Passenger Car Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Passenger Car Market
9.3.5.1.1 Australia Passenger Car Market by Vehicle Type
9.3.5.1.2 Australia Passenger Car Market by Fuel Type
9.3.5.2 China Passenger Car Market
9.3.5.2.1 China Passenger Car Market by Vehicle Type
9.3.5.2.2 China Passenger Car Market by Fuel Type
9.3.5.3 India Passenger Car Market
9.3.5.3.1 India Passenger Car Market by Vehicle Type
9.3.5.3.2 India Passenger Car Market by Fuel Type
9.3.5.4 Japan Passenger Car Market
9.3.5.4.1 Japan Passenger Car Market by Vehicle Type
9.3.5.4.2 Japan Passenger Car Market by Fuel Type
9.3.5.5 South Korea Passenger Car Market
9.3.5.5.1 South Korea Passenger Car Market by Vehicle Type
9.3.5.5.2 South Korea Passenger Car Market by Fuel Type
9.3.5.6 Rest of Asia-Pacific Passenger Car Market
9.3.5.6.1 Rest of Asia-Pacific Passenger Car Market by Vehicle Type
9.3.5.6.2 Rest of Asia-Pacific Passenger Car Market by Fuel Type
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Passenger Car Market Overview
9.4.2 Middle East and Africa Passenger Car Market Forecasts and Analysis
9.4.3 Middle East and Africa Passenger Car Market Forecasts and Analysis - By Vehicle Type
9.4.4 Middle East and Africa Passenger Car Market Forecasts and Analysis - By Fuel Type
9.4.5 Middle East and Africa Passenger Car Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Passenger Car Market
9.4.5.1.1 South Africa Passenger Car Market by Vehicle Type
9.4.5.1.2 South Africa Passenger Car Market by Fuel Type
9.4.5.2 Saudi Arabia Passenger Car Market
9.4.5.2.1 Saudi Arabia Passenger Car Market by Vehicle Type
9.4.5.2.2 Saudi Arabia Passenger Car Market by Fuel Type
9.4.5.3 U.A.E Passenger Car Market
9.4.5.3.1 U.A.E Passenger Car Market by Vehicle Type
9.4.5.3.2 U.A.E Passenger Car Market by Fuel Type
9.4.5.4 Rest of Middle East and Africa Passenger Car Market
9.4.5.4.1 Rest of Middle East and Africa Passenger Car Market by Vehicle Type
9.4.5.4.2 Rest of Middle East and Africa Passenger Car Market by Fuel Type
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Passenger Car Market Overview
9.5.2 South and Central America Passenger Car Market Forecasts and Analysis
9.5.3 South and Central America Passenger Car Market Forecasts and Analysis - By Vehicle Type
9.5.4 South and Central America Passenger Car Market Forecasts and Analysis - By Fuel Type
9.5.5 South and Central America Passenger Car Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Passenger Car Market
9.5.5.1.1 Brazil Passenger Car Market by Vehicle Type
9.5.5.1.2 Brazil Passenger Car Market by Fuel Type
9.5.5.2 Argentina Passenger Car Market
9.5.5.2.1 Argentina Passenger Car Market by Vehicle Type
9.5.5.2.2 Argentina Passenger Car Market by Fuel Type
9.5.5.3 Rest of South and Central America Passenger Car Market
9.5.5.3.1 Rest of South and Central America Passenger Car Market by Vehicle Type
9.5.5.3.2 Rest of South and Central America Passenger Car Market by Fuel Type
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. PASSENGER CAR MARKET, KEY COMPANY PROFILES
11.1. BMW AG
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. DAIMLER
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. DONGFENG
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. FAW GROUP
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. FIAT CHRYSLER AUTOMOBILES N.V.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. FORD MOTOR COMPANY
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. GENERAL MOTORS
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. SAIC
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. TOYOTA MOTOR CORPORATION
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. VOLKSWAGEN GROUP
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1.BMW AG
2.Daimler
3.Dongfeng
4.FAW Group
5.Fiat Chrysler Automobiles N.V.
6.Ford Motor Company
7.General Motors
8.SAIC
9.Toyota Motor Corporation
10.Volkswagen Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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