NEW YORK, United States, July 11, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Passenger Vehicles Market By Fuel Type (Petrol, Diesel, Hybrid, And Electric), By Vehicle Type (Hatchback, Sedan, SUV, And MPV) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database. According to the latest research study, the demand of global passenger vehicles market size & share was valued at USD 1.5 Trillion in 2022. The market is expected to grow above a CAGR of 6.5% and is anticipated to reach a value of USD 2.5 Trillion by 2030.
The report analyzes the global passenger vehicles market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the passenger vehicles industry.
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Passenger Vehicles Market Overview:
Automobiles or cars, commonly known as passenger vehicles, are types of motor vehicles designed predominantly for transporting individuals. These vehicles are used for personal and family transportation, as well as the commute to and from work and for recreational purposes. These vehicles are available in a wide range of sizes, designs, and models to accommodate a variety of requirements and preferences, including hatchbacks, SUVs, sedans, and others. Moreover, passenger vehicles are propelled by a variety of engines, such as petrol, diesel, hybrid, and electricity. The growth of the passenger vehicle industry is driven by a number of factors, including the expansion of the automotive industry, rising sales of passenger vehicles, an expanding population, rising purchasing power, and easy access to credit and financing.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
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Key Insights from Primary Research
- As per the analysis, the passenger vehicles market share is likely to grow above a CAGR of around 6.5% between 2023 and 2030.
- The passenger vehicles market size was worth around USD 1.5 Trillion in 2022 and is estimated to hit approximately USD 2.5 Trillion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The increasing sales of passenger vehicles coupled with the increasing government initiatives are expected to drive the passenger vehicle market growth over the forecast period.
- Based on the fuel type, the electric segment is expected to grow at the highest CAGR over the forecast period.
- Based on the vehicle type, the SUV segment is expected to dominate the market during the forecast period.
- Based on region, the Asia Pacific is expected to hold a major market share over the forecast period.
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Passenger Vehicles: Growth Drivers
- Passenger vehicle demand boosts market expansion
The passenger vehicle market is driven by rising middle-class populations and rising living standards in emerging economies. Affordable alternatives also affect demand for these vehicles. As passenger transport and logistics grow, so will passenger car demand. The Society of Indian Automobile Manufacturers sold 38,90,114 passenger vehicles, up from 30,69,523. In FY-2022–23, Passenger Car sales jumped from 14,67,039 to 17,47,376, Utility Vehicles from 14,89,219 to 20,03,718, and Vans from 1,13,265 to 1,39,020. According to FADA data, India's passenger automobile market grew 14% YoY. The above factors encourage market growth during the forecast period.
Passenger Vehicle Market: Constraints
- Ride-sharing platforms have slowed market growth
Ride-sharing services are likely to slow passenger vehicle growth over the projection period. Ridesharing will grow as demand for efficient transportation rises. The rising expense of car ownership, the need to reduce traffic for environmental reasons, and government rules supporting ridesharing services are influencing global adoption. Waze, Carma, eRideShare, and CarpoolWorld, all American companies, believe cellphones and digital networks will rule ridesharing. European carpooling is growing; French BlaBlaCar has 40 million subscribers. 500,000 Brits use Liftshare. Traffic affects ridesharing demand. Los Angeles commutes average 53.68 minutes. European Britons had 45-minute commutes. Thus, governments support ridesharing. San Francisco's BART has initiated a carpooling programme. Thus, ridesharing may slow market growth.
Competitive Players
The report contains qualitative and quantitative research on the global passenger vehicles Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness.
Some of the main players in the global passenger vehicles market include;
- Daimler AG
- General Motors
- AUDI AG
- TOYOTA MOTOR CORPORATION
- Ford Motor Company
- Groupe PSA
- SAIC Motor Corporation Limited
- Tesla
- Groupe Renault
- BMW AG
- Hyundai Motor Company
- BYD Company Ltd.
- Continental AG
- Kia Motors Corporation
- Nissan Motor Co. LTD.
- Volkswagen AG
- AB Volvo and Honda Motor Co. Ltd.
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Passenger Vehicles Market: Segmentation
The global market for passenger vehicles is segmented by fuel type, vehicle type, and region.
On the basis of fuel type, the global market is subdivided into petrol, diesel, hybrid, and electric vehicles. During the forecast period, the electric segment is anticipated to grow at the maximum CAGR. The segment's development can be attributed to a number of factors, including growing government initiatives, increasing investment by key players, and rising global pollution concerns. Included in the government initiative are:
China has extended the end date of its NEV subsidy programme from 2020 to the end of 2022, despite commencing to reduce base subsidy levels by 10%, 20%, and 30% annually (between 2020 and 2022). Additionally, the exemption from purchase taxes for NEVs was extended until the end of 2023.
The global passenger vehicle industry is segmented by vehicle type into hatchbacks, sedans, SUVs, and MPVs. The segment of SUVs is anticipated to dominate the market during the forecast period. The segment's growth can be attributed to its advantages, which include potent engines and high ground clearance. According to the International Energy Agency (IEA), worldwide SUV sales increased by over 10% between 2020 and 2021, accounting for over 45% of all new vehicle sales worldwide.
Regional Analysis:
During the projected period, Asia-Pacific will hold a significant market share.
During the forecast period, Asia-Pacific is anticipated to hold a significant share of the global passenger vehicle market. India and China are the primary contributors to regional development. The increasing demand for passenger vehicles in these markets can be attributed to a number of factors, including the rising disposable income of the population, the expansion of the automotive industry, and the increased availability of loans and financing for the purchase of new vehicles. According to India Brand Equity Foundation, the Indian passenger automobile market was worth US$32.70 billion in 2021 and is projected to reach US$54.84 billion between 2022 and 2027, a CAGR of over 9%.
Similarly, NITI Aayog and the Rocky Mountain Institute (RMI) estimate that the Indian EV finance market will likely reach Rs. 3.7 lakh crore (US$ 50 billion) by 2030. In addition, the India Energy Storage Alliance predicts that the country's EV industry will grow at a CAGR of 36% until 2026. In the same period, it is anticipated that the market for EV batteries will expand at a CAGR of 30%. Thus, these facts support the expansion of the regional market.
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Recent Industry Developments:
- The American Build Back Better Act, which was formulated in 2021, promotes reorganising EV purchase subsidies to include an additional $4500 for EVs equipped with union-made batteries, in addition to a $7500 base incentive. Recently, the Inflation Reduction Act was enacted, extending tax credits for electric vehicles that meet certain requirements (relating to battery mineral mining and processing as well as domestic final assembly) and expanding incentives for used EVs. California passed a law mandating that all automobiles sold by 2035 must be zero-emission vehicles, a requirement that will likely be adopted by many Sections 177 states.
Key questions answered in this report:
- What is the market size and growth rate forecast for Passenger Vehicles industry?
- What are the main driving factors propelling the Passenger Vehicles Market forward?
- What are the leading companies in the Passenger Vehicles Industry?
- What segments does the Passenger Vehicles Market cover?
- How can I receive a free copy of the Passenger Vehicles Market sample report and company profiles?
Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 1.5 Trillion |
| Market Forecast in 2030 | USD 2.5 Trillion |
| Growth Rate | CAGR of 6.5% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | Daimler AG, General Motors, AUDI AG, TOYOTA MOTOR CORPORATION, Ford Motor Company, Groupe PSA, SAIC Motor Corporation Limited, Tesla, Groupe Renault, BMW AG, Hyundai Motor Company, BYD Company Ltd., Continental AG, Kia Motors Corporation, Nissan Motor Co. LTD., Volkswagen AG, AB Volvo and Honda Motor Co. Ltd. among others. |
| Segments Covered | By Fuel Type, By Vehicle Type, and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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The global passenger vehicles market is segmented as follows:
By Fuel Type
- Petrol
- Diesel
- Hybrid
- Electric
By Vehicle Type
- Hatchback
- Sedan
- SUV
- MPV
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2023-2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Fuel Type, By Vehicle Type, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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