Global Passenger Vehicles Market By Vehicle Type (Sedans & Hatchbacks, SUVs & Crossovers, MPVs & Vans), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Passenger Vehicles Market
Global Passenger Vehicles Market is expected to rise from its initial estimated value of USD 1427.66 billion in 2018 to a projected value of USD 1804.31 billion by 2026, registering a CAGR of 2.97% in the forecast period of 2019-2026. This rise in market value can be attributed to the shifting landscape of vehicles being manufactured in the Asia-Pacific region because of cheap labour and lower end-product cost.
Market Definition: Global Passenger Vehicles Market
Passenger vehicles are automotive that are used as a mode of transportation by the passengers to travel from one specific place to another. Various authorities define passenger vehicles as having four wheels and having not more than eight seats excluding the seat of the driver to carry the passengers.
- Increasing demand for automotive amid rise in the levels of disposable income is one of the major factors driving the growth of the market
- Innovations and advancements in the market resulting in development of autonomous vehicles have increased the demand for passenger vehicles
- Increasing and fluctuating prices of raw materials, which has resulted in increasing overall cost of the vehicles; this factor is expected to restrain the market growth
- Stringent regulations present in the market regarding the pollution levels of vehicles and standardization for the emissions from the vehicle are expected to restrain the market growth
Segmentation: Global Passenger Vehicles Market
By Vehicle Type
- Sedans & Hatchbacks
- Sport Utility Vehicles (SUVs) & Crossovers
- Multi-Purpose Vehicles (MUVs) & Vans
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
Key Developments in the Market:
- In August 2018, Tata Motors announced that during the following five years they plan to launch 10-12 new passenger vehicles. The vehicles will be developed under the two new platforms developed by the company – Alpha and Omega. They also announced that they plan to launch a new SUV vehicle termed as “Harrier” which will be launched in the first quarter of January
- In January 2017, Groupe Renault announced their intentions to launch at least one new vehicle every year in the Indian market till 2021. This strategy is based on their intentions to increase the market share for domestic passenger vehicles
Global passenger vehicles market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of passenger vehicles market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the passenger vehicles market are Ford Motor Company; Honda Motor Co., Ltd.; Hyundai Motor Company; Mahindra & Mahindra Ltd.; Fiat Chrysler Automobiles; Volkswagen AG; Nissan; suzuki motor corporation; Zhejiang Geely Holding Group; Tata Motors; Groupe Renault; TOYOTA MOTOR CORPORATION; Groupe PSA; BMW AG; MITSUBISHI MOTORS CORPORATION; General Motors; Mazda Motor Corporation; Daimler AG; SAIC Motor Corporation Limited; Changan Automobile Co., Ltd.; Dongfeng Motor Group Co.,Ltd, and Beijing Automotive Group Co., Ltd.
Research Methodology: Global Passenger Vehicles Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry. The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved