Global Passenger Vehicles Market, By Type (Compact, Midsize, Premium, Luxury, Others), Body (MPV, SUV, Hatchback, Sedan, Others), Application (Personal, Commercial, Electric), Fuel Type (Petrol, Diesel, CNG) – Industry Trends and Forecast to 2029
Market Analysis and Size
Passenger vehicles have gained immense popularity among consumers over the years due to the features such as compact size, stylish design, and economic value. These vehicles have become an integral part of people's daily commute mode.
Global Passenger Vehicles Market was valued at USD 1445.00 billion in 2021 and is expected to reach USD 2641.10 billion by 2029, registering a CAGR of 7.83% in 2022 2029. Electric is expected to witness significant growth in the application segment due to increased environmental concerns. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Passenger vehicles are the vehicles which are utilized to travel from one destination to another, which are essentially utilized for transporting passengers. Passenger vehicles are the most common mode of transportation in advanced countries. They are growing in numbers in emerging countries due to growing per capita income.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Forecast Period
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2022 - 2029
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Compact, Midsize, Premium, Luxury, Others), Body (MPV, SUV, Hatchback, Sedan, Others), Application (Personal, Commercial, Electric), Fuel Type (Petrol, Diesel, CNG)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa
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Market Players Covered
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Ford Motor Company (US), General Motors (US), AUDI AG (Germany), Kia Motors Corporation (South Korea), Groupe Renault (France), Groupe PSA (France), SAIC Motor Corporation Limited (China), Tesla (US), Daimler AG (Germany), BMW AG (Germany), Hyundai Motor Company (South Korea), BYD Company Ltd. (China), Continental AG (Germany), TOYOTA MOTOR CORPORATION (Japan), Nissan Motor Co., LTD. (Japan), Volkswagen AG (Germany), AB Volvo (Sweden), Honda Motor Co., Ltd. (Japan), among others
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Market Opportunities
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Passenger Vehicles Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- High Demand for Passenger Vehicles
The increase in demand for passenger vehicles due to the surge in middle-income group population and rise in standard of living in emerging countries act as the major factors driving the market's growth. Consumers are also inclining towards these vehicles due to the availability of economic options in these vehicles.
- Technological Advancements
The rise in technological advancements, such as integrating all-EV charging station systems with the Internet of Things (IoT) and real-time information solutions, accelerates market growth. The technologies provide real-time data about the availability of vacant spots and locate nearby charging stations.
- Demand of Heavy and Luxury Vehicles
The surge in demand of heavy and luxury vehicles and rising along with the increase in diesel operated vehicles accelerate the market growth. Also, an increase in the sales of passenger cars owing to the consumer preference toward economic vehicles assists in expanding the market.
Additionally, expansion of the automotive sector, surge in investments and increased disposable income positively affect the passenger vehicles market.
Opportunities
Furthermore, increase in demand for Special Utility Vehicles (SUVs) extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, latest research and development initiatives will further expand the market.
Restraints/Challenges
On the other hand, high cost of the vehicles, and the low fuel efficiency expected to obstruct market growth. Also, considerable maintenance expenses and augmented insurance rates are projected to challenge the sport utility vehicle (SUV) market in the forecast period of 2022-2029.
This passenger vehicles market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on passenger vehicles market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Passenger Vehicles Market
The COVID-19 pandemic had a moderate impact on the passenger vehicles market due to global lockdowns. Due to the incentives from governments, the demand for compact vehicles and related markets increased in 2021. Government and market key players adopted new safety measures for developing the manufacturing practices. The advancements in the technology escalated the sales rate of the SUV as it targeted the right audience. The increase in SUV and sedan across the globe is expected to further drive the market growth in the post-pandemic scenario.
Global Passenger Vehicles Market Scope
The passenger vehicles market is segmented on the basis of type, body, application, and fuel type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Compact
- Midsize
- Premium
- Luxury
- Others
Body
- MPV
- SUV
- Hatchback
- Sedan
- Others
Application
- Personal
- Commercial
- Electric
Fuel Type
- Petrol
- Diesel
- CNG
Passenger Vehicles Market Regional Analysis/Insights
The passenger vehicles market is analyzed and market size insights and trends are provided by country, type, body, application, and fuel type.
The countries covered in the passenger vehicles market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the passenger vehicles market because of the high purchase of passenger cars within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the region's high investments in research and development activities.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Passenger Vehicles Market Share Analysis
The passenger vehicles market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to passenger vehicles market.
Some of the major players operating in the passenger vehicles market are
- Ford Motor Company (US)
- General Motors (US)
- AUDI AG (Germany)
- Kia Motors Corporation (South Korea)
- Groupe Renault (France)
- Groupe PSA (France)
- SAIC Motor Corporation Limited (China)
- Tesla (US)
- Daimler AG (Germany)
- BMW AG (Germany)
- Hyundai Motor Company (South Korea)
- BYD Company Ltd. (China)
- Continental AG (Germany)
- TOYOTA MOTOR CORPORATION (Japan)
- Nissan Motor Co., LTD. (Japan)
- Volkswagen AG (Germany)
- AB Volvo (Sweden)
- Honda Motor Co., Ltd. (Japan)
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