Passenger Cars - United States

United States

Revenue in the Passenger Cars market is projected to reach €561.1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.10%, resulting in a projected market volume of €558.4bn by 2029.
The market's largest segment is SUVs with a projected market volume of €308.7bn in 2024.
Passenger Cars market unit sales are expected to reach 15.71m vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to €35.16k in 2024.
With a vehicle unit sales share of 25.1% in 2024, Other is expected to have one of the highest market share in the selected region.
The value market share of the make Other in the selected region is expected to stand at 30.2% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (€561bn in 2024).

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in United States has been witnessing significant growth in recent years.

Customer preferences: Customers in the United States have shown a strong preference for passenger cars due to their convenience and affordability. The availability of a wide range of models and brands has also contributed to the popularity of passenger cars in the country. Additionally, customers in the United States value fuel efficiency and safety features in their vehicles, which has led to an increased demand for hybrid and electric cars.

Trends in the market: One of the key trends in the Passenger Cars market in United States is the growing demand for SUVs and crossovers. These vehicles offer a combination of spaciousness, versatility, and fuel efficiency, making them attractive to a wide range of customers. The rise in popularity of SUVs and crossovers can be attributed to factors such as changing consumer lifestyles, increased focus on outdoor activities, and the perception of these vehicles as being safer. Another trend in the market is the increasing adoption of electric and hybrid cars. The United States government has been promoting the use of electric vehicles through various incentives and subsidies, which has led to a surge in demand for these vehicles. Additionally, advancements in technology have made electric and hybrid cars more affordable and practical for everyday use, further driving their popularity in the market.

Local special circumstances: The United States has a well-developed infrastructure, including a vast network of highways and roads, which makes it conducive for the use of passenger cars. The country also has a strong automobile manufacturing industry, with several major automakers having production plants in the United States. This has led to a wide availability of passenger cars and competitive pricing in the market.

Underlying macroeconomic factors: The strong economy and low unemployment rate in the United States have contributed to the growth of the Passenger Cars market. With more people having disposable income, there is an increased ability to purchase cars. Additionally, low fuel prices have made owning and operating passenger cars more affordable for consumers. The availability of auto financing options also makes it easier for customers to purchase cars. In conclusion, the Passenger Cars market in United States is driven by customer preferences for convenience, affordability, and fuel efficiency. The growing demand for SUVs and crossovers, as well as the increasing adoption of electric and hybrid cars, are key trends in the market. The local special circumstances, such as a well-developed infrastructure and a strong automobile manufacturing industry, further support the growth of the market. The underlying macroeconomic factors, including a strong economy and low fuel prices, also contribute to the development of the Passenger Cars market in United States.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).