Passenger Cars - Worldwide

Worldwide

Revenue in the Passenger Cars market is projected to reach €2,148.0bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.82%, resulting in a projected market volume of €3,130.0bn by 2029.
The market's largest segment is SUVs with a projected market volume of €928.7bn in 2024.
Passenger Cars market unit sales are expected to reach 90.32m vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to €27.53k in 2024.
With a vehicle unit sales share of 46.1% 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 43.4% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (€555bn in 2024).

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

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Analyst Opinion

The Passenger Cars market in Worldwide is experiencing significant growth and development due to changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Passenger Cars market are shifting towards more fuel-efficient and environmentally friendly vehicles.

With increasing concerns about climate change and rising fuel prices, consumers are opting for electric and hybrid cars. These vehicles offer lower emissions and reduced fuel consumption, making them a popular choice among environmentally conscious consumers. Additionally, customers are also looking for cars with advanced safety features and innovative technology, such as autonomous driving capabilities and connectivity options.

Trends in the market are also driving the growth of the Passenger Cars market in Worldwide. One major trend is the rise of the sharing economy and ride-hailing services. Companies like Uber and Lyft have disrupted the traditional car ownership model, leading to increased demand for shared mobility solutions.

This trend is particularly prominent in urban areas where owning a car can be expensive and inconvenient. As a result, car manufacturers are adapting to this trend by exploring partnerships with ride-hailing companies and developing their own car-sharing platforms. Another trend in the market is the growing popularity of SUVs and crossover vehicles.

These vehicles offer a combination of spaciousness, versatility, and off-road capabilities, making them attractive to a wide range of customers. The demand for SUVs is particularly high in emerging markets, where consumers are increasingly seeking vehicles that can handle rough terrain and offer a sense of security on the road. Local special circumstances also play a significant role in the development of the Passenger Cars market in Worldwide.

In many countries, government regulations and incentives are driving the adoption of electric and hybrid vehicles. Governments are implementing strict emission standards and offering subsidies and tax incentives to encourage consumers to switch to cleaner vehicles. These policies are not only reducing the environmental impact of transportation but also stimulating the growth of the electric vehicle market.

Underlying macroeconomic factors are also influencing the Passenger Cars market in Worldwide. Economic growth and rising disposable incomes in emerging markets are driving the demand for cars. As more people enter the middle class, they have the means to purchase their own vehicles, leading to increased car sales.

Additionally, low-interest rates and easy access to financing options are making car ownership more affordable and accessible to a larger population. In conclusion, the Passenger Cars market in Worldwide is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers prioritize fuel efficiency, safety, and advanced technology, car manufacturers are adapting their offerings to meet these demands.

The rise of the sharing economy and the popularity of SUVs are also shaping the market. Government regulations and incentives are driving the adoption of electric and hybrid vehicles, while economic growth and rising disposable incomes are increasing car sales.

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).