Passenger Vehicles Market
Passenger Vehicles Market Forecasts to 2030 - Global Analysis By Type (Sedans, Hatchbacks, Coupes, Convertibles, SUVs, MPVs (Multi-Purpose Vehicles) and Other Types), Fuel Type, Transmission Type, Price Range, Application, End User and By Geography
According to Stratistics MRC, the Global Passenger Vehicles Market is accounted for $1.7 trillion in 2024 and is expected to reach $2.8 trillion by 2030 growing at a CAGR of 8.5% during the forecast period. Passenger vehicles are motor vehicles designed primarily for the transportation of passengers, with seating for up to eight people, including the driver. They include various types such as sedans, hatchbacks, station wagons, SUVs, minivans, and convertibles. These vehicles are distinct from commercial vehicles, which are designed for transporting goods, and from motorcycles. Passenger vehicles are equipped with features for comfort, safety, and convenience, such as air conditioning, airbags, seatbelts, and infotainment systems. They are typically powered by internal combustion engines, though electric and hybrid models are becoming increasingly popular due to environmental concerns and advancements in technology.
Market Dynamics:
Driver:
Shift of population from rural to urban areas
As urbanization increases, the demand for passenger vehicles often rises due to greater economic opportunities and higher disposable incomes in cities. Urban dwellers typically seek more compact, fuel-efficient, and environmentally friendly vehicles suited for city driving, leading to a surge in sales of small cars, electric vehicles (EVs), and hybrids. Moreover, the increased urban population density can spur investments in infrastructure, like roads and parking facilities, facilitating vehicle ownership.
Restraint:
Recessions and economic instability
During economic downturns, potential buyers often defer or cancel vehicle purchases, leading to a decline in demand. Unemployment and uncertainty about future income make consumers more cautious about taking on significant financial commitments, such as auto loans. Consequently, sales of new passenger vehicles drop, affecting automakers' revenues and profitability. Thus, economic instability can disrupt supply chains, increase production costs, and lead to higher vehicle prices, exacerbating the decline in sales hampering the growth of the market.
Opportunity:
Economic growth and rising disposable income
Employment rates rise, as economies expand, leading to higher household incomes and greater financial stability. This enables more individuals and families to afford new vehicles, boosting demand across various segments, from budget to luxury cars. With higher disposable incomes, consumers are more likely to invest in vehicles with advanced features, better safety, and enhanced performance. This trend can lead to increased sales of premium models and the latest technology, including electric and hybrid vehicles.
Threat:
Adherence to stringent emission standards
To comply with these stringent emission standards, manufacturers must invest heavily in research and development to create more fuel-efficient and lower-emission vehicles, such as electric and hybrid models. This often leads to higher prices for new vehicles, which can deter price-sensitive consumers and reduce overall demand and they may necessitate the phasing out of popular but less efficient models, limiting consumer choices and potentially alienating certain market segments.
Covid-19 Impact:
The COVID-19 pandemic severely impacted the passenger vehicle market by disrupting supply chains, halting production, and reducing consumer demand due to economic uncertainty and lockdown measures. Dealership closures and a shift towards remote work further decreased vehicle sales. However, the pandemic also accelerated the adoption of digital sales channels and increased interest in personal mobility solutions, partially offsetting the downturn. The market is now gradually recovering as economies reopen and adapt to new consumer behaviors.
The sedans segment is expected to be the largest during the forecast period
The sedans is expected to be the largest during the forecast period as they often serving as a benchmark for comfort, style, and performance. Known for their balanced design, spacious interiors, and fuel efficiency, sedans appeal to a wide range of consumers, from families to professionals. They drive innovation in safety and technology, influencing trends across other vehicle segments.
The diesel segment is expected to have the highest CAGR during the forecast period
The diesel segment is expected to have the highest CAGR during the forecast period as offering greater fuel efficiency and torque compared to gasoline engines, making them popular for long-distance driving and larger vehicles. However, concerns over emissions and environmental impact have led to stricter regulations and a decline in diesel's market share. Scandals like Dieselgate have also tarnished diesel's reputation, prompting consumers and manufacturers to shift towards cleaner alternatives like electric and hybrid vehicles.
Region with largest share:
North America is projected to hold the largest market share during the forecast period because diverse consumer preferences, regulatory environments, and technological advancements. Key trends include a strong demand for SUVs, crossovers, and trucks, reflecting consumer preference for larger, versatile vehicles. Electric vehicles (EVs) and hybrids are gaining traction due to increasing environmental awareness and supportive government policies, such as tax incentives and emissions regulations boosts the market growth in this region.
Region with highest CAGR:
Asia Pacific is projected to hold the highest CAGR over the forecast period owing to automakers who are investing heavily in EV technology, autonomous driving, and connectivity features to meet consumer demand for innovation and sustainability. The market is also influenced by economic factors, fuel prices, and shifts in consumer behavior, such as the growing importance of online sales and ride-sharing services.
Key players in the market
Some of the key players in Passenger Vehicles market include AB Volvo , AUDI AG, BMW AG, BYD Company Ltd., Continental AG, Daimler AG, Ford Motor Company , General Motors, Groupe PSA, Groupe Renault , Honda Motor Co., Ltd., Hyundai Motor Company, Kia Motors Corporation, Nissan Motor Co. LTD., SAIC Motor Corporation Limited, Tesla, TOYOTA MOTOR CORPORATION and Volkswagen AG
Key Developments:
In July 2024, Hyundai Motor announced the sale of the made-in-singapore electric vehicle sedan, Hyundai IONIQ 6, out of Hyundai Motor group innovation center Singapore and With more enhanced charging solutions
In July 2024, Hyundai Motor and Hilton Grand vacations agreed to collaborate on expanding customer EV experience. Collaboration to offer premium customer experiences and sustainable mobility solutions in major tourist destinations
In July 2024, Suzuki approves continental tire for new S-Cross. EcoContact 6 ensures lower energy consumption and high noise comfort thanks to its tire technology
Types Covered:
• Sedans
• Hatchbacks
• Coupes
• Convertibles
• SUVs
• MPVs (Multi-Purpose Vehicles)
• Other Types
Fuel Types Covered:
• Petrol
• Diesel
• Hybrid Electric Vehicles
• Battery Electric Vehicles
• Plug-in Hybrid Electric Vehicles
• Other Fuel Types
Transmission Types Covered:
• Manual Transmission
• Automatic Transmission
• Continuously Variable Transmission
• Dual-Clutch Transmission
• Other Transmission Types
Price Ranges Covered:
• Economy
• Mid-Range
• Luxury
• Super Luxury
• Other Price Ranges
Applications Covered:
• Personal Transportation
• Commercial Use
• Specialty Vehicles
• Other Applications
End Users Covered:
• Individual Consumers
• Ride-Sharing & Car-Sharing Services
• Rental Companies
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Passenger Vehicles Market, By Type
5.1 Introduction
5.2 Sedans
5.3 Hatchbacks
5.4 Coupes
5.5 Convertibles
5.6 SUVs
5.7 MPVs (Multi-Purpose Vehicles)
5.8 Other Types
6 Global Passenger Vehicles Market, By Fuel Type
6.1 Introduction
6.2 Petrol
6.3 Diesel
6.4 Hybrid Electric Vehicles
6.5 Battery Electric Vehicles
6.6 Plug-in Hybrid Electric Vehicles
6.7 Other Fuel Types
7 Global Passenger Vehicles Market, By Transmission Type
7.1 Introduction
7.2 Manual Transmission
7.3 Automatic Transmission
7.4 Continuously Variable Transmission
7.5 Dual-Clutch Transmission
7.6 Other Transmission Types
8 Global Passenger Vehicles Market, By Price Range
8.1 Introduction
8.2 Economy
8.3 Mid-Range
8.4 Luxury
8.5 Super Luxury
8.6 Other Price Ranges
9 Global Passenger Vehicles Market, By Application
9.1 Introduction
9.2 Personal Transportation
9.3 Commercial Use
9.4 Specialty Vehicles
9.5 Other Applications
10 Global Passenger Vehicles Market, By End User
10.1 Introduction
10.2 Individual Consumers
10.3 Ride-Sharing & Car-Sharing Services
10.4 Rental Companies
10.5 Other End Users
11 Global Passenger Vehicles Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 AB Volvo
13.2 AUDI AG
13.3 BMW AG
13.4 BYD Company Ltd.
13.5 Continental AG
13.6 Daimler AG
13.7 Ford Motor Company
13.8 General Motors
13.9 Groupe PSA
13.10 Groupe Renault
13.11 Honda Motor Co., Ltd.
13.12 Hyundai Motor Company
13.13 Kia Motors Corporation
13.14 Nissan Motor Co., LTD.
13.15 SAIC Motor Corporation Limited
13.16 Tesla
13.17 TOYOTA MOTOR CORPORATION
13.18 Volkswagen AG
List of Tables
1 Global Passenger Vehicles Market Outlook, By Region (2022-2030) ($MN)
2 Global Passenger Vehicles Market Outlook, By Type (2022-2030) ($MN)
3 Global Passenger Vehicles Market Outlook, By Sedans (2022-2030) ($MN)
4 Global Passenger Vehicles Market Outlook, By Hatchbacks (2022-2030) ($MN)
5 Global Passenger Vehicles Market Outlook, By Coupes (2022-2030) ($MN)
6 Global Passenger Vehicles Market Outlook, By Convertibles (2022-2030) ($MN)
7 Global Passenger Vehicles Market Outlook, By SUVs (2022-2030) ($MN)
8 Global Passenger Vehicles Market Outlook, By MPVs (Multi-Purpose Vehicles) (2022-2030) ($MN)
9 Global Passenger Vehicles Market Outlook, By Other Types (2022-2030) ($MN)
10 Global Passenger Vehicles Market Outlook, By Fuel Type (2022-2030) ($MN)
11 Global Passenger Vehicles Market Outlook, By Petrol (2022-2030) ($MN)
12 Global Passenger Vehicles Market Outlook, By Diesel (2022-2030) ($MN)
13 Global Passenger Vehicles Market Outlook, By Hybrid Electric Vehicles (2022-2030) ($MN)
14 Global Passenger Vehicles Market Outlook, By Battery Electric Vehicles (2022-2030) ($MN)
15 Global Passenger Vehicles Market Outlook, By Plug-in Hybrid Electric Vehicles (2022-2030) ($MN)
16 Global Passenger Vehicles Market Outlook, By Other Fuel Types (2022-2030) ($MN)
17 Global Passenger Vehicles Market Outlook, By Transmission Type (2022-2030) ($MN)
18 Global Passenger Vehicles Market Outlook, By Manual Transmission (2022-2030) ($MN)
19 Global Passenger Vehicles Market Outlook, By Automatic Transmission (2022-2030) ($MN)
20 Global Passenger Vehicles Market Outlook, By Continuously Variable Transmission (2022-2030) ($MN)
21 Global Passenger Vehicles Market Outlook, By Dual-Clutch Transmission (2022-2030) ($MN)
22 Global Passenger Vehicles Market Outlook, By Other Transmission Types (2022-2030) ($MN)
23 Global Passenger Vehicles Market Outlook, By Price Range (2022-2030) ($MN)
24 Global Passenger Vehicles Market Outlook, By Economy (2022-2030) ($MN)
25 Global Passenger Vehicles Market Outlook, By Mid-Range (2022-2030) ($MN)
26 Global Passenger Vehicles Market Outlook, By Luxury (2022-2030) ($MN)
27 Global Passenger Vehicles Market Outlook, By Super Luxury (2022-2030) ($MN)
28 Global Passenger Vehicles Market Outlook, By Other Price Ranges (2022-2030) ($MN)
29 Global Passenger Vehicles Market Outlook, By Application (2022-2030) ($MN)
30 Global Passenger Vehicles Market Outlook, By Personal Transportation (2022-2030) ($MN)
31 Global Passenger Vehicles Market Outlook, By Commercial Use (2022-2030) ($MN)
32 Global Passenger Vehicles Market Outlook, By Specialty Vehicles (2022-2030) ($MN)
33 Global Passenger Vehicles Market Outlook, By Other Applications (2022-2030) ($MN)
34 Global Passenger Vehicles Market Outlook, By End User (2022-2030) ($MN)
35 Global Passenger Vehicles Market Outlook, By Individual Consumers (2022-2030) ($MN)
36 Global Passenger Vehicles Market Outlook, By Ride-Sharing & Car-Sharing Services (2022-2030) ($MN)
37 Global Passenger Vehicles Market Outlook, By Rental Companies (2022-2030) ($MN)
38 Global Passenger Vehicles Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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