The Global Passenger Cars Market is projected to register a

Hyderabad, March 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Global Passenger Cars Market”-2023-2028, is expected to grow at a CAGR of 2.90%. Globally, China has witnessed the largest share in passenger car sales. The growing disposable income of consumers and changing lifestyles are increasing the demand for passenger cars in China. Strong build, ability to drive in all terrains, bold looks, and strong engines are some of the factors making SUVs the largest sub-body type in the global passenger car market.

Stringent norms and governmental make BEV the fastest-growing segment globally in the passenger car market subsidies, and continued encouragement of BEV adoption among private auto owners are making BEV the fastest-growing segment in the passenger car market globally. 

 Passenger Cars Market Analysis - What is contributing to the growth of the Global Passenger Cars Market? 

  • An increase in the demand for clean energy in the automotive industry is one of the major factors contributing to the market's growth. OEMs are also redefining their roadmap for electric vehicles. For instance, in March 2022, Kia Motors announced that it would enter the electric pickup truck market, announcing that two models would be available by 2027. In March 2022, Ford announced that it would offer a new generation of four electric commercial vehicles by 2024. 
  • E-commerce companies have significant opportunities to explore the retail e-commerce market due to high internet and smartphone penetration in the North American region. It also helps e-commerce companies in expanding their business through broader reach. This is an important factor in the growth of the electric vehicle market in the world. The above trend has propelled automakers to increase their expenditure on the R&D of trucks, which has boosted the market growth of electric vehicles. These factors are expected to help market growth over the forecast period.

Some of the major market trends shaping the Passenger Cars Market according to Mordor Intelligence research experts: 

  • In 2021, approximately 56.4 million passenger cars were sold worldwide, representing a nearly 5% increase over the previous year. 
  • China had the largest regional automobile market in 2021, with slightly less than 21.5 million units. 
  • Automotive technology is expected to undergo significant change in the next ten years. 
  • Around 26% of new automobile sales globally are expected to be of electric vehicles by 2030, with an estimated 58 million new self-driving cars to be added to the global fleet by 2022. 
  • As a result of technological advancements, the types of components required to create the finished product have begun to change. 
  • This allows for further segmentation of the automotive supplier market, particularly the automotive electronics market. 
  • Automation and electrification are expected to boost the car market in the near future. 

The Global Passenger Cars Market is projected to register a CAGR of -2.90%:

  • Largest Segment by Fuel Type - Gasoline: Gasoline has the highest growth among all fuel types across the globe. The easy availability of traditional fuel and the affordable price of gasoline engines provide an edge over other fuel options.
  • Largest Segment by Country - Germany: Globally, China has witnessed the largest share in passenger car sales. The growing disposable income of consumers and changing lifestyles are increasing the demand for passenger cars in China.
  • Largest Segment by Sub-Body Type - Sports Utility Vehicle: Strong build, ability to drive in all terrains, and bold looks, strong engines are some of the factors making SUVs the largest sub-body type in the global passenger car market.
  • Fastest-growing Segment by Fuel Type - FCEV: Stringent norms, governmental subsidies, and continued encouragement of BEV adoption among private auto owners which is making BEV the fastest-growing segment in the passenger car market globally.

Who are the key players in Global Passenger Cars Market?  

The Global Passenger Cars Market is fragmented, with the top five companies occupying 37.30%. The major players in this market are: 

  • Ford Motor Company 
  • Hyundai Motor Company 
  • Nissan Motor Company Ltd 
  • Toyota Motor Corporation 
  • Volkswagen AG 
  • BMW AG 
  • Kia corporation 
  • Mercedes Group 
  • Honda Motor Co. Ltd 

Recent Developments in the Global Passenger Cars Market: 

  • July 2022: Honda will relocate the transmission assembly to Santa Catarina, Brazil, in order to increase its operational flexibility, efficacy, and competitiveness. 
  • July 2022: Honda will relocate the transmission assembly to Santa Catarina, Brazil, in order to increase its operational flexibility, efficacy, and competitiveness. 
  • July 2022: BMW has confirmed that the brand-new X1 and 3 Series will be produced in Brazil. To prepare the Araquari facility for the new models, the business will employ a portion of the BRL 500 million investment planned in November 2021. 

In a nutshell, the Mordor Intelligence Market Research Report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the https://www.mordorintelligence.com/industry-reports/global-passenger-cars-market

About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.  

Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.  

Some of the trending industry reports you may be interested in:  

  • https://www.mordorintelligence.com/industry-reports/india-passenger-car-market-outlook 
  • https://www.mordorintelligence.com/industry-reports/global-electric-cars-market 
  • https://www.mordorintelligence.com/industry-reports/south-america-passenger-cars-market 

 

Attachment

  • Global Passenger Cars Market_Mordor Intelligence

The Global Passenger Cars Market is projected to register a

TIN LIÊN QUAN

Chillers Market Expected to Hit US$ 4.8 Billion by 2026

Chicago, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The global chillers Market is projected to grow from USD 4.1 billion in 2021 to USD 4.8 billion by 2026, at a...

Global Pulmonary Embolism Market Size - Forecasts to 2028

The paramount competitors covered in the global pulmonary embolism market report include Abbott, F. Hoffmann-La Roche Ltd., Mylan N.V., Teva...

Particleboard Market Expected to Grow at 5.2% CAGR Till

NEW YORK, March 10, 2023 (GLOBE NEWSWIRE) -- IndexBox, a leading market research firm, has released its latest report on the global wooden particle board...

Global Somatic Cancer Mutation Testing Market Size

Thermo Fisher Scientific, Inc., Illumina, Inc., Invitae Corporation, F. Hoffmann-La Roche Ltd., MedGenome, CENTOGENE N.V., Myriad Genetics, Inc., eviCore...

Global Intelligent Battery Sensor Market - Forecasts to

The key players covered in the global intelligent battery sensor market report are AMS AG, Continental AG, Denso Corporation, EDN Network, HELLA GmbH & Co....

Personal Floatation Devices Market

The paramount competitors covered in the global personal floatation devices market report include United Moulders Limited, Absolute Outdoor Inc., Marine...

North America Commercial Nuclear Power Market Size

BWX Technologies Inc., Doosan Heavy Industries & Construction Co. Ltd, Mitsubishi, Heavy Industries Ltd, GE-Hitachi Nuclear Energy Inc., Westinghouse...

Lubricants Market Estimated to Reach $187.9 Billion by 2027

Chicago, Feb. 24, 2023 (GLOBE NEWSWIRE) -- The global lubricants market size is projected to reach USD 187.9 billion by 2027 from USD 164.8 billion in...

THỦ THUẬT HAY

Cách đếm số từ trên Google Sheets

Trên Google Sheets, để có thể đếm số từ trong cột hoặc trong từng ô người dùng có thể sử dụng công thức với hàm COUNTA.

Cách tắt thông báo “Is Displaying Over Other Apps” trên Android Oreo

Trong phiên bản Oreo, Android đã cho hiển thị thông báo hệ thống để người dùng biết ứng dụng nào đang chạy đồng thời trong ứng dụng khác. Điều này vô cùng hữu ích nhưng một số người dùng lại không quan tâm và đôi khi

Hướng dẫn tạo file ISO nhanh nhất với AnyToISO

Phần mềm AnyToISO hay còn gọi là AnyToISO Converter, với công cụ này bạn có thể chuyển đổi bất kì định dạng file nào sang file ISO. Nó có thể chuyển định dạng các file từ CD/DVD/ROM, BIN, MDF, PDI, CDI, NRG, B5I, DEB,

Kích hoạt tính năng "Xếp hạng bình luận" cho bài viết công khai trên Facebook

Có lẽ bạn chưa biết, Facebook cho phép xếp hạng bình luận cho tất cả bài viết công khai từ người dùng trên mạng xã hội, điều này giúp cho chúng ta dễ dàng theo dõi bình luận liên quan nhất tới nội dung chia sẻ của

Cách tìm thiết bị Samsung dù không có kết nối mạng

“Não cá vàng” là tình trạng rất phổ biến ở chị em phụ nữ, tuy nhiên cánh mày râu cũng không ít lần rơi vào tình huống “điện thoại tôi đâu, ai thấy nó đâu không?”. Nếu điện thoại còn pin, kết nối mạng OK chắc chắn việc

ĐÁNH GIÁ NHANH

Đánh giá nhanh về cấu hình cũng như thiết kế của Honor 8X

Ngày 5/9 vừa qua, Honor chính thức công bố bộ đôi Honor 8X và Honor 8X Max. 8X là chiếc có màn hình nhỏ hơn trong cả hai. Cùng xem qua những đánh giá nhanh về cấu hình cũng như thiết kế của chiếc smartphone này nhé.

Tại sao iPhone 13 lại có camera đặt chéo thay vì đặt thẳng như iPhone 12?

iPhone 13 ra mắt với thiết kế không có quá nhiều thay đổi so với iPhone 12. Điểm thay đổi lớn nhất là phần notch tai thỏ nhỏ hơn 20% và cụm camera có cách bố trí khác. Vậy tại sao iPhone 13 lại có camera đặt chéo thay

Trên tay realme GT Neo2T: Smartphone đẹp toàn diện trong phân khúc tầm trung

realme GT Neo2T là chiếc smartphone mới ra mắt gần đây với mức giá phải chăng. Mời bạn cùng chúng tôi trên tay realme GT Neo2T để xem chiếc smartphone này có gì độc đáo nhé. Thực chất realme GT Neo2T là phiên bản rút