Passenger Car Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Passenger Car Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Passenger Car Global Market Report 2024, The passenger car market size has grown strongly in recent years. It will grow from $1634.12 billion in 2023 to $1768.1 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to urbanization, economic growth, consumer preferences, fuel efficiency, safety standards, emission regulations, affordable financing options.

The passenger car market size is expected to see strong growth in the next few years. It will grow to $2378.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to electric vehicle adoption, connectivity features, sustainability and eco-friendly cars, flexible ownership models, government incentives, hydrogen fuel cell vehicles. Major trends in the forecast period include personalization of vehicle interiors, lightweight materials for fuel efficiency, integration of augmented reality (ar) in head-up displays, compact and urban mobility solutions, vehicle subscription services.

The growing adoption of electric vehicles is expected to boost the growth of the passenger cars market going forward. An electric vehicle (EV) refers to a vehicle that can drive forward using an electric motor that is powered by a battery and can be externally charged. The rise in passenger car demand due to EVs is attributed to a combination of factors, including increasing affordability, government policies, environmental concerns, and technological advancements. For instance, in March 2022, according to a report published by the US Department Of Energy, a US-based agency that manages nuclear infrastructure and energy policies, electric vehicle (EV) sales increased by 85% in 2021. The number of new light-duty plug-in electric vehicle sales, which includes both electric vehicles (EV) and plug-in hybrid electric vehicles (PHEV) sales, nearly doubled from 308,000 in 2020 to 608,000 in 2021. 73% of all plug-in electric car sales in 2021 were made up of EV sales. Therefore, the growing adoption of electric vehicles is driving the growth of the passenger cars market.

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The passenger car market covered in this report is segmented –

1) By Type: Hatchback, Sedan, Utility Vehicle

2) By Fuel Type: Gasoline, Diesel, Other Fuel Types

3) By Engine Capacity: <1000 cc, <1000-1500 cc, <1500-2000 cc, >2000 cc

4) By Propulsion Type: IC Engine, Electric Vehicle

Major companies operating in the passenger car market are developing new products such as the A-class SUV to meet larger customer bases, more sales, and increased revenue. The A-class SUV refers to a passenger car that has a passenger capacity of 5 and a cargo capacity of 50.5 cu ft. For instance, in February 2022, BYD Auto Co. Ltd. a China-based automobile manufacturer launched Atto 3, the first A-class SUV constructed with BYD’s e-platform 3.0. ATTO 3 has a unique feature that makes it fast, energetic, and dynamic as it is based on the Attosecond, the smallest time scale unit in physics. The ATTO 3 is the first SUV with a sporty-themed cabin, which embodies BYD’s new design language. The innovative Blade Battery technology from BYD is a standard feature of ATTO 3, providing users with standards of safety that are among the highest in the market as well as a longer single-charge range.

The passenger car market report table of contents includes: