Global Passenger Vehicles Market – Industry Trends and Forecast to 2030

Passenger Vehicles Market Analysis and Size

Passenger vehicles have gained immense popularity among consumers over the years due to the features such as compact size, stylish design, and economic value. These vehicles have become an integral part of people's daily commute mode. In addition to this, electrification of the SUVs will further aggravate the growth of the global passenger vehicles market. Introduction of energy-efficient vehicles to reduce the adverse effects of mining and excavation is expected to influence the growth of Passenger Vehicles market over the forecast period of 2023 to 2030. The rise in demand for connect vehicles across the globe is one of the major factors driving the growth of the Passenger Vehicles market.

Data Bridge Market Research analyses that the GLOBAL PASSENGER VEHICLES MARKET WAS 1,558,143.50 million in 2022, and is expected to reach USD 2,847,897.10 million by 2030, and is expected to undergo a CAGR of 7.83% during the forecast period of 2023 to 2030. “Compact” dominates the component segment of the global passenger vehicles market due to demand from growing markets. Introduction of energy-efficient vehicles to reduce the adverse effects of mining and excavation is expected to influence the growth of Passenger Vehicles market over the forecast period of 2023 to 2030. The rise in demand for connect vehicles across the globe is one of the major factors driving the growth of the Passenger Vehicles market. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Passenger Vehicles Market Scope and Segmentation

Market Definition

Passenger vehicles are the vehicles which are utilized to travel from one destination to another, which are essentially utilized for transporting passengers. Passenger vehicles are the most common mode of transportation in advanced countries. They are growing in numbers in emerging countries due to growing per capita income.  

Global Passenger Vehicles Market Dynamics

Drivers

• High Demand for Passenger Vehicles

The increase in demand for passenger vehicles due to the surge in middle-income group population and rise in standard of living in emerging countries act as the major factors driving the market's growth. Consumers are also inclining towards these vehicles due to the availability of economic options in these vehicles.

• Technological Advancements and Developments in Vehicles

The rise in technological advancements, such as integrating all EV charging station systems with the internet of things (IoT) and real-time information solutions, accelerates market growth. The technologies provide real-time data about the availability of vacant spots and locate nearby charging stations.

• Demand of Heavy and Luxury Vehicles

The surge in demand of heavy and luxury vehicles and rising along with the increase in diesel operated vehicles accelerate the market growth. Also, an increase in the sales of passenger cars owing to the consumer preference toward economic vehicles assists in expanding the market. In addition, expansion of the automotive sector, surge in investments and increased disposable income positively affect the passenger vehicles market.

Opportunity

• Increase in demand for Special Utility Vehicles (SUVs)

The increase in demand for special utility vehicles (SUVs) extend profitable opportunities to the market players in the forecast period of 2023 to 2030. Also, latest research and development initiatives will further expand the market.

Restraint/Challenge

• High Cost of the Vehicles

The high cost of the vehicles, and the low fuel efficiency expected to obstruct market growth. Also, considerable maintenance expenses and augmented insurance rates are projected to challenge the sport utility vehicle (SUV) market. Increase and regular hike in the cost of vehicles are one of the biggest restraints to grow the market in the forecast period of 2023-2030.

This  global passenger vehicle market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global passenger vehicle market, contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In July 2020, China increased the expiration date of its NEV subsidy program from 2020 to the end of 2022, despite beginning to reduce base subsidy levels by 10%, 20%, and 30% year (between 2020 and 2022). It also extended the exemption from purchase taxes for NEVs until the end of 2023.

Global Passenger Vehicles Market Scope

The global passenger vehicles market is segmented on the basis of type, body, application, and fuel type. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Compact
• Midsize
• Premium
• Luxury
• Others

Body

• MPV
• SUV
• Hatchback
• Sedan
• Others

Application

• Personal
• Commercial
• Electric

Fuel Type

• Petrol
• Diesel
• CNG

Global Passenger Vehicles Market Region Analysis/Insights

The global passenger vehicles market is analyzed and market size insights and trends are provided by region, type, body, application, and fuel type, as referenced above.

The countries covered in the global passenger vehicles market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, and Rest of the Middle East and Africa

North America dominates the global passenger vehicles market as North America is home to renowned research institutions, universities, and technology companies that conduct cutting-edge research in photonics and integrated circuit technologies. This strong R&D ecosystem fosters innovation and drives advancements in passenger vehicles circuits.

Asia-Pacific is expected to be fastest-growing country in the global passenger vehicles market in the forecasted period of 2023 to 2030, due to the Asia-Pacific region has a large and rapidly growing population, along with a significant increase in internet usage and data consumption. This drives the demand for high-speed and efficient communication networks, which can benefit from the use of Passenger Vehicles circuits. PICs are capable of integrating multiple optical components on a single chip, making them well-suited for high-speed data transmission and communication applications.

The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global Passenger Vehicles Market Share Analysis

The global passenger vehicles market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the global passenger vehicles market.

Some of the major players operating in the global passenger vehicles market are:

• Ford Motor Company (U.S.)
• General Motors (U.S.)
• AUDI AG (Germany)
• Kia Motors Corporation (South Korea)
• Groupe Renault (France)
• Groupe PSA (France)
• SAIC Motor Corporation Limited (China)
• Tesla (U.S.)
• Daimler AG (Germany)
• BMW AG (Germany)
• Hyundai Motor Company (South Korea)
• BYD Company Ltd. (China)
• Continental AG (Germany)
• TOYOTA MOTOR CORPORATION (Japan)
• Nissan Motor Co., LTD. (Japan)
• Volkswagen AG (Germany)
• AB Volvo (Sweden)
• Honda Motor Co., Ltd. (Japan)

SKU-35591