Latest News- Passenger Car Market: SUV is expected to lead the Type segment during 2024-2028

The Passenger Car Market is being driven by Growing popularity of EVs

The Passenger Car Market is expected to grow at a CAGR of 7.96% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 873.26 billion. In the passenger car market, 3D printing is poised to disrupt traditional manufacturing methods with its ability to deliver customized components, lighter structures, and expedited production. This burgeoning technology offers significant potential for the global industry, enabling personalized car parts such as custom dashboards, steering wheels, and exterior trims. 3D printing facilitates rapid prototyping, accelerating the development process and reducing costs. Complex geometries and intricate structures, previously challenging to manufacture, are now feasible, leading to innovative car designs. Furthermore, on-demand manufacturing of spare parts using 3D printing reduces lead times and inventory costs, making it a game-changer for the automotive sector. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • SUV
  • Hatchback
  • Sedan
  • MPV
• Fuel Type
  • ICE Vehicles
  • Hybrid
  • Electric
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing popularity of EVs
• Rise of ridesharing platforms
• Increasing incorporation of electronics in passenger cars

However, the market also witnesses some limitations, which are as follows:

• Semiconductor shortage in global passenger car market
• Rising raw material costs used in manufacturing of passenger cars
• Infrastructure gap for EVs

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Market Scope in Passenger Car Market Research Report

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Research Analysis Overview

The Passenger Car Market is witnessing significant shifts with the rise of electric vehicles (EVs) in emerging nations, driven by increasing per capita income and urban population growth. General Motors and Chrysler join the EV race, while raw material prices and charging infrastructure development pose challenges. Middle-income groups show interest in EVs, with hatchbacks, sedans, and compact SUVs leading sales. Technological advancements, including the Internet of Things and EV charging stations, are shaping the market. European Union (EU) regulations and environmental concerns push diesel engines towards extinction. Hyundai Kona electric and SUVs are popular choices. EV batteries and charging infrastructure are key focus areas for technological developments.

Market Research Overview

The global passenger car market is a segment of the larger automotive industry, encompassing manufacturers producing passenger cars. This market excludes entities involved in the production of motorcycles, scooters, e-bikes, trikes, and three-wheelers. According to Technavio, the automotive market's growth is influenced by several factors, including the integration of advanced technologies such as electronic components, secured safety systems, autonomous capabilities, and emission standardization. Additionally, increasing urban population and rising per capita income in emerging nations are significant drivers for the middle-income groups' demand for Special Utility Vehicles (SUVs) and passenger cars. Furthermore, the push for improved fuel efficiency through electronic fuel control and vehicle customization options adds to the market's growth. Raw material price fluctuations may pose challenges, but the overall outlook for the global passenger car market remains positive.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/