What is Passenger Cars Market?
Mobility is becoming progressively more important due to ever-increasing distances between home, work, educational institutions, shopping and leisure facilities. Passenger cars are road motor vehicles with at least four wheels, used for the transportation of passengers, and containing no more than eight seats in addition to the driver's seat. A key factor driving the growth of the passenger cars market is the increasing number of new models of cars launched due to high competition and the high rate of automotive technological advancements
The market study is being classified by Type (Sedans and hatchbacks, SUVs and crossovers and MPVs and vans) and major geographies with country level break-up.
General Motors (United States), Toyota (Japan), Ford Motor Company (United States), Volkswagen AG (Germany), Daimler Chrysler AG (Germany), Nissan Motor Company Ltd. (Japan), Honda (Japan), Groupe PSA (France), Hyundai Motor (South Korea), CitroŽn (France) and Audi AG (Germany) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Porsche Automobil Holding SE (Germany), Mazda Motor Corporation (Japan), Volvo Car Corporation (Sweden) and Skoda Auto (Czech Republic).
Research Analyst at AMA predicts that United States and German Vendors will contribute to the maximum growth of Global Passenger Cars market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Passenger Cars market by Type, Application and Region. On the basis of Type, Sedans and hatchbacks are dominating the market in the year 2021 where as SUVs and crossovers stood as second largest market share.
On the basis of geography, the market of Passenger Cars has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2021. Asia Pacific on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- The diversity of new models of cars launched
- Rising income and following increase in the purchasing power
- The cheap availability of credit payment options
- Rising raw materials and fuel prices with low profit margins
- The technological advancements in automotive
- Rising cost pressure on OEMs
- High environmental and safety regulations
The companies are exploring the market in new regions by adopting mergers & acquisitions, expansions, investments, new product launches and collaborations as their preferred strategies. Key players are exploring new geographies through expansions and acquisitions worldwide to avail competitive advantage through combined synergies
Passenger cars and trucks are regulated by EPA under "light-duty" vehicle programs. EPA regulates passenger vehicles to reduce the amount of harmful emissions. There are regulations for multiple aspects of passenger vehicles, including standards for exhaust and evaporative emissions, control of hazardous air pollutants and air toxics, national low emission vehicle program and others
Key Target Audience
Manufacturers of passenger cars, Suppliers of passenger cars parts, Wholesalers, distributers and retailers of passenger cars, Automotive industry and Governmental bodies