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The passenger car market size has exhibited robust growth in recent years, increasing from $1634.12 billion in 2023 to $1768.1 billion in 2024, with a compound annual growth rate (CAGR) of 8.2%. The growth in the historical period can be attributed to factors such as urbanization, economic growth, consumer preferences, fuel efficiency, safety standards, emission regulations, and the availability of affordable financing options. Looking forward to 2028, the market is anticipated to maintain its strong growth trajectory, reaching $2378.21 billion at a CAGR of 7.7%. Contributing factors in the forecast period include the adoption of electric vehicles, integration of connectivity features, a focus on sustainability and eco-friendly cars, flexible ownership models, government incentives, and the emergence of hydrogen fuel cell vehicles. Key trends during this period encompass the personalization of vehicle interiors, the use of lightweight materials for enhanced fuel efficiency, the integration of augmented reality (AR) in head-up displays, the development of compact and urban mobility solutions, and the rise of vehicle subscription services.

The passenger cars market is poised for growth propelled by the increasing adoption of electric vehicles (EVs). Electric vehicles, powered by electric motors and rechargeable batteries, are gaining traction due to factors like affordability, governmental policies, environmental concerns, and technological advancements. According to a report by the US Department of Energy in March 2022, EV sales surged by 85% in 2021, with the number of new light-duty plug-in electric vehicle sales nearly doubling from 308,000 in 2020 to 608,000 in 2021. EVs accounted for 73% of all plug-in electric car sales in 2021, indicating a significant shift towards electric mobility and driving the growth of the passenger cars market, reflecting anticipated market sizes for 2023, 2024, and 2028.

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What Are The Key Trends That Influence Passenger Car Market Share Analysis?

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.

Which Market Players Are Driving Growth In The Passenger Car Market?

Major companies operating in the passenger car market report are Volkswagen AG, Toyoto Motor Corp, Daimler AG, Fiat Chrysler Automobiles NV, Ford Motor Co., General Motors Company, BMW AG, Honda Motor Co Ltd., Hyundai Motor Co. Ltd., SAIC Motor Co ltd., Groupe PSA, Tesla Inc., Nissan Motor Co Ltd., Kia Motors Corporation, BYD Company Limited, Renault SA, EXOR Group, Jeep, Tata Motors Limited, Suzuki Motor Corporation, Subaru Corporation, Mazda Motor Corporation, FCA Italy S.p.A., Geely Automobile Holdings Limited, Great Wall Motor Company Limited, Mitsubishi Motors Corporation, Guangzhou Automobile Group Co. Ltd., Changan Automobile Co. Ltd., Dongfeng Motor Corporation, Maserati S.p.A., Brilliance China Automotive Holdings Limited

How Is The Global Passenger Car Market Segmented?

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

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The Passenger Car Global Market Report 2024 provides an overview of the passenger carmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The passenger car market forecast analyzes passenger car market size, passenger car market share, leading competitor and their market positions.

The Table Of Content For The Passenger Car Market Include

1. Passenger Car Market Executive Summary
2. Passenger Car Market Segments
3. Passenger Car Market Size And Template Market Growth Rate
4.  Key Passenger Car Market Trends
5. Major Passenger Car Market Drivers
……
25. Key Mergers And Acquisitions In The Passenger Car Market
26. Top Passenger Car Companies
27. Passenger Car Market Opportunities And Strategies
28. Passenger Car Market, Conclusions And Recommendations
29. Appendix

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