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Cars Market Analysis

Report ID: GMI6767
Published Date: Sep 2023
Report Format: PDF

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Cars Market Analysis

Cars Market Size, By End-use, 2021-2032, (USD Trillion)

The individual segment accounted for around 65% of the cars market share in 2022, as personal mobility remains a priority for consumers. With a desire for convenience & safety, individuals seek vehicles tailored to their specific needs & preferences. Customization options, from vehicle type and features to aesthetics, are increasingly available. The growing urbanization and changing work patterns are driving the need for personal transportation, boosting the demand for cars that offer comfort, connectivity & versatility. This trend highlights the significance of catering to individual buyers in the evolving cars market.

For instance, in September 2023, Toyota is set to introduce a new version of its luxury sedan, the Century, in Japan. The launch aims to cater to the individual segment by offering a high-end, bespoke vehicle tailored to specific preferences & needs. The Century's opulent design and advanced features provide a personalized & luxurious driving experience, garnering the attention of discerning buyers seeking exclusivity and comfort in their choice of transportation.

Cars Revenue Market Share, By Propulsion Type, 2022

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The gasoline segment held over 70% of the cars market share in 2022, owing to its wide availability & efficiency. While electric & hybrid vehicles are gaining popularity, gasoline-powered cars remain appealing, especially in regions with an established refueling infrastructure. Advancements in gasoline engine technology, such as turbocharging and direct injection, are improving fuel efficiency and reducing emissions, making gasoline-powered cars a viable choice. As consumers seek affordable & convenient options, the gasoline segment is expected to maintain its prominence in the market.

China Cars Market Size, 2021-2032 ( USD Billion)

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Asia Pacific cars market recorded more than 50% of revenue share in 2022. Factors driving this expansion include increasing urbanization, growing middle-class population, and rising disposable incomes in countries including China and India. These factors fuel the demand for personal transportation.

Government initiatives promoting electric & hybrid vehicles, along with improved infrastructure and transportation networks, augment regional automotive market growth. Asia Pacific is becoming a crucial hub for car production & sales, reflecting its pivotal role in the global automotive industry. For instance, in September 2023, Tata Motors announced to launch EV-only dealerships in India. It facilitates a specialized space for consumers to explore & purchase EVs, driving the EV market growth in the country.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of cars reached USD 1.55 trillion in 2022 and is set register 10.3% CAGR from 2023 to 2032, due to the growing global population and urbanization along with increasing demand for personal mobility.

The individual end-user segment held over 65% of the market share in 2022, on account of the higher number of consumers increasingly seeking vehicles tailored to their specific needs & preferences along with rising awareness about convenience & safety on roads.

Asia Pacific registered 50% of the market share in 2022, owing to the increasing urbanization, growing middle-class population, and rising disposable incomes in the region.

BMW Group, Ford Motor Company, Toyota, Volkswagen, Suzuki, Daimler AG, Hyundai, Nissan, and Honda Motor Company are some of the major car companies worldwide.