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Passenger Vehicles Market Size

Report ID: GMI7427
Published Date: Nov 2023
Report Format: PDF

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Passenger Vehicles Market Size

Passenger Vehicles Market was valued at USD 1.45 trillion in 2022 and is anticipated to register a CAGR of over 9% between 2023 and 2032 as it is driven by the escalating environmental concerns and regulations worldwide. As consumer demand continues to grow, manufacturers experience increased sales, contributing to the overall market expansion. According to the Society of Indian Automobile Manufacturers, in 2022, the sales of passenger vehicles rose from 3,069,523 to 3,890,114 units between 2021-22 and 2022-23. This upward trend in passenger vehicle purchases reflects consumer preferences while stimulating innovation and competition among manufacturers, ultimately fostering a dynamic & thriving market for passenger vehicles.

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Consumer demand, a pivotal factor for the passenger vehicles industry, is witnessing sustained growth. This surge is fuelled by evolving consumer preferences, lifestyle changes, and a desire for personalized transportation solutions. As consumers seek enhanced features, fuel efficiency, and advanced safety measures, manufacturers are compelled to innovate. The dynamic interplay between consumer expectations and industry innovation continues to shape the passenger vehicles industry, making it imperative for manufacturers to align their offerings with evolving consumer needs and desires.

Passenger Vehicles Market Report Attributes
Report Attribute	Details
Base Year:	2022
Passenger Vehicles Market Size in 2022:	USD 1.45 Trillion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	9%
2032 Value Projection:	USD 3.52 Trillion
Historical Data for:	2018 - 2022
No. of Pages:	250
Tables, Charts & Figures:	333
Segments covered:	Propulsion, vehicle type, application, and drive type
Growth Drivers:	The rising passenger vehicle sales Increasing consumer demand for passenger cars Supportive government policies and incentives Ongoing technological advancements in vehicles
Pitfalls & Challenges:	Economic uncertainties and downturns Supply chain disruptions

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Rising fuel prices impede the passenger vehicles industry. As fuel costs escalate, consumers may reconsider their vehicle choices, favouring more fuel-efficient or alternative-fuel options. This shift in preference could affect the demand for traditional Internal Combustion Engine (ICE) vehicles, pressuring manufacturers to innovate in the electric and hybrid segments. Adapting to this change presents both technological and economic challenges, influencing market dynamics and requiring manufacturers to navigate a landscape increasingly shaped by environmental concerns and fuel price volatility.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Market size for passenger vehicles was USD 1.45 trillion in 2022 and is expected to register over 9% CAGR from 2023-2032 due to the escalating environmental concerns and regulations worldwide.

The ICE propulsion segment held 50% share of the passenger vehicles industry in 2022 and is expected to register appreciable CAGR from 2023-2032 due to the launch of ICE propulsion vehicles featuring automatic transmission.

Asia Pacific industry size for passenger vehicles reached USD 713.5 billion in 2022 and is expected to register commendable CAGR from 2023-2032 due to the rapid urbanization and robust economic growth in the region.

Ford Motor Company, Geely Automobile Holdings Limited, Tesla, SAIC Motor Corporation Limited, Kia, and Changan Automobile, are some of the major passenger vehicles companies worldwide.