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Passenger Vehicles Market Trends

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

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Passenger Vehicles Market Trends

The introduction of electric passenger cars is a key factor propelling the passenger vehicles industry. As the automotive industry transitions toward sustainable practices, the launch of Electric Vehicles (EVs) addresses environmental concerns and aligns with changing consumer preferences. For instance, in September 2023, Volvo Car India launched the electric C40 Recharge, an electric model, with an initial price of USD 6.4 million plus applicable taxes. This marks Volvo's EV assembled at the company's plant in Hosakote, Bengaluru, Karnataka. The C40 Recharge is equipped with an 11-kW charger. This shift in the market landscape enhances overall industry dynamics, fostering growth and establishing a foundation for the future of the market.

The escalating demand for sustainable mobility is cultivating a lucrative growth trajectory for the passenger vehicles industry. As environmental consciousness increases, consumers are actively seeking eco-friendly transportation options. This rise in demand for sustainable vehicles propels manufacturers to innovate in electric and hybrid offerings. Leveraging this shift addresses environmental concerns and positions companies strategically in a market driven by eco-conscious consumers, fostering substantial & profitable expansion in the passenger vehicle sector.

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.