The Passenger Cars Market is segmented by Vehicle Configuration (Passenger Cars), by Propulsion Type (Hybrid and Electric Vehicles, ICE) and by Region (Asia-Pacific, Europe, North America, South America). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

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Passenger Car Market Size 2024-2028

The passenger car market size is forecast to increase by USD 873.26 billion at a CAGR of 7.96% between 2023 and 2028.

The market is experiencing significant shifts, driven by the increasing acceptance of electric vehicles (EVs) and the integration of advanced technologies such as 3D printing. The growing preference for sustainable transportation solutions is propelling the adoption of EVs, with governments and consumers alike recognizing their environmental benefits. This trend is expected to continue, as advancements in battery technology and charging infrastructure make EVs increasingly practical and convenient for everyday use. However, the market's growth potential is not without challenges. Regulatory hurdles, including stringent emissions standards and safety regulations, impact adoption and increase production costs. Furthermore, the semiconductor shortage is causing supply chain inconsistencies, leading to production delays and higher prices for automakers.
To capitalize on market opportunities and navigate these challenges effectively, companies must stay informed of regulatory developments and invest in diversifying their semiconductor suppliers. Additionally, exploring collaborations with 3D printing technology providers can help streamline production processes and improve overall competitiveness in the market.

What will be the Size of the Passenger Car Market during the forecast period?

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The passenger vehicles industry in the US is experiencing dynamic shifts, with electric propulsion gaining traction among consumers. Middle-income groups are increasingly opting for sustainable mobility solutions, such as electric hatchbacks and compact SUVs, as lifestyle changes and environmental concerns become more prominent. The shift towards electric vehicles (EVs) is driven by various factors, including advancements in technology, charging infrastructure, and applicable taxes. Fuel prices and regulations continue to influence vehicle choices, with the European Union (EU) leading the way in implementing stringent emission norms. Raw material prices for Internal Combustion Engine (ICE) vehicles and the availability of affordable EV batteries further impact market trends.
Sedans remain a popular choice, but their market share is dwindling as SUVs gain popularity. Technological developments, such as the Internet of Things (IoT) and EV charging stations, are transforming the industry. General Motors, Chrysler, Hyundai Kona Electric, and other companies are investing in R&D to cater to evolving consumer preferences. The US passenger vehicles industry is witnessing significant growth, particularly in the EV segment. Per capita income plays a crucial role in determining the affordability of various vehicle types. As sustainable practices become increasingly important, the industry is expected to continue adapting to meet the demands of the urban population.

How is this Passenger Car Industry segmented?

The passenger car industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  SUV
  Hatchback
  Sedan
  MPV


Fuel Type

  ICE Vehicles
  Hybrid
  Electric


Geography

  North America

    US


  Europe

    Germany


  APAC

    China
    India
    Japan


  Rest of World (ROW)

By Type Insights

The SUV segment is estimated to witness significant growth during the forecast period.

The market in the US is experiencing dynamic interplay between various entities, shaping its evolution. Combustion engines continue to dominate, offering power and flexibility, while fuel-efficient alternatives, including hybrid and electric vehicles, gain traction due to fuel price volatility and growing environmental concerns. Chrysler and General Motors, among others, innovate with personalized transportation solutions and enhanced features, catering to diverse consumer preferences. Emerging nations' increasing per capita income fuels overall market expansion, with compact SUVs and sedans popular choices for middle-income groups. Technological developments, such as the Internet of Things and advanced safety measures, add value, while regulations and economic challenges pose hurdles.

Electric vehicles (EVs) and electric vehicle batteries are at the forefront of innovation, with Hyundai Kona electric and Volvo's EV leading the charge. Alternative-fuel options, including diesel engines, face competition from EVs and hybrid vehicles. Urban population growth drives sales, with SUVs, hatchbacks, and sedans catering to various lifestyle changes and sustainable practices. Raw material prices and charging infrastructure development are crucial factors influencing the market landscape. The upward trend in sustai

Latin America Passenger Car Market Report is Segmented by Vehicle Type (hatchback, Sedan, and Sports Utility Vehicle), Fuel Type (gasoline, Diesel, and Electric), and Country (Brazil, Argentina, Mexico, and the Rest of Latin America). The Report Provides Market Size in Value (USD) for all Mentioned Segments.

The India Passenger Car Market is segmented by Vehicle Configuration (Passenger Cars) and by Propulsion Type (Hybrid and Electric Vehicles, ICE). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

In 2024, over **** million passenger cars were sold in China, making it the largest market in the Asia-Pacific region. India was the second-biggest market in the region, with nearly *** million unit sales in 2024. China - the biggest passenger car market China is by far the largest passenger car market in the world. Over half of the Asia-Pacific region’s and over a third of the world’s passenger car sales were attributed to China. The country’s car production is more than sufficient to meet domestic demand. However, China lags behind in passenger motor vehicle exports, with a value of around **** billion U.S. dollars in 2023, less than half of Germany’s passenger car export value. Electric vehicles development Electric vehicles (EVs) have increasingly gained popularity over the years, with their market share in passenger car sales more than tripling since 2020. In China, the largest EV market in the world, approximately *** million battery-electric passenger (BEV) cars were sold. This aligns with the success of three of the leading Chinese EV manufacturers, BYD, SAIC, and Geely-Volvo, who are among the best-selling BEV manufacturers globally. Yet, the BEV sector still faces challenges as customers remain concerned about driving range and charging time. Customers in the Asia-Pacific, in particular, tend to favor gas or diesel engines or hybrid engines over battery EVs.

Global passenger vehicles market worth at USD 1705.17 Billion in 2024, is expected to USD 3237.09 Billion by 2034, with a CAGR of 6.62% from 2025 to 2034.

Global Passenger Car market size is expected to reach $2574.62 billion by 2029 at 7.3%, segmented as by type, hatchback, sedan, utility vehicle

The average for 2023 based on 57 countries was 1102394 passenger cars. The highest value was in China: 26062824 passenger cars and the lowest value was in Bulgaria: 35764 passenger cars. The indicator is available from 2005 to 2023. Below is a chart for all countries where data are available.

Passenger Cars Market size is expected to be worth around USD 11.5 Trillion by 2034, from USD 3.6 Trillion in 2024, at a CAGR of 12.3%.

The global passenger cars market size reached USD 1.8 Trillion in 2024. Looking forward, IMARC Group expects the market to reach USD 3.4 Trillion by 2033, exhibiting a growth rate (CAGR) of 6.81% during 2025-2033. Rapid urbanization, rising disposable income levels, technological advancements, growing environmental awareness, an increasing demand for fuel-efficient and electric vehicles (EVs), the rise of ride-hailing services, and the increasing need for enhanced safety are some of the major factors propelling the growth of the market.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 1.8 Trillion
Market Forecast in 2033	USD 3.4 Trillion
Market Growth Rate 2025-2033	6.81%

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2025-2033. Our report has categorized the market based on type, fuel type, engine capacity, and propulsion type.

The passenger car seat market is projected to be worth US$ 43.6 billion in 2024. The market is anticipated to reach US$ 50.4 billion by 2034. The market is further expected to advance at a CAGR of 1.5% during the forecast period 2024 to 2034.

Attributes	Key Insights
Passenger Car Seat Market Estimated Size in 2024	US$ 43.6 billion
Projected Market Value in 2034	US$ 50.4 billion
Value-based CAGR from 2024 to 2034	1.5%

Country-wise Insights

Countries	Forecast CAGRs from 2024 to 2034
The United States	1.7%
China	1.9%
The United Kingdom	2.6%
Japan	2.9%
Korea	3.4%

Category-wise Insights

Category	CAGR from 2024 to 2034
Bucket	1.3%
Powered Seats	1.0%

Report Scope

Attribute	Details
Estimated Market Size in 2024	US$ 43.6 billion
Projected Market Valuation in 2034	US$ 50.4 billion
Value-based CAGR 2024 to 2034	1.5%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	Value in US$ billion
Key Regions Covered	North America Latin America Western Europe Eastern Europe South Asia and Pacific East Asia The Middle East & Africa
Key Market Segments Covered	Seat Type Technology Trim Material Component Type Application End User Region
Key Countries Profiled	The United States Canada Brazil Mexico Germany France France Spain Italy Russia Poland Czech Republic Romania India Bangladesh Australia New Zealand China Japan South Korea GCC countries South Africa Israel
Key Companies Profiled	Adient plc Faurecia (Groupe PSA) Lear Corporation Aisin Corporation (Toyota Motor Corporation) Magna International, Inc. TS TECH Co., Ltd. Johnson Controls International PLC NHK Spring Co., Ltd TACHI-S CO., LTD. Gentherm Incorporated

At about 23.56 million units, China remained the largest market for passenger car sales in 2022. According to the source, passenger cars are motor vehicles with at least four wheels, used for the transport of passengers, and comprising no more than eight seats in addition to the driver's seat. Hence, the figures do not include light trucks.

Pandemic causes sales slump across all markets

Worldwide, passenger car sales have been slowly increasing. Car sales started falling dramatically during the 2008-2009 economic crisis and re-entered a sales slump at the end of 2018. Sales slumped in 2020 due to the outbreak of Covid-19 and related measures to curb the spread of the coronavirus. However, despite the impact of the semiconductor chip shortage on vehicle production, global car sales have slowly increased in 2021 and 2022. This growth is however still behind the sales volume recorded in 2019, before the onset of the pandemic. Spotlight on the largest markets
In Europe, about 75 percent of new passenger car registrations occur in the largest markets, which include Germany, France, the United Kingdom, Italy, and Spain. Despite a slowdown in demand in 2020, China has seen the largest increases in passenger vehicle sales between 2005 and 2020, growing from 3.97 million units to some 20 million units. During this time period, leading original equipment manufacturers (OEMs) like General Motors or Volkswagen enjoyed rising sales trends not just in China, but across all Asian markets. China, Japan, Germany, India, and the United States are ranked among the world’s largest car markets. These countries are home to many of the major motor vehicle manufacturers, including theworld’s largest automakers in 2022.

Key information about China Motor Vehicle Sales: Passenger Cars

• China Motor Vehicle Sales: Passenger Cars was reported at 26,062,824.000 Unit in Dec 2023.
• This records an increase from the previous number of 23,563,287.000 Unit for Dec 2022.
• China Motor Vehicle Sales: Passenger Cars data is updated yearly, averaging 19,707,677.000 Unit from Dec 2005 to 2023, with 19 observations.
• The data reached an all-time high of 26,062,824.000 Unit in 2023 and a record low of 3,971,101.000 Unit in 2005.
• China Motor Vehicle Sales: Passenger Cars data remains active status in CEIC and is reported by International Organization of Motor Vehicle Manufacturers.
• The data is categorized under World Trend Plus’s Association: Automobile Sector – Table RA.OICA.MVS: Motor Vehicle Sales: by Country and Type: Passenger Car (PC).

Key information about United States Motor Vehicle Sales: Passenger Cars

• United States Motor Vehicle Sales: Passenger Cars was reported at 3,116,647.000 Unit in Dec 2023.
• This records an increase from the previous number of 2,858,575.000 Unit for Dec 2022.
• US Motor Vehicle Sales: Passenger Cars data is updated yearly, averaging 6,089,403.000 Unit from Dec 2005 to 2023, with 19 observations.
• The data reached an all-time high of 7,761,592.000 Unit in 2006 and a record low of 2,858,575.000 Unit in 2022.
• US Motor Vehicle Sales: Passenger Cars data remains active status in CEIC and is reported by International Organization of Motor Vehicle Manufacturers.
• The data is categorized under World Trend Plus’s Association: Automobile Sector – Table RA.OICA.MVS: Motor Vehicle Sales: by Country and Type: Passenger Car (PC).

GCC Passenger Car Market was valued at USD 27.14 Billion in 2023 and is expected to reach USD 46.62 Billion by 2029 with a CAGR of 9.53% during the forecast period.

Pages	134
Market Size	2023: USD 27.14 Billion
Forecast Market Size	2029: USD 46.62 Billion
CAGR	2024-2029: 9.53%
Fastest Growing Segment	SUV
Largest Market	Saudi Arabia
Key Players	1. Toyota Motor Corporation 2. Nissan Middle East FZE 3. BMW AG 4. Audi Volkswagen Middle East FZE 5. Hyundai Motor Company 6. General Motors Company 7. Jaguar Land Rover Limited 8. Honda Motor Co., Ltd 9. Mercedes-Benz AG 10. Mitsubishi Corporation

The average for 2023 based on 5 countries was 239694 passenger cars. The highest value was in Saudi Arabia: 645723 passenger cars and the lowest value was in Egypt: 69175 passenger cars. The indicator is available from 2005 to 2023. Below is a chart for all countries where data are available.

The South America Passenger Cars Market is segmented by Vehicle Configuration (Passenger Cars), by Propulsion Type (Hybrid and Electric Vehicles, ICE) and by Country (Argentina, Brazil). The report offers market size in both market value in USD and market volume in unit. Further, the report includes a market split by Vehicle Type, Vehicle Configuration, Vehicle Body Type, Propulsion Type, and Fuel Category.

The Africa Passenger Car market was valued at USD 19.46 Billion in 2024 and is expected to reach USD 25.48 Billion by 2030 with a CAGR of 4.60%.

Pages	135
Market Size	2024: USD 19.46 Billion
Forecast Market Size	2030: USD 25.48 Billion
CAGR	2025-2030: 4.60%
Fastest Growing Segment	SUV/MPV
Largest Market	South Africa
Key Players	1. Toyota Motor Corporation 2. Hyundai Motor Company 3. Mazda Saudi Arabia 4. Nissan Motor Co. Ltd 5. General Motor Co. 6. Ford Middle East 7. Kia Motors Corp. 8. Isuzu Motors Saudi Arabia Co. Ltd. 9. Volkswagen AG 10. Renault Middle East

China: New passenger car sales, numbers per year: The latest value from 2023 is 26062824 passenger cars, an increase from 23563287 passenger cars in 2022. In comparison, the world average is 1102394 passenger cars, based on data from 57 countries. Historically, the average for China from 2005 to 2023 is 16877116 passenger cars. The minimum value, 3971101 passenger cars, was reached in 2005 while the maximum of 26062824 passenger cars was recorded in 2023.

Concerning the ** selected segments, the segment SUVs has the largest number of vehicle sales by make with ********* vehicles. Contrastingly, Mini Cars is ranked last, with ****** vehicles. Their difference, compared to SUVs, lies at ********* vehicles. Find other insights concerning similar markets and segments, such as a ranking of subsegments in Slovakia regarding volume in the Passenger Cars market as a whole and a ranking of subsegments in the Philippines regarding revenue in the Passenger Cars market as a whole. The Statista Market Insights cover a broad range of additional markets.