Concerning the 12 selected segments, the segment SUVs has the largest number of vehicle sales by make with 7,715,835 vehicles. Contrastingly, Mini Cars is ranked last, with 30,485 vehicles. Their difference, compared to SUVs, lies at 7,685,350 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.

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

The U.S. auto industry sold nearly three million cars in 2024. That year, total car and light truck sales were approximately 15.9 million in the United States. U.S. vehicle sales peaked in 2016 at roughly 17.5 million units. Pandemic impact The COVID-19 pandemic deeply impacted the U.S. automotive market, accelerating the global automotive semiconductor shortage and leading to a drop in demand during the first months of 2020. However, as demand rebounded, new vehicle supply could not keep up with the market. U.S. inventory-to-sales ratio dropped to its lowest point in February 2022, as Russia's war on Ukraine lead to gasoline price hikes. During that same period, inflation also impacted new and used car prices, pricing many U.S. consumers out of a market with increasingly lower car stocks. Focus on fuel economy The U.S. auto industry had one of its worst years in 1982 when customers were beginning to feel the effects of the 1973 oil crisis and the energy crisis of 1979. Since light trucks would often be considered less fuel-efficient, cars accounted for about 77 percent of light vehicle sales back then. Thanks to improved fuel economy for light trucks and cheaper gas prices, this picture had completely changed in 2020. That year, prices for Brent oil dropped to just over 40 U.S. dollars per barrel. The decline occurred in tandem with lower gasoline prices, which came to about 2.17 U.S. dollars per gallon in 2020 - and cars only accounted for less than one-fourth of light vehicle sales that year. Four years on, prices are dropping again, after being the highest on record since 1990 in 2022.

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).

The average for 2023 based on 3 countries was 1325632 passenger cars. The highest value was in the USA: 3116647 passenger cars and the lowest value was in Canada: 262159 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.

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 average for 2023 based on 7 countries was 453177 passenger cars. The highest value was in Brazil: 1721400 passenger cars and the lowest value was in Ecuador: 98018 passenger cars. The indicator is available from 2005 to 2023. Below is a chart for all countries where data are available.

Brazil is by far the largest market for passenger cars in Latin America, based on unit sales. In 2023, the number of cars sold in the Portuguese-speaking country amounted to more than 1.72 million units. Mexico ranked second, with nearly 598,000 cars sold that year.

The South American passenger car market, encompassing Brazil, Argentina, Chile, and other key nations, presents a dynamic landscape ripe with opportunities and challenges. While the market experienced fluctuations during the 2019-2024 historical period, likely influenced by economic volatility and global supply chain disruptions, a positive Compound Annual Growth Rate (CAGR) is projected for the forecast period of 2025-2033. This growth is fueled by several key drivers: a rising middle class with increased disposable income leading to higher car ownership; government initiatives promoting infrastructure development and automotive manufacturing; and the increasing popularity of fuel-efficient vehicles, particularly hybrids and electric vehicles (HEVs and EVs), driven by environmental concerns and government incentives. Segment analysis reveals that SUVs are likely to dominate the vehicle configuration segment, reflecting a global trend towards larger vehicles offering more space and versatility. Within the propulsion type segment, while Internal Combustion Engine (ICE) vehicles, especially gasoline-powered cars, will continue to hold significant market share in the near term, the adoption of HEVs and BEVs is expected to accelerate steadily throughout the forecast period, driven by technological advancements, decreasing battery costs, and expanding charging infrastructure. However, the market also faces significant restraints. Economic instability in certain South American countries poses a considerable challenge, impacting consumer purchasing power and impacting investment in the automotive sector. Furthermore, the region's underdeveloped charging infrastructure for EVs remains a barrier to faster EV adoption, alongside relatively higher initial purchase costs compared to ICE vehicles. Competition among established global automakers like Toyota, Volkswagen, and Hyundai, as well as regional players, is intense, leading to price wars and impacting profitability. Despite these challenges, the long-term outlook remains optimistic, with consistent growth expected, particularly in segments related to fuel-efficient and environmentally friendly vehicles. Strategic partnerships, technological innovations, and government policies focused on sustainable mobility will play a crucial role in shaping the market's trajectory in the coming years. The market's success hinges on navigating economic uncertainties and accelerating the infrastructure development needed to support the growing demand for alternative fuel vehicles. Recent developments include: December 2023: Mustang Mach-E is avaiable with electric all-wheel drive and has standard heated seats and steering wheel.December 2023: Toyota debuts the Corolla GR-S in Brazil. Its 2.0-liter Dynamic Force Atkinson flex cycle engine generates 177 horsepower when running on ethanol and 169 horsepower when running on gasoline, with 21.4 kgfm of torque in both cases.December 2023: Hyundai Motor unveiled its "Strategy 2025" blueprint, outlining KRW 61.1 trillion in investments for future technology research and development (R&D) until 2025. The goal is to electrify the majority of new vehicles in key markets such as Korea, the United States, China, and Europe by 2030, with emerging markets such as India and Brazil following suit by 2035.. Notable trends are: OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT.

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 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

The Latin American passenger car market, encompassing Brazil, Argentina, Mexico, and the Rest of Latin America, presents a dynamic landscape characterized by significant growth potential. With a current market size exceeding (estimated) $XX million in 2025 and a Compound Annual Growth Rate (CAGR) exceeding 4%, the market is projected to reach (estimated) $YY million by 2033. This expansion is driven by several key factors. Rising disposable incomes across the region, coupled with expanding middle classes, are fueling increased demand for personal vehicles. Government initiatives aimed at improving infrastructure and promoting sustainable transportation, including incentives for electric vehicle adoption, are further bolstering market growth. Furthermore, the increasing preference for SUVs and hatchbacks, reflecting changing consumer preferences, is significantly impacting segment-wise sales. However, the market faces challenges, including economic volatility in some Latin American countries and fluctuations in fuel prices, which can impact consumer purchasing power. The intense competition among established global players like Fiat Chrysler Automobiles, Volkswagen, and General Motors, along with the growing presence of Asian manufacturers like Hyundai and Toyota, shapes the competitive dynamics of this market. The segmentation of the market reveals diverse trends. While gasoline-powered vehicles continue to dominate, the electric vehicle segment is exhibiting robust growth, albeit from a smaller base. This growth is spurred by increasing environmental awareness and government support. Regional variations are also notable; Brazil, the largest market in Latin America, is expected to lead in overall growth, followed by Mexico and Argentina. However, the "Rest of Latin America" segment should not be overlooked, as it holds promising potential for future expansion, dependent on economic growth and infrastructure development in individual countries. This detailed analysis underscores the need for manufacturers to adapt their strategies to meet the unique demands and evolving preferences of consumers within this diverse and dynamic region. Understanding regional nuances and consumer trends will be crucial for achieving sustained success in the Latin American passenger car market. This comprehensive report provides an in-depth analysis of the Latin America passenger cars market, covering the period from 2019 to 2033. With a base year of 2025 and an estimated year of 2025, this study offers a detailed forecast from 2025 to 2033, built upon historical data from 2019 to 2024. The report explores market size in million units, key trends, growth drivers, and challenges, offering valuable insights for stakeholders across the automotive value chain. It segments the market by vehicle type (hatchback, sedan, SUV), fuel type (gasoline, diesel, electric), and geography (Brazil, Argentina, Mexico, Rest of Latin America), providing a granular understanding of market dynamics. This report is essential for automotive manufacturers, suppliers, investors, and government agencies seeking to understand and capitalize on opportunities within this dynamic market. Recent developments include: Nov 2022: Great Wall Motors (GWM) announced that it will begin selling the Haval H6 SUV in Brazil in the first quarter of 2023, with a package of semi-autonomous features and safety technologies, including facial recognition, which can identify up to five different people registered in the system., Oct 2022: Toyota stated that it would introduce the "Conquest," a new model of the Toyota Hilux made in Argentina. The number of pickup models produced at Zárate will rise from 15 to 16 with the Conquest's anticipated debut. Although it will be more affordable and have less power than the Hilux GR-Sport III, the Hilux Conquest will have a distinctive look and unique features and be focused on off-road and recreational use., Jan 2022: Link, an electric vehicle manufacturer in the US, planned to set up its assembly plant in the Mexican state of Puebla. This production setup received an investment of USD 265 million.. Key drivers for this market are: Surge in Awareness About the Benefits of Leasing, Shift in Trends Towards Rental. Potential restraints include: Labor Shortage may obstruct the market growth, The economic downturn in the equipment leasing sector will impede market expansion. Notable trends are: Zero Emission Vehicles Gaining Traction in Latin America.

In 2024, the auto industry in the United States sold approximately 15.9 million light vehicle units. This figure includes retail sales of about three million passenger cars and just under 12.9 million light trucks. Lower fuel consumption There are many kinds of light vehicles available in the United States. Light-duty vehicles are popular for their utility and improved fuel economy, making them an ideal choice for savvy consumers. As of Model Year 2023, the light vehicle manufacturer with the best overall miles per gallon was Kia, with one gallon of gas allowing for 30.4 miles on the road. Higher brand satisfaction When asked about light vehicle satisfaction, consumers in the United States were most satisfied with Toyota, Subaru, Tesla, and Mercedes-Benz models. Another survey conducted in 2018 and quizzing respondents on their stance regarding the leading car brands indicated that Lexus was among the most dependable brands based on the number of problems reported per 100 vehicles.

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.

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Plastics For Passenger Cars Market Size 2024-2028

The plastics for passenger cars market size is forecast to increase by USD 26.63 billion at a CAGR of 10.87% between 2023 and 2028.

The market is driven by the adoption of new or improved emission standards and the increasing demand for lightweight and fuel-efficient vehicles. The automotive industry is continuously focusing on reducing vehicle weight to improve fuel efficiency and reduce emissions, making plastics an attractive material choice for automakers. The complex design and engineering of modern vehicles further boost the market's growth. However, the market faces challenges such as the high cost of raw materials and the availability of alternative materials.
Additionally, the stringent regulations regarding the use of plastics in automotive applications can pose a significant challenge to market growth. Plastics, including polypropylene (PP), polyethylene (PE), polystyrene (PS), and polyvinyl chloride (PVC, among others), are extensively used in automotive manufacturing due to their durability, cost-effectiveness, and versatility. Companies in the market must navigate these challenges while capitalizing on the opportunities presented by the growing demand for lightweight and fuel-efficient vehicles to maintain a competitive edge.

What will be the Size of the Plastics For Passenger Cars Market during the forecast period?

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The passenger car market continues to evolve, with plastics playing a significant role in various sectors. Exterior components, such as body panels and door panels, are increasingly being made from lightweight and impact-resistant materials, including composite materials and smart plastics. These materials offer improved thermal stability, fuel efficiency, and UV resistance, reducing the overall weight of vehicles and enhancing aesthetic appeal. Tier 1 suppliers are at the forefront of this evolution, integrating advanced manufacturing techniques like injection molding, blow molding, and 3D printing into their production processes. This ensures regulatory compliance and enables design flexibility, allowing for the creation of complex shapes and intricate details.
Automotive design is also being transformed by plastics, with safety standards becoming a top priority. Plastics are being used to create safety components, such as fuel tanks and engine compartment parts, which offer improved impact resistance and weight reduction. Moreover, the integration of Autonomous Vehicles and connected cars is driving the demand for plastics in the automotive industry. Plastics are being used to create lightweight and durable components for sensors, connectors, and other electronic components. Material science continues to advance, with new materials being developed to meet the evolving needs of the passenger car market.
These materials offer improved quality control, cost reduction, and advanced manufacturing capabilities, ensuring that plastics remain a key player in the automotive industry.

How is this Plastics For Passenger Cars Industry segmented?

The plastics for passenger cars 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.

Application

  Interiors
  Exteriors
  Others


Material

  Polypropylene
  Polyurethane
  Polyvinyl chloride
  Polyamide and others


Component

  Bumpers
  Dashboards
  Seating
  Wiring Insulation


Vehicle Type

  Conventional
  Hybrid
  Electric


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    Egypt
    KSA
    Oman
    UAE


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Rest of World (ROW)

By Application Insights

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

In the realm of passenger car manufacturing, plastics have become a preferred choice for both interior and exterior components due to their lightweight properties, design flexibility, and cost-effectiveness. Tier 1 suppliers play a crucial role in supplying these plastics to OEMs. Instrument panels, door panels, and engine compartments are some areas where plastics are extensively used, with a focus on thermal stability, impact resistance, and aesthetic appeal. Composite materials, including those reinforced with carbon fibers, are increasingly being adopted for their strength and weight reduction properties. Automotive design trends lean towards the integration of advanced technologies such as autonomous vehicles, connected cars, and smart materials.

Plastics play a significant role in these innovations, with 3D printing enabling the production of complex and intricate parts, and a

The global passenger car market is experiencing robust growth, projected to reach a substantial market size. While the exact 2025 market size is not provided, considering typical market sizes for this sector and the provided timeframe (2019-2033), a reasonable estimate for the 2025 market value could be in the range of $2 trillion to $2.5 trillion. This is based on the general understanding of the automotive market's size and considering factors like production numbers, average vehicle prices, and global economic conditions. The market's Compound Annual Growth Rate (CAGR) over the forecast period (2025-2033), while not explicitly stated, is likely to be in the range of 3-5%, driven by several key factors. These drivers include rising disposable incomes in emerging economies, increasing urbanization leading to greater demand for personal transportation, and ongoing technological advancements in vehicle design and fuel efficiency, including the rise of electric vehicles. Furthermore, the evolving preferences towards SUVs and crossovers within the passenger car segment is contributing to market expansion. However, factors such as stringent emission regulations, fluctuating fuel prices, and potential economic downturns could act as restraints on market growth. The market is segmented by vehicle type (Sport Utility Vehicle, passenger cars, others) and application (individual, commercial), offering opportunities for specialized players. Key players such as General Motors, SAIC, Volkswagen, and others are actively competing in this dynamic market, focusing on innovation and expansion to meet evolving customer demands. The geographical distribution of the passenger car market presents varied growth prospects. Regions such as Asia Pacific, particularly China and India, are anticipated to exhibit strong growth fueled by rapid economic development and increasing vehicle ownership. North America and Europe, while mature markets, continue to showcase significant demand, driven by replacement cycles and the adoption of advanced vehicle technologies. Conversely, regions with slower economic growth or infrastructure limitations may experience slower growth rates. The competitive landscape is characterized by a mix of established global manufacturers and emerging local players, leading to ongoing innovation and price competition. The market's future trajectory will significantly depend on the interplay of these factors – economic growth, regulatory landscapes, technological advancements, and shifts in consumer preferences across various geographical locations.

Passenger Car Market Outlook 2032

The global passenger car market size was USD 1632.09 Billion in 2023 and is likely to reach USD 3235.47 Billion by 2032, expanding at a CAGR of 7.9 % during 2024–2032. The market growth is attributed to the growing urbanization and the increasing consumer demand for fuel-efficient vehicles.



Increasing consumer demand for fuel-efficient vehicles is expected to boost the global passenger car market. Fuel-efficient vehicles save consumers a significant amount of money in the long run due to lower fuel costs. This makes owning a passenger car affordable, thereby increasing demand.

Passenger cars are widely adopted by consumers due to their versatility and accessibility. Passenger cars are used for a variety of purposes, including commuting to work, running errands, taking road trips, and transporting large items. This versatility makes these cars popular among consumers. Moreover, cars have the ability to reach places that public transport cannot, especially in rural or remote areas. This encourages people to purchase passenger cars.

Impact of Artificial Intelligence (AI) in Passenger Car Market

Artificial Intelligence (AI) is revolutionizing the automotive industry, particularly in the realm of passenger cars by providing advanced

In 2020, light vehicle sales worldwide declined by almost 15 percent. By 2024, the market had increased well over pre-pandemic levels, despite supply chain issues, surges in automotive layoffs, and strikes in North America. In North America, around 19.2 million light vehicles were sold in 2024. Light vehicle sales were to be around 15.9 million units in the United States, North America's largest market, up from around 15.5 million units one year earlier. Semiconductors Thrive Amidst the brewing tension brought forth due to the COVID-19 pandemic and global conflict, the semiconductor supply chain saw significant disruptions. Seemingly, one would expect that particular industry to have suffered greatly from such disruptions, but despite everything, global semiconductor industry revenue actually increased during 2020 and beyond, going from 422 billion U.S. dollars in 2019 up to 600 billion in 2022. In 2023, and even more so in 2024, the demand for semiconductors has surged, with companies like NVIDIA having nearly two trillion U.S. dollars of market capitalization. Automotive Supply Global automotive suppliers, such as Bosch and Denso, suffered losses during the same period of instability in recent years, where the top 10 leading global automotive suppliers saw decreases in revenue from 332 billion U.S. dollars in 2019 to 280 billion dollars in 2020. These revenues bounced back in 2021 and beyond, reaching 346 billion dollars in 2022. In particular, the earnings before interest and taxes (EBIT) margins of nearly every automotive supply segment have bounced back from the reported disruptions; this includes original equipment manufacturers, and software suppliers.