Press release
Passenger Car Global Market Report 2025: Booming Growth Engineered by Electric Vehicles, Technological Advancements, and Urbanization
Passenger Car Market Size
What Is The Projected Market Size Of The Global Passenger Car Market And Its Growth Rate?
•The passenger car market size was $1783.28 billion in 2024, set to increase to $1938.92 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.7%.
•The growth in the historic period resulted from urbanization, economic growth, consumer preferences, fuel efficiency, safety standards, emission regulations, and affordable financing options.
•With ongoing advancements such as electric vehicle adoption and connectivity features, along with sustainable and eco-friendly cars, the market is expected reach a staggering $2574.62 billion in 2029, projecting a CAGR of 7.3%.
What Is Driving The Growth In The Passenger Car Market?
The adoption of electric vehicles (EVs) is fueling the growth of the passenger car market. EVs are powered by an electric motor and a battery that can be charged externally. The demand for passenger cars is gaining momentum due to the affordability of EVs, favorable government policies, environmental concerns, and technological developments. Recent data reveals that in 2023, the sale of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVs) accounted for 16.3% of the total new light-duty vehicle (LDV) sales in the US. This only reinforces the fact that the increasing adoption of electric vehicles is driving the growth of the passenger car market.
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Who Are the Key Players Driving Passenger Car Market Growth?
•Volkswagen AG
•Toyoto Motor Corp
•Daimler AG
•Fiat Chrysler Automobiles NV
•Ford Motor Co.
•General Motors Company
•BMW AG
•Honda Motor Co Ltd.
•Hyundai Motor Co. Ltd.
•SAIC Motor Co ltd.
•Groupe PSA
•Tesla Inc.
What Are The Key Trends In The Passenger Car Market?
•Personalization of vehicle interiors
•Lightweight materials for fuel efficiency
•Integration of augmented reality (AR) in head-up displays
•Compact and urban mobility solutions
•Vehicle subscription services
What Are The Segments Of The Global Passenger Car Market?
•By Type: Hatchback, Sedan, Utility Vehicle
•By Fuel Type: Gasoline, Diesel, Other Fuel Types
•By Engine Capacity:
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