Press release
Electric Vehicle Adoption Sparks Surge In Passenger Car Market Growth: A Significant Driver Propelling The Passenger Car Market In 2025
Passenger Car Market Size
What Is the Expected Passenger Car Market Size During the Forecast Period?
In recent times, the passenger car industry has seen a tremendous surge in its market size. This growth is expected to continue, with market size set to increase from $1783.28 billion in 2024 to $1938.92 billion in 2025, projecting a compound annual growth rate (CAGR) of 8.7%. This significant expansion during the historic period can be credited to factors such as urbanization, economic development, changing consumer tastes, improvements in fuel efficiency, stringent safety guidelines, emission norms, as well as a range of affordable financing opportunities.
The dimensions of the passenger car market are projected to exhibit robust expansion in the coming years. The sector is predicted to enlarge to a whopping $2574.62 billion by 2029, with a compound annual growth rate (CAGR) of 7.3%. The surge during this projected timeframe is a result of factors such as the acceptance of electric vehicles, features of connectivity, sustainable and environmentally friendly cars, adaptable ownership frameworks, governmental incentives, and hydrogen fuel cell vehicles. Noteworthy tendencies expected during this period include vehicle interior personalization, the use of lightweight materials for enhancing fuel efficiency, the incorporation of augmented reality (AR) into head-up displays, compact and urban mobility provisions, and vehicle subscription services.
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What Are the High-Growth Segments in the Passenger Car Market?
The passenger car market covered in this report is segmented -
1) By Type: Hatchback, Sedan, Utility Vehicle
2) By Fuel Type: Gasoline, Diesel, Other Fuel Types
3) By Engine Capacity:
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