IMARC Group, a leading market research company, has recently releases report titled “Passenger Cars Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027.” The study provides a detailed analysis of the industry, including the global passenger cars market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How has the global passenger cars market performed so far and how will it perform in the coming years?
The global passenger cars market is expected to exhibit a CAGR of 8.50% during 2022-2027.
Passenger cars refer to motor vehicles designed for the transportation of people with a maximum seating capability of nine, including the driver. They comprise mini vans, sports utility vehicles, motorcycles, electric-powered cars and vehicles, engine scooters, bicycles, vans, light and pickup trucks, etc. Passenger cars rely on lubricating oils to protect against corrosion, wear and tear, low and high-temperature deposits, and oxidation. They assist in covering distances between work, educational institutions, home, shopping and leisure facilities, etc. In addition, passenger cars also offer enhanced mechanics, engines, aerodynamics, performance, autonomous control, and entertainment.
The escalating need for advanced driver assistance systems (ADAS), such as driver alertness, night vision, and adaptive cruise control, to avoid accidents is primarily driving the passenger cars market. Besides this, the elevating demand for electric vehicles (EVs), as they do not produce greenhouse gases and harmful emissions, is further augmenting the market growth.
Moreover, the extensive research and development (R&D) activities by the leading manufacturers to meet real-time customer conditions and the launch of passenger cars with high ground clearance, sturdy vehicles, and powerful engines are also catalyzing the global market. In addition, the rising integration of all-EV charging station systems with the internet of things (IoT) and real-time information solutions to provide data about the availability of vacant spots and nearby charging stations is acting as another significant growth-inducing factor.
Apart from this, the growing popularity of heavy and luxury vehicles and the increasing number of diesel-operated automobiles are expected to bolster the passenger cars market in the coming years.
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Passenger Cars Market Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the passenger cars market has been studied in the report with the detailed profiles of the key players operating in the market.
Passenger Cars Key Players:
Bayerische Motoren Werke AG,
Ford Motor Company
General Motors Company
Honda Motor Co. Ltd.
Hyundai Motor Company
Mercedes-Benz Group AG
Tata Motors Limited
Toyota Motor Corporation
Key Market Segmentation:
Breakup by Type:
Breakup by Fuel Type:
Breakup by Engine Capacity:
< 1000 cc
< 1000-1500 cc
Breakup by Propulsion Type:
Breakup by Region:
Middle East and Africa
Speak to Analyst: https://www.imarcgroup.com/request?type=report&id=6164&flag=C
Key Highlights of the Report:
Market Performance (2016-2021)
Market Outlook (2022-2027)
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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