Overview:

The global passenger vehicle market is valued for more than US$ XXX.X Mn in 2019 and expected to reach a value of US$ XXX.X Mn by 2029 with a significant CAGR of around XX.X% over the forecast period of 2019-2029. The vehicle which is purposely build to carry passengers from one location to another are referred as passenger vehicle. There are various types or categories of these vehicles such as MPV, hatchback, sedan, SUV, and others. Also, these vehicles are categorized based on their size such as mid-size, compact, and large/ full size.

Passenger vehicle is a most preferred type of vehicle for travelling and it holds significant share in the overall automotive market. Rising availability of passenger vehicles in different price range and with advanced features is a key factor driving growth of the global market.

Market Dynamics:

The attack of corona virus has impacted the overall automotive sector and it resulted in huge loss in sales of passenger vehicles across the globe. However, the situation is expected to recover shortly and the sales figures are expected to show positive growth in the near future.

Rising product launches by key players and growing income of individuals across the globe are key factors driving growth of the global passenger vehicle market. Also, growing preference for long tours and travelling among individuals is resulting in growing demand for SUV and Sedan passenger vehicles across the globe.

In addition, rising product promotion on various social media platform, growing product design advancements, and integration of various advanced features are among the other factors supporting target market growth. Moreover, rising preference for car sharing and growing number car rental companies are some other key factors expected to result in growth of the passenger vehicle market in the forecast period.

However, growing pricing pressure due to stringent market competition and growing raw material cost are key factors hampering growth of the global market. In addition, emerging stringent government policies and norms related to vehicle pollution may affect the target market growth to a certain extent.

Key Trends:

Growing preference on product launches among key players is a key trend observed in the global passenger vehicle market. For instance, in August 2019, Kia Motors Corporation has launched their Seltos SUV in Indian market. Along with this launch the company entered in Indian market. In addition, Tata Motors has launched Hexa XM+, a new variant of their Hexa SUV in October 2018 in India.

Regional Analysis:

For detailed understanding of market dynamics, the global Passenger Vehicle market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominated the global passenger vehicle market in terms of market share in the year 2019. This is attributed to economic development, growing number of key players, rising product launches, and increasing consumer base in countries such as China, India, South Korea, and others in the region.

Moreover, North America and Europe accounted for significant market share in the global market. However, Asia Pacific is expected to witness highest growth in the global market over the forecast period.

Scope of the Report:

Detailed Segmentation:

Global Passenger Vehicle Market, By Type:

• Compact
• Mid-size
• Premium
• Luxury

Global Passenger Vehicle Market, By Body Type:

• MPV
• Hatchback
• Sedan
• SUV
• Others

Global Passenger Vehicle Market, By Fuel Type:

• Petrol
• Diesel
• CNG

Global Passenger Vehicle Market, By Application:

• Personal Use
• Commercial Use

Key Players Covered:

Key players operating in the global market include, Toyota Motor Corporation, Hyundai Motor Company, Maruti Suzuki India Limited, Bayerische Motoren Werke AG, Audi AG, General Motors, Tata Motors Limited, Groupe Renault, Ford Motor Company, and Volkswagen AG.

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- Global Passenger Vehicle Market by type, body type, fuel type, application, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global passenger vehicle market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.