Passenger car can be defined as a car designed for carrying very few people. Passenger vehicles are the most common mode of transport and the number is increasing in developed as well as developing countries.They serve many benefits including mobility, safety andconvenience. The global passenger car market will reach 1598.21 billion USD by 2025 from 1263 billion USD in 2018 at a CAGR of 3.42% during the period.
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Growth by Region
Asia Pacific will be leading the market due to growing population and increasing per capita income. North America and Europe will grow at a significant rate due to increasing electric vehicle demand and development of hybrid technologies.
Drivers vs Constraints
The emerging vehicle financing market has been encouraging the passenger vehicles industry wherein the customers are provided loans to own the vehicle. Increasing automobile sales and demand for hybrid vehicles drive the market growth.However, Increasing raw material prices is one of the greatest concerns for the passenger vehicles market.
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Industry Trends and Updates
Boston officials granted approval to nuTonomy, a Boston-based autonomous vehicle company, to begin testing their self-driving cars on all city roads.
Renault plans to 0invest more than 1 billion euros to increase electric vehicle production capacity in France and add new models.