Oxides of Nitrogen (NOx), which combine with hydrocarbons to create smog.Value Chain & Distribution Channel Analysisĥ. Passenger Cars Market Report - Table of Contentsġ.1. These factors are expected to help market growth over the forecast period. The above trend has propelled automakers to increase their expenditure on the R&D of trucks, which has boosted the market growth of electric vehicles. This is an important factor in the growth of the electric vehicle market in the world. It also helps e-commerce companies in expanding their business through broader reach. E-commerce companies have significant opportunities to explore the retail e-commerce market due to high internet and smartphone penetration in the North American region.In March 2022, Ford announced that it would offer a new generation of four electric commercial vehicles by 2024. For instance, in March 2022, Kia Motors announced that it would enter the electric pickup truck market, announcing that two models would be available by 2027. OEMs are also redefining their roadmap for electric vehicles. An increase in the demand for clean energy in the automotive industry is one of the major factors contributing to the market's growth.China, India, France, and the United Kingdom have announced plans to completely phase out the petrol and diesel vehicles industry before 2040. Governments worldwide have been proactive in enacting policies to encourage the adoption of electric vehicles.Automation and electrification are expected to boost the car market in the near future. This allows for further segmentation of the automotive supplier market, particularly the automotive electronics market. ![]() As a result of technological advancements, the types of components required to create the finished product have begun to change. Around 26% of new automobile sales globally are expected to be of electric vehicles by 2030, with an estimated 58 million new self-driving cars to be added to the global fleet by 2022. Automotive technology is expected to undergo significant change in the next ten years. China had the largest regional automobile market in 2021, with slightly less than 21.5 million units. In 2021, approximately 56.4 million passenger cars were sold worldwide, representing a nearly 5% increase over the previous year.Toyota and the Volkswagen Group both saw reductions in their deliveries of more than a million cars. A slight rebound was expected in 2021, with 66 million cars expected to be sold. In 2020, 63.8 million cars were sold worldwide. As more nations restricted travel due to the pandemic in 2020, the automotive industry experienced several setbacks. The year 2020 saw a substantial effect of the pandemic on global auto markets.EU car buyers appear to be contributing to reducing the harmful effects of fossil fuel-powered vehicles. However, automobile manufacturer Tesla has continued to come under fire for contributing to climate change through the manufacturing process and the automobiles produced. The automotive industry was one of the industries most affected by the global chip shortage and supply chain disruptions brought on by the COVID-19 pandemic.Fastest-growing Segment by Fuel Type - FCEV : Stringent norms, governmental subsidies, continued encouragement of BEV adoption among private auto owners which is making BEV the fastest-growing segment in passenger car market globally.Largest Segment by Sub-Body Type - Sports Utility Vehicle : Strong build, ability to drive in all terrains and bold looks, strong engines are some of the factors making SUVs the largest sub-body type in the global passenger car market.The growing disposable income of consumers and changing lifestyles are increasing the demand for passenger cars in China. Largest Segment by Country - Germany : Globally, China has witnessed the largest share in passenger car sales. ![]() Easy availability of the traditional fuel and the affordable price of the gasoline engines provide an edge over other fuel options. ![]() Largest Segment by Fuel Type - Gasoline : Gasoline has the highest growth among all fuel types across globe.The Global Passenger Cars Market is projected to register a CAGR of -2.90%
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