Passenger cars are the type of motor vehicle consisting of at least four wheels, used for transporting of passengers, the passenger cars comprise of not more than eight seats excluding the driver's seat. The passenger car manufacturing market further consists of sales of the passenger cars by entities and establishments producing the complete automobiles including body and chassis or companies producing the automobile chassis only.
According to the study, “Passenger Car Global Market Report 2019” the key companies operating in the global passenger car market are Adam Opel AG, Beijing Automotive Group Co., Ltd., American Honda Motor Co., Inc., Haima Automobile International Corporation, Audi AG, Infiniti Motor Company Ltd., Bayerische Motoren Werke AG (BMW GROUP), Dr. Ing. HCF Porsche AG, Cadillac, Mahindra & Mahindra Ltd., Daihatsu Motor Co., Ltd., Mitsubishi Motors Corporation, Daimler AG, Mazda Motor Corporation, Dongfeng Motor Corporation, PSA Peugeot Citroen, Ferrari SPA, Toyota Motor Corporation, General Motors Company, Volvo Car Corporation, Hindustan Motors Ltd., Maruti Suzuki India Ltd., Nissan Motor Co., Ltd., Honda Motor Co., Ltd., Renault Group, Hyundai Motor Company, Tata Motors Ltd., Kia Motors Corporation, Volkswagen AG.
Based on type, the passenger car market is segmented into Sedan, Hatchback, and utility vehicle. In addition, based on fuel type, the market is segmented into CNG, diesel, and petrol. Based on the transmission type, the market is segmented into manual and automatic. Based on engine capacity, the market is segmented into (<1000, 1000-1500, 1500-2000, and >2000. In addition, based on size, the market is segmented into compact, mini micro, C1, C2, D, E, and F.
The passenger car market is driven by growth in economic conditions, followed by a rise in consumers’ disposable incomes, growth in population, rise in demand for enhanced traveling comfort and the gradual shift from transportation to comfortable or convenient transportation, and from convenient transportation to luxurious or safe transportation. However, the high cost of electric cars and inadequate charging infrastructure may impact the market.
The use of advanced techniques such as Additive manufacturing is continuously developing the automobile manufacturers starting using 3D printing technology assisting in reducing production time and costs. The 3D printing further creates a 3D physical object by using a digital design. Moreover, the same is also being used for building the prototypes of cars, concept models, design verification, and functional parts used over the test vehicles and engines. Further, the automobile manufacturers have started using 3D printing technologies over a variety of tools, jigs, and fixtures used over assembly and manufacturing processes. The 3D printing assists in the rapid prototyping, increase in assembly-line efficiency, lowering of turnaround time, improving flexibility in the design, and reducing the wastage of materials.
Based on geography, the Asian-Pacific region dominates the global passenger car market owing to an increase in domestic demand coupled with a rise in investments in the automotive components sector in the region. Whereas, the North-American and European regions are projected to witness a higher growth rate due to growth in the development of hybrid technologies over the forecast period. In the near future, it is expected that the future of the market will be optimistic on account of an increase in electric vehicle demand during the forecast period.
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