LONDON–(BUSINESS WIRE)–The global passenger vehicle market is expected to grow by 10.28 million units during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
Crossover vehicles are gaining popularity among consumers as they offer safety, reliability, and comfort due to their unibody design. In addition, they also provide better fuel efficiency and money value compared to sedans and SUVs. This has encouraged more fleet owners to shift from sedans to crossovers and SUV crossovers, as they offer more room, both for passengers and cargo. Considering the rising demand for crossover vehicles from automotive enthusiasts, various vehicle manufacturers are also offering a portfolio consisting a range of crossovers. Thus, the emerging demand for crossover vehicles will drive the passenger vehicle market growth during the forecast period.
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As per Technavio, developments in autonomous vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Global Passenger Vehicle Market: Development in Autonomous Vehicles
Automakers and OEMs are pooling their R&D resources for designing and developing successful prototypes of autonomous vehicles for improved performance. Some of the prominent passenger vehicle manufacturers are partnering with technology companies for integrating artificial intelligence with modern autonomous vehicles. In addition, various major vehicle makers and tier-1 suppliers are launching projects for commercializing autonomous vehicles. Furthermore, investments in autonomous vehicle technologies from some of the technology giants such as Apple and Google for leveraging their expertise are also expected to drive the developments in autonomous vehicles, in turn, driving the passenger vehicle market during the forecast period.
“Deployment of embedded telematics systems in passenger vehicles, integration of advanced safety technologies to gain higher safety ratings, growing integration of smartphones and tablets in automobiles, and increasing investments by automakers in adding new assemblies and manufacturing lines for passenger vehicle production are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Passenger Vehicle Market: Segmentation Analysis
This market report segments the global passenger vehicle market by vehicle type (sedans and hatchbacks, SUVs and crossovers, and MPVs and vans) and geography (the Americas, APAC, and EMEA).
APAC led the passenger vehicle market share in 2017, followed by EMEA and APAC respectively. The region is anticipated to contribute the highest incremental growth in global passenger vehicle market owing to the growing automotive industry in the emerging economies including India and China.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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