Global Passenger Vehicle Market 2018-2022
About Passenger Vehicle
Passenger vehicles are motor vehicles with at least four wheels, used to transport passengers and their luggage. They serve many benefits including mobility, safety over two-wheelers, convenience, and independence from sharing or public transport. These vehicles can be for personal or commercial use, such as ridesharing, fleet management, and others.Technavio’s analysts forecast the global passenger vehicle market to grow at a CAGR of 2.68% during the period 2018-2022.Covered in this report The report covers the present scenario and the growth prospects of the global passenger vehicle market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Passenger Vehicle Market 2018-2022
Technavio recognizes the following companies as the key players in the global passenger vehicle market: Ford Motor Company, General Motors, Honda Motor, Hyundai Motor, Toyota Motor, and Volkswagen.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is development of autonomous vehicles. With all vendors focusing on improving their market revenue, the market’s competitive environment is quite intense. By providing an in-depth analysis of the market’s competitive landscape and information on the products offered by companies, this passenger car industry analysis will help clients design effective growth strategies.”
According to the report, one driver in the market is emerging crossover segment. The global passenger vehicle market is witnessing tremendous growth in the crossover segment as they offer better money value compared to sedans and SUVs. Crossovers offer the driving pleasure, safety, reliability, and comfort of an SUV, and owing to their unibody design, they are lightweight and hence offer better fuel efficiency than sedans.
Further, the report states that one challenge in the market is increasing cost pressure on OEMs. In the automotive industry, OEMs absorb most of the warranty costs and price pressure from the demand side. With increasing adoption of advanced technologies, the bargaining power of OEMs has reduced for certain equipment and technologies.
Ford Motor Company
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