World Outlook for the Passenger Car Market to 2030: Recovery Forecasts Amid COVID-19 Pandemic

DUBLIN, Jan. 5, 2021 /PRNewswire/ -- The "Passenger Car Global Market Report 2020-30: Covid 19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.

The global passenger car market is expected to decline from $1454.6 billion in 2019 to $1413.5 billion in 2020 at a compound annual growth rate (CAGR) of -2.9%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 8% from 2021 and reach $1722.6 billion in 2023.

Asia Pacific was the largest region in the global passenger car market, accounting for 45% of the market in 2019. Western Europe was the second largest region accounting for 22% of the global passenger car market. Africa was the smallest region in the global passenger car market.

Additive manufacturing is continuously evolving and automobile manufacturers are now using 3D printing technology to reduce production time and costs. 3D printing creates a three-dimensional physical object using a digital design. It is being used to build prototypes of cars, concept models, design verification and functional parts used in test vehicles and engines. Automobile manufacturers are also using 3D printing to build a variety of tools, jigs and fixtures used in assembly and manufacturing processes. 3D printing helps in rapid prototyping, increases assembly line efficiency, lowers turnaround time, improves flexibility in design and reduces wastage of materials.

Scope of the report:

Markets Covered:

1) By Type: Hatchback; Sedan; Utility Vehicle
2) By Fuel Type: Gasoline; Diesel; Others
3) By Engine Capacity: &lessThan; 1000 cc; &lessThan; 1000-1500 cc; &lessThan; 1500-2000 cc; >2000 cc
4) By Propulsion Type: IC Engine; Electric Vehicle

Metrics Covered: Number of Enterprises; Number of Employees

Countries: Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita, passenger car indicators comparison.

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Companies Mentioned

• Volkswagen
• Toyota
• General Motors
• Renault-Nissan
• Hyundai-Kia

For more information about this report visit https://www.researchandmarkets.com/r/5agir2

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SOURCE Research and Markets