Passenger Cars - Americas

Americas

Revenue in the Passenger Cars market is projected to reach €669.7bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -0.92%, resulting in a projected market volume of €645.5bn by 2028.
The market's largest segment is SUVs with a projected market volume of €306.9bn in 2024.
Passenger Cars market unit sales are expected to reach 19.88m vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to €32.31k in 2024.
With a vehicle unit sales share of 27.8% in 2024, Other is expected to have one of the highest market share in the selected region.
The value market share of the make Other in the selected region is expected to stand at 32.0% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (€510bn in 2024).

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in Americas is currently experiencing significant growth and development. Customer preferences in the region are shifting towards more fuel-efficient and environmentally friendly vehicles. This trend is driven by increasing awareness of climate change and the need to reduce carbon emissions. In addition, customers are also demanding advanced technology features and connectivity options in their vehicles.

Customer preferences: Customers in Americas are increasingly opting for fuel-efficient vehicles due to rising fuel prices and growing concerns about the environment. This has led to a surge in demand for hybrid and electric vehicles in the region. Customers are also seeking vehicles with advanced safety features such as lane departure warning, adaptive cruise control, and automatic emergency braking. In addition, there is a growing demand for connectivity options such as Apple CarPlay and Android Auto, which allow drivers to seamlessly integrate their smartphones with their vehicles.

Trends in the market: One of the key trends in the Passenger Cars market in Americas is the rise of electric vehicles (EVs). Governments in the region are implementing policies and incentives to promote the adoption of EVs, including tax credits and subsidies. This has led to an increase in the number of EV models available in the market and a growing charging infrastructure. As a result, the sales of EVs in Americas are expected to continue to grow in the coming years. Another trend in the market is the increasing popularity of SUVs and crossovers. Customers in Americas are opting for larger vehicles that offer more space and versatility. This trend is driven by a desire for comfort and practicality, as well as the perception of SUVs as safer vehicles. As a result, automakers are shifting their production towards SUVs and crossovers to meet the growing demand.

Local special circumstances: In the Americas, there are certain local special circumstances that are influencing the Passenger Cars market. For example, in North America, there is a strong preference for pickup trucks due to their versatility and practicality. Pickup trucks are not only used for personal transportation but also for commercial purposes. This has led to a high demand for pickup trucks in the region, with several automakers offering a wide range of models. In South America, economic conditions and government policies play a significant role in shaping the Passenger Cars market. For example, in countries like Brazil and Argentina, high import tariffs and taxes on luxury vehicles have resulted in a limited selection of models and higher prices. This has led to a higher demand for locally produced vehicles that are more affordable for the average consumer.

Underlying macroeconomic factors: The growth and development of the Passenger Cars market in Americas are also influenced by underlying macroeconomic factors. For example, economic growth, income levels, and consumer confidence are key drivers of vehicle sales. When the economy is performing well and consumers have higher disposable incomes, they are more likely to purchase new vehicles. On the other hand, during economic downturns, consumers may postpone vehicle purchases or opt for used cars instead. In addition, government regulations and policies related to emissions and fuel efficiency standards also impact the Passenger Cars market. Automakers are required to meet these standards, which can influence their product offerings and pricing strategies. Furthermore, fluctuations in fuel prices and availability can also affect customer preferences and the demand for certain types of vehicles. Overall, the Passenger Cars market in Americas is experiencing growth and development driven by changing customer preferences, technological advancements, and government policies. The rise of electric vehicles, the popularity of SUVs and crossovers, and local special circumstances are all shaping the market in different ways. Understanding these trends and factors is crucial for automakers and industry stakeholders to effectively navigate the market and meet customer demands.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).