Cars Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025

Description

The Global Cars Market is valued at USD 2.4 trillion in 2024, and it is poised for substantial growth, expected to expand at a CAGR of 7.8% from 2025 to 2034. This rapid growth is fueled by several factors, including rising global population levels, rapid urbanization, and the growing demand for personal transportation. As cities continue to expand and more people relocate to urban areas, longer commutes are pushing consumers toward private vehicles. Cars are quickly becoming the preferred mode of transport due to their flexibility and ability to navigate through traffic, offering both comfort and practicality. Additionally, the surge in disposable incomes is contributing to the growing demand for high-value automobiles. With purchasing power on the rise, consumers are shifting their focus toward vehicles that offer greater convenience, enhanced comfort, and personalized features. This consumer preference is fueling the demand for a wide variety of car models, from luxury vehicles to cars equipped with cutting-edge technology, thus further driving growth in the automotive market.

The market is segmented by propulsion type into gasoline, diesel, electric, and fuel cell electric vehicles (FCEV). Gasoline-powered vehicles currently dominate the market, with the gasoline segment holding 55% market share in 2024. This segment is expected to generate USD 2.5 trillion by 2034. Gasoline cars continue to be the most popular choice due to their broad availability and reliability, despite the steady rise of electric and hybrid vehicles. Areas with well-established refueling infrastructure still favor gasoline-powered vehicles, ensuring that they remain a significant player in the global automotive market.

Market Scope
Start Year	2024
Forecast Year	2025-2034
Start Value	$2.4 Trillion
Forecast Value	$4.7 Trillion
CAGR	7.8%

By end-use, the market is divided into commercial and individual segments. The individual segment accounted for 79% of the market share in 2024, driven by evolving work patterns and a growing focus on safety and convenience. More and more consumers are seeking customization options for their vehicles, from tailored features to aesthetic enhancements, reflecting the increasing demand for personalized transportation solutions that cater to individual tastes and preferences.

In terms of regional markets, Asia Pacific holds a dominant 45% share of the global cars market in 2024 and is expected to generate USD 2 trillion by 2034. China, in particular, is at the forefront of this growth. The country boasts advanced manufacturing capabilities and a strong consumer demand for both traditional and electric vehicles. China's automotive market is further supported by government incentives that encourage the adoption of green energy solutions and foster technological innovation, positioning the country as a leading force in the global automotive industry.

Product Code: 6767

Chapter 1 Methodology & Scope

1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
1.5 Market definitions

Chapter 2 Executive Summary

2.1 Industry 360⁰ synopsis, 2021 - 2034

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Supplier landscape
- 3.2.1 Raw material suppliers
- 3.2.2 Component manufacturers
- 3.2.3 Tier-1 suppliers
- 3.2.4 Original Equipment Manufacturers(OEMs)
- 3.2.5 Dealerships
3.3 Profit margin analysis
3.4 Cost breakdown and price analysis
3.5 Technology & innovation landscape
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
- 3.8.1 Growth drivers
  - 3.8.1.1 Growing global population and urbanization
  - 3.8.1.2 Increasing technological advancements
  - 3.8.1.3 Rising disposable incomes
  - 3.8.1.4 Growing middle-class population in the emerging markets
- 3.8.2 Industry pitfalls & challenges
  - 3.8.2.1 Global supply chain issues
  - 3.8.2.2 Rising cost concerns
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis

Chapter 4 Competitive Landscape, 2024

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Vehicle, 2021 - 2034 ($Bn, Units)

5.1 Key trends
5.2 Hatchback
5.3 Sedan
5.4 SUV
5.5 Sports car
5.6 Others

Chapter 6 Market Estimates & Forecast, By Propulsion, 2021 - 2034 ($Bn, Units)

6.1 Key trends
6.2 Gasoline
6.3 Diesel
6.4 Electric
6.5 FCEV

Chapter 7 Market Estimates & Forecast, By End Use, 2021 - 2034 ($Bn, Units)

7.1 Key trends
7.2 Commercial
- 7.2.1 Ridesharing and taxi services
- 7.2.2 Rental car services
- 7.2.3 Corporate fleet
7.3 Individual

Chapter 8 Market Estimates & Forecast, By Sales Channel, 2021 - 2034 ($Bn, Units)

8.1 Key trends
8.2 Peer-to-peer
8.3 Franchised dealer
8.4 Independent dealer

Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2034 ($Bn, Units)

9.1 Key trends
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Spain
- 9.3.5 Italy
- 9.3.6 Russia
- 9.3.7 Nordics
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Southeast Asia
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia

Chapter 10 Company Profiles

10.1 BMW
10.2 Daimler
10.3 Fiat Chrysler Automobiles
10.4 Ford Motor
10.5 Geely
10.6 General Motors
10.7 Honda Motor
10.8 Hyundai Motor
10.9 Kia
10.10 Mazda Motor
10.11 Nissan
10.12 PSA Group
10.13 Renault Group
10.14 SAIC
10.15 Stellantis
10.16 Suzuki Motor
10.17 Tata Motors
10.18 Tesla
10.19 Toyota Motor
10.20 Volkswagen Group

Cars Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025 - 2034