Major companies in the passenger car market include Volkswagen; Toyota; General Motors; Renault-Nissan and Hyundai-Kia. The global passenger car market is expected to grow from $1321. 74 billion in 2020 to $1445.
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Passenger Car Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025343/?utm_source=GNW
1 billion in 2021 at a compound annual growth rate (CAGR) of 9.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1988.72 billion in 2025 at a CAGR of 8%.
The passenger car market consists of sales of passenger cars or passenger car chassis and related services by entities (organizations, sole traders and partnerships) that produce complete automobiles (with body and chassis) or produce automobile chassis only. The passenger car market is segmented into hatchback; sedan and utility vehicle.
Asia Pacific was the largest region in the global passenger car market, accounting for 46% of the market in 2020. 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.
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