Passenger Cars - EU-27 | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$374.6bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.63%, resulting in a projected market volume of US$386.6bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$158.3bn in 2024.
Passenger Cars market unit sales are expected to reach 12.66m vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$30.28k in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in EU-27 is experiencing significant growth and development. Customer preferences for passenger cars 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. Additionally, customers are also looking for cars with advanced safety features and innovative technology. In terms of trends in the market, there is a growing demand for electric and hybrid cars.

This is due to government incentives and regulations that encourage the adoption of electric vehicles. Customers are also attracted to the lower operating costs and reduced environmental impact of these vehicles. As a result, many automakers are investing heavily in the development of electric and hybrid models.

Another trend in the market is the rise of SUVs and crossovers. These vehicles offer a combination of spaciousness, versatility, and higher driving position, which appeals to customers. Additionally, advancements in technology have made SUVs more fuel-efficient, further driving their popularity.

Local special circumstances in the EU-27 region include the presence of a well-developed public transportation system in many countries. This can impact the demand for passenger cars, as customers may choose to rely on public transportation instead. However, there are also countries where personal car ownership is still high, especially in rural areas with limited public transportation options.

Underlying macroeconomic factors that contribute to the development of the Passenger Cars market in EU-27 include economic growth and rising disposable incomes. As the economy improves, customers have more purchasing power and are more likely to buy new cars. Additionally, low interest rates and favorable financing options make it easier for customers to afford new cars.

In conclusion, the Passenger Cars market in EU-27 is experiencing growth and development driven by customer preferences for fuel-efficient and technologically advanced vehicles. The rise of electric and hybrid cars, as well as SUVs and crossovers, are key trends in the market. Local special circumstances, such as the presence of a well-developed public transportation system, can impact the demand for passenger cars.

Underlying macroeconomic factors, including economic growth and rising disposable incomes, also contribute to the development of the market.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

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