Passenger Cars - NAFTA | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$665.4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.27%, resulting in a projected market volume of US$656.3bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$356.8bn in 2024.
Passenger Cars market unit sales are expected to reach 17.80m vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$36.74k 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 NAFTA has been experiencing significant growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Passenger Cars market in NAFTA have been shifting towards more fuel-efficient and environmentally-friendly vehicles.

This trend is driven by increasing awareness of the environmental impact of traditional gasoline-powered cars and the desire for more sustainable transportation options. As a result, there has been a growing demand for electric and hybrid vehicles in the region. Additionally, customers are also placing more importance on safety features and advanced technologies in their cars, leading to an increased demand for vehicles with advanced driver assistance systems and connectivity features.

Trends in the market have also played a significant role in the development of the Passenger Cars market in NAFTA. One major trend is the rise of SUVs and crossovers, which have become increasingly popular among customers in the region. This trend is driven by factors such as the desire for more spacious and versatile vehicles, as well as the perceived safety and higher driving position that SUVs and crossovers offer.

As a result, many automakers have been expanding their SUV and crossover lineups to cater to this growing demand. Local special circumstances in NAFTA have also influenced the development of the Passenger Cars market. For example, the North American Free Trade Agreement (NAFTA) has facilitated the trade of vehicles and automotive components between the United States, Canada, and Mexico.

This has led to increased production and investment in the region, as automakers take advantage of the favorable trade conditions. Additionally, government incentives and regulations promoting the adoption of electric and hybrid vehicles have also played a role in shaping the market in NAFTA. Underlying macroeconomic factors have also had an impact on the Passenger Cars market in NAFTA.

Economic growth and rising incomes in the region have increased consumer purchasing power, leading to higher demand for cars. Additionally, low interest rates and favorable financing options have made it easier for customers to purchase vehicles, further driving market growth. Overall, the Passenger Cars market in NAFTA is developing in response to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

As customers prioritize fuel efficiency, safety, and advanced technologies, automakers are adapting their offerings to meet these demands. Additionally, the rise of SUVs and crossovers, favorable trade conditions, government incentives, and economic growth are all contributing to the growth of the market in NAFTA.

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.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. The high global inflation rate and consumer worries about inflation have led to fluctuating car purchasing intentions in many markets.