Passenger Cars - North America | 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.
With a vehicle unit sales share of 12.3% in 2024, Ford is expected to have one of the highest market share in the selected region.
The value market share of the make Ford in the selected region is expected to stand at 10.7% 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 North America is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory.

Customer preferences in North America are driving the growth of the Passenger Cars market. Consumers in this region prioritize safety, fuel efficiency, and advanced technology features in their vehicles. They are also increasingly interested in electric and hybrid cars as a way to reduce their environmental impact.

These preferences align with global trends, as customers around the world are also seeking vehicles that are both safe and environmentally friendly. Trends in the market further support the growth of the Passenger Cars market in North America. One notable trend is the increasing popularity of SUVs and crossovers.

These vehicles offer a combination of spaciousness, versatility, and fuel efficiency that appeals to customers in this region. Additionally, there is a growing demand for luxury cars, as North American consumers are willing to invest in premium features and comfort. Local special circumstances also contribute to the growth of the Passenger Cars market in North America.

The region has a well-developed infrastructure, including a vast network of highways and roads, which makes car ownership and usage convenient. Additionally, the high level of disposable income in North America allows consumers to afford and maintain passenger cars. These factors create a conducive environment for the growth of the market.

Underlying macroeconomic factors further support the positive development of the Passenger Cars market in North America. The region has a stable and growing economy, which boosts consumer confidence and purchasing power. Additionally, low interest rates make it easier for consumers to finance their car purchases.

These macroeconomic conditions create a favorable environment for the growth of the market. In conclusion, the Passenger Cars market in North America is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The focus on safety, fuel efficiency, advanced technology, and environmental consciousness drives customer demand.

The popularity of SUVs, crossovers, and luxury cars aligns with global trends. The well-developed infrastructure, high disposable income, and stable economy in North America create a conducive environment for the market's growth.

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. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.