Passenger Cars - Pakistan | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$3.3bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.58%, resulting in a projected market volume of US$2.9bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$1.4bn in 2024.
Passenger Cars market unit sales are expected to reach 116.10k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$25.71k in 2024.
With a vehicle unit sales share of 53.8% in 2024, Suzuki is expected to have one of the highest market share in the selected region.
The value market share of the make Suzuki in the selected region is expected to stand at 43.3% 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 Pakistan has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences in Pakistan have shifted towards more fuel-efficient and affordable vehicles. With rising fuel prices and a growing middle class, consumers are looking for cars that offer good mileage and are cost-effective to maintain. Additionally, there is a growing demand for compact cars that are easy to maneuver in congested urban areas.

Trends in the market have also played a role in the growth of the Passenger Cars market in Pakistan. The introduction of new car models with advanced features and technologies has attracted consumers. Car manufacturers are focusing on improving safety features, connectivity options, and overall driving experience to meet the evolving demands of Pakistani consumers.

Furthermore, the availability of car financing options has made it easier for individuals to purchase cars, thereby driving market growth. Local special circumstances in Pakistan have also contributed to the development of the Passenger Cars market. The country has seen improvements in infrastructure, particularly in terms of road networks and transportation facilities.

This has made car ownership more convenient and desirable for many individuals. Additionally, the government has implemented policies to promote the automobile industry, such as reducing import duties on car parts and providing incentives for local manufacturing. These initiatives have attracted both domestic and foreign car manufacturers to invest in the Pakistani market, further driving market growth.

Underlying macroeconomic factors have also played a role in the development of the Passenger Cars market in Pakistan. The country has experienced a steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has allowed more individuals to afford cars and contribute to market growth.

Additionally, low interest rates and favorable loan terms have made car financing more accessible to a larger segment of the population. In conclusion, the Passenger Cars market in Pakistan has experienced significant growth due to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for fuel-efficient and affordable vehicles, the introduction of new car models with advanced features, improvements in infrastructure, government policies, and economic growth have all contributed 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.

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.