The Top Ten Europe Passenger Car Market Players Constitute Almost 80% Of The Total Market
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According to The Business Research Company’s research report on the passenger car market, the Europe passenger vehicles market is concentrated, with a small number of large players. The top ten competitors in the market made up to 78.5% of the total market in 2020. Major players in the passenger cars industry include Volkswagen AG, PSA Group, Renault SA., Hyundai, and BMW AG. The prominent players in the region are leveraging on the strategy of partnership, merger, acquisition, and investments to bring technological advancements in the passenger cars industry and expand its services globally.
The Europe passenger cars market share reached a value of nearly $356.3 billion in 2020. Passenger cars market growth is expected to be at a CAGR of 7.5% from 2020 and reach $511.0 billion in 2025. The market is then expected to reach $511.0 billion in 2025 growing at a CAGR of 7.5% and $672.2 billion in 2030 growing at a CAGR of 5.6% . The Europe hatchback market was the largest segment in the European passenger car market.
The Business Research Company ’s report titled Passenger Car Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major passenger car companies, passenger car market share by company, passenger car manufacturers, passenger car market size, and passenger car market forecasts. The report also covers the global passenger car market and its segments.
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The global passenger cars market is expected to grow from $1321.74 billion in 2020 to $1445.1 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 global market for the passenger car market is supported by the large consumer population in both developed and developing countries, and large urban population, high spending on transportation services and high need for passenger cars.
Western Europe accounted for the second largest share in the global market. The current population of Western Europe is 423.2 million. It was equivalent to 5.5% of the total world population in 2020. The projected GDP growth rate for Western Europe is 5.9% during 2020-2025. Major countries in Western Europe include the UK, Germany, France, Spain and Italy. The passenger car market in Western Europe is supported by the presence of large automakers, high investments and readiness to adopt innovative cars such as autonomous vehicles in the region. According to the 2019 Autonomous Vehicles Readiness Index conducted by KPMG, among the top 10 countries ready for autonomous vehicles in the world, 6 out of 10 lie in this region. The Netherlands tops the charts for being the most-ready country to adopt autonomous vehicles.
The market is also supported by government initiatives in countries such as Italy and France. The government of France has provided a financial aid of €40 million ($46 million) to support R&D in autonomous cars and for new projects in the country. The government of the Netherlands passed a bill in 2017, which allows large-scale testing of autonomous vehicles (AVs) without a driver on board. Also, in July 2020, the Italian government announced aid worth $29.3 billion to boost the economy and aid auto and tourism sector in the country. Such initiatives and technological advances boosts growth of the passenger car industry.
Passenger Car Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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