Irving, Texas (PRWEB) October 15, 2012
The global passenger car industry is expected to see modest growth and reach an estimated $1,394 billion in 2017 with a CAGR of 3.4% over the next five years. Demand for electric and hybrid vehicles and development of emerging technologies forecast bright outlook for global passenger car industry.
Lucintel, a leading global management consulting and market research firm, has analyzed the global passenger car industry and presents its findings in “Global Passenger Car Industry 2012-2017: Trend, Profit, and Forecast Analysis.”
The global passenger car industry is consolidated and includes the small, medium, large, and premium segments. Vehicle production rebounded in 2010-2011, led by high demand from emerging markets such as China, India, and Brazil. China dominates the market with greater share and growth is expected to be driven primarily by the BRIC countries. Strong output recovery in Japan and Thailand is expected as the auto sector increases efficiency to fulfill pent-up demand, clear product backlogs, and rebuild inventory in the wake of 2011’s natural disasters.
Rising raw materials and fuel prices with low profit margins and high environmental and safety regulations pose challenge before the industry but increasing automobile sales and production coupled with demand for hybrid vehicles is likely to drive the market over the forecast period. The passenger car segment will continue to be a source of strength over the next five years, as foreign automakers continue to expand and build new production facilities for electric vehicles in North America.
APAC is forecast to see the highest growth during next five years on account of high demand and low cost manufacturing practices. A bright outlook is forecasted for NA and European markets due to electric vehicle demand and development of emerging technologies in hybrid and electronic engineering.This study provides an overview of the global passenger car industry. The report tracks four market segments for four regions – thus it tracks 16 segments of segments of the global passenger car industry. This market report does not include sports utility vehicles.
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