San Jose, California (PRWEB) November 06, 2013
Follow us on LinkedIn – The definition of a passenger car has undergone tremendous change in the last few decades, with focus shifting from ‘basic transportation’ to ‘a statement of style, power and personality’. Passenger cars today are more safer, intelligent, fuel efficient, environmental friendly and durable. Although the ultimate intelligent car with artificial intelligence is still a prototypical concept, several cars currently produced feature innovative smart features and functions. Automobiles of the 21st century come engineered with numerous smart features, such as, autonomous cruise control, lane departure warning system, automatic parking, advanced automatic collision notification, blind spot monitoring, traffic sign recognition abilities, automotive night vision with pedestrian detection, among others.
Over the last two decades, the automotive industry has been rapidly shifting to developing countries and future growth will predominantly be driven by these countries. Asia-Pacific ranks as the leading producer of passenger cars in the world. Strong demand patterns and growing importance of China and India as favorable destinations for outsourced automotive manufacturing activities have helped beef up the region’s manufacturing prowess. The newly emerging empowered middle class has and will remain Asia’s forte and is expected to continue to be the most important consumer class for automobiles worldwide. Asia’s share of the newly emerging middle class population is expected to increase from the current 35% of the global middle class to over 60% by the year 2030, led largely by robust growth in China, Indonesia, India, Vietnam, Malaysia and Thailand. Continued industrialization, growth in GDP, rising employment levels, standard of living, increase in discretionary spends, lower per capita vehicle ownership, development of road infrastructures, all represent broader economic variables benefiting the growth of automotive manufacturing and consumption in Asia.
A key noteworthy trend in the passenger cars market is engine downsizing as the need to reduce emission becomes more urgent than ever. OEMs are focusing on downsizing engines to elicit a 10% to 15% reduction in emissions. The recession-induced migration towards smaller, cheaper, compact cars, has lately added fuel to the trend. In addition, the growing use of downsized engines in hybrid cars is also creating a demand for smaller displacement engines in the developed countries. Rising fuel prices and stringent vehicular emission norms, is creating a shift in consumer preference for diesel engine powered passenger cars. Key benefits of diesel cars triggering their adoption include robust engine design, fuel economy, lower maintenance costs, lesser tailpipe emissions, and developments in diesel powertrain technology that make these cars virtually silent, and easy to operate. In the coming years, diesel passenger cars are forecast to witness strong market penetration aided by technology refinements, such as, ULSD (Ultra-low Sulfur Diesel) fuel and TDI & BlueTec, among others.
As stated by the new market research report on Passenger Cars, Asia-Pacific represents the largest market worldwide. Despite the stabilizing of the Chinese economy and its automotive industry, the country will continue to remain a major market for passenger cars in the coming years. Despite the below pre-recession levels of growth, the Chinese automotive industry will continue to remain the fastest growing when compared to growth standards in the developed countries. The gradual sophistication of the domestic auto industry and the growing consumer preference for luxury cars will be a key factor driving auto sales in the country in the coming years. Production growth in the United States is projected at 9.5% over the analysis period, led by recovering economic growth against the backdrop of “Return to Optimism” scenario, manufacturing renaissance and resurgence in domestic production and federal government support for the development of fuel-efficient vehicles.
Major players covered in the report include Bayerische Motoren Werke AG, Daimler AG, Chrysler Group LLC, Ford Motor Company, General Motors Company, Honda Motor Co. Ltd., Hyundai Motor Company, Mazda Motor Corporation, PSA Peugeot Citroen S.A., Toyota Motor Corporation and Volkswagen AG, among others.
The research report titled “Passenger Cars: Global Strategic Business Report,” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, issues, challenges, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in Thousand Units (for production and sales) for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (Australia, China, India, Indonesia, Malaysia, South Korea, Taiwan, Thailand and Rest of Asia-Pacific), Latin America (Argentina, Brazil, Mexico and Rest of Latin America) and Rest of World.
For more details about this comprehensive market research report, please visit:
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world’s largest and reputed market research firms.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/