Family Car Market to Reach $2.3 Trillion, Globally, by 2032 at 6.4% CAGR: Allied Market Research
Increase in affordability, surge in sales of EV, and rise in craze of SUV & crossovers are expected to drive the growth of the global family car market.
WILMINGTON, Del., Nov. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Family Car Market by Vehicle (Hatchback, Sedan, SUV, Others), by Propulsion (ICE, Electric): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global family car market was valued at $1.3 trillion in 2022, and is projected to reach $2.3 trillion by 2032, registering a CAGR of 6.4% from 2023 to 2032.
Prime determinants of growth
The family car market experiences sustained growth driven by a confluence of factors that cater to the evolving needs of consumers. Technological innovations stand at the forefront, with car manufacturers consistently introducing advanced safety features, connectivity options, and environmentally friendly technologies. This infusion of advanced technology not only enhances the driving experience but also addresses the growing demand for smart and sustainable family vehicles.
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Change in consumer lifestyles play a crucial role in shaping the family car market landscape. With increase in number of dual-income households and focus on holistic well-being, families seek vehicles that provide comfort, convenience, and versatility. Car models designed to accommodate diverse family activities and facilitate seamless transitions between work & leisure, are particularly sought after.
Government policies & regulations contribute significantly to the growth trajectory of the family car market. Incentives for eco-friendly vehicles, stringent safety standards, and emission regulations encourage both manufacturers and consumers to embrace sustainable & responsible choices. This alignment with broader societal goals promotes the development and adoption of family cars that are not only reliable but also environmentally conscious.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $1266.2 billion |
Market Size in 2032 | $2284.9 billion |
CAGR | 6.4 % |
No. of Pages in Report | 305 |
Segments covered | Vehicle Type, Propulsion, and Region. |
Drivers | Affordability to act as a price-performance balance in family cars Rise in sales of EV to positively impact the market SUV and crossover craze is shaping the family car landscape |
Opportunities | Highly advanced safety features Aging population and increase in dual-income households |
Restraints | Rise in fuel prices pose a challenge for affordable family cars Change in consumer preferences to negatively impact the family car sales |
The SUV Family Car segment to maintain its leadership status throughout the forecast period
By vehicle, the SUV segment held the highest market share in 2022, accounting around half of the global family car market revenue and is estimated to maintain its leadership status throughout the forecast period. Meanwhile, the sedan segment is projected to register a CAGR of 8.6% during the forecast period.
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The ICE segment to maintain its leadership status throughout the forecast period
Based on propulsion, the ICE segment held the highest market share in 2022, accounting for more than five-sixths of the global family car market and is projected to grow at a CAGR of 5.7% during the forecast period. Meanwhile, electric segment is projected to exhibit a CAGR of 9.7% during the forecast period.
Asia-Pacific to maintain its dominance by 2032
As per region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around half of the global family car market revenue. However, Europe is projected to show a CAGR of 9.0% during the forecast period.
Report Key Highlights:
- The family car market study spans across 20 countries, encompassing regional and segment analysis for each country based on projected values ($ billion) for the period from 2023 to 2032.
- Our study incorporates high-quality data, professional opinions, and analytical insights, along with critical independent perspectives. The research methodology is designed to present a comprehensive and balanced view of global markets, aiding stakeholders in making informed decisions to achieve their ambitious growth objectives.
- To enhance our understanding of the market, a thorough review of over 3,700 product literature pieces, annual reports, industry statements, and comparable materials from major industry participants was conducted.
Leading Market Players: -
- Ford Motor Company
- General Motors
- Honda Motor Co., Ltd.
- Hyundai Motor Group
- Kia Corporation
- NISSAN MOTOR CO., LTD.
- Suzuki Motor Corporation
- Tata Motors
- Toyota Motor Corporation
- Volkswagen Group
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The report provides a detailed analysis of these key players in the global family car market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant position in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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