2032年までの世界のEV乗用車市場予測と成長分析

 The global passenger vehicle market is undergoing a transformative evolution, driven by growing demand for sustainable mobility, technological innovation, and changing consumer preferences. Rapid urbanization, rising disposable incomes, and aggressive government policies supporting electric vehicles are all contributing to this market expansion. Automakers across the region are repositioning their strategies to meet growing personal and commercial transportation needs, with a focus on electrification, digitalization, and autonomous driving.

According to Persistence Market Research, the global passenger vehicle market size is expected to reach USD 2.5 trillion in 2025 and USD 4.6 trillion by 2032, registering a CAGR of 9.0% during the forecast period 2025-2032.

Rising consumer environmental awareness, the expansion of smart mobility infrastructure, and the proliferation of ride-sharing platforms are redefining the competitive landscape. The global passenger vehicle sector is experiencing diverse momentum across regions and technologies, with SUVs and internal combustion engine vehicles expected to dominate by 2025, while electric vehicles and hatchbacks are experiencing rapid growth.

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Market trends driving the passenger vehicle sector

Key factors shaping market growth

1. The Rise of Electric Vehicles
   The accelerating transition to electric vehicles is arguably the most influential trend driving growth in the passenger vehicle market. Growing environmental awareness and stricter emissions regulations are driving governments and consumers alike to demand a cleaner future. Battery innovations, longer driving ranges, and improved charging infrastructure are making electric vehicles more viable for everyday use.
2. Urbanization and the Growth of the Middle Class
   Emerging economies, particularly in the Asia-Pacific region, are experiencing rapid urbanization and a significant increase in their middle-class populations. These demographic changes are directly driving demand for affordable and efficient passenger vehicles, both internal combustion engine (ICE) and electric vehicles (EV).
3. SUV Boom
   SUVs continue to dominate consumer preferences worldwide. Their combination of versatility, premium features, and suitability for both urban and suburban driving conditions make them the choice of choice, predicted to account for over 54% of market revenue by 2025.
4. Policy-driven initiatives, ranging from government incentives and emissions
   subsidies and tax breaks to outright bans on internal combustion engine vehicles, are encouraging consumers and manufacturers to move to electric and hybrid vehicles. Programs such as the EU Green Deal and the US Combat Inflation Act are contributing significantly to this transition.

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Market constraints impacting growth

While the overall outlook remains optimistic, the market also faces several challenges.

• High initial costs of EVs:
  Although battery prices are falling, electric vehicles still have a higher initial cost compared to internal combustion engine vehicles. This price sensitivity is particularly pronounced in developing markets where affordability is a key purchasing factor.
• Charging Infrastructure Gaps
  The global availability and accessibility of EV charging infrastructure remains uneven, with rural and emerging regions lagging in access.
• Complex Supply Chain
  The passenger vehicle industry is grappling with supply chain disruptions, particularly related to semiconductor shortages and the sourcing of raw materials for EV batteries.

New opportunities reshape the market

Autonomous Driving Innovation

The future of personal mobility lies in autonomous driving. With major technology companies and automakers investing heavily in autonomous driving technology, the passenger vehicle market will benefit from improved safety, optimized traffic flow, and reduced operating costs. Companies like Waymo and Tesla have already begun pilots and are preparing for large-scale deployment.

Shared mobility and MaaS models

Mobility as a Service (MaaS) is becoming popular in urban areas where young consumers prefer access over ownership. Ride-hailing and car-sharing platforms are introducing electric and hybrid vehicles, opening up new revenue streams while reducing emissions and congestion.

Passenger vehicle market: Analysis by category

By propulsion type

• Internal combustion engine vehicles (
  ICE) will continue to dominate the market, accounting for approximately 90% of the market share in 2025. The popularity of ICE vehicles is due to their affordability, existing infrastructure, and high user awareness, especially in regions such as South Asia and Africa.
• The electric vehicle (
  EV) segment is expected to grow fastest between 2025 and 2032, driven by technological advancements and policy support. Global leaders such as Tesla and BYD are significantly expanding production to meet growing demand.

By vehicle type

• SUVs
  are expected to be the top-selling vehicle category, capturing a commanding 54% sales share by 2025. Their spacious interiors, high ground clearance, and strong brand recognition combine to ensure continued consumer acceptance.
• Hatchbacks
  are the fastest-growing vehicle type, becoming increasingly popular among urban consumers looking for a compact, fuel-efficient, budget-friendly option. Automakers are focusing on eco-friendly hatchbacks that combine performance with environmental friendliness.

By Application

• Personal use:
  Driven by rising income levels, urbanization and improved lifestyles, personal vehicles will account for 60% of the market by 2025. In developing countries, car ownership is also associated with status and independence.
• Commercial Use:
  The commercial vehicle segment is expanding rapidly, driven by ride-hailing platforms and the electrification of corporate fleets. Companies are adopting electric vehicles to reduce operational costs and comply with sustainability regulations.

Regional insights: market performance by region

Asia Pacific

Asia Pacific is expected to lead the global passenger vehicle market with a 43% share in 2025. Growth in this region is driven by the following companies:

• High vehicle production volume
• Expanding the middle class
• Strong demand for affordable electric vehicles

China is at the epicenter of this transformation, with the world's largest EV market and a robust manufacturing ecosystem. India is following suit, with domestic manufacturers such as Tata Motors and Maruti Suzuki embracing the urban transportation trend. Japan, led by brands such as Toyota and Honda, continues to innovate in hybrid technology.

North America

North America is the fastest growing regional market, with key trends including:

• Tax incentives and infrastructure investments drive EV adoption
• A strong preference for SUVs and luxury cars
• Technological advances in autonomous driving and connected car systems

The US alone accounted for over 80% of North American passenger vehicle sales in 2024. This upward trend will continue through 2032, driven by massive investments in research and development and EV production.

Europe

Europe is at the forefront of green mobility efforts. Key factors influencing growth include:

• EU Fit for 55 emissions package
• National policies such as the UK banning ICE by 2035
• Heavy investment in EV infrastructure

Germany, backed by premium automakers, is leading the way in the region, while France and the UK are also accelerating EV adoption through favorable regulations and government funding.

Competitive Environment and Industry Leaders

The global passenger vehicle market is highly competitive and characterized by strategic innovation, partnerships, and aggressive R&D spending. Key players include:

• North America and Europe : Tesla, Ford, General Motors, BMW, Mercedes-Benz, Audi AG
• Asia Pacific : Hyundai, Kia India, Honda Cars India, Tata Motors, Suzuki

These companies focus on:

• Electrifying our product portfolio
• Development of autonomous driving technology
• Integrated connected car solutions and over-the-air updates

Strategic alliances are also shaping the market, such as the Toyota-Panasonic partnership aimed at innovating battery technology, and Tesla continuing to lead in software-driven EVs.

Recent developments

1. Tata Motors launches Altroz ​​Racer (June 2024)
   Tata Motors has introduced a performance variant of the Altroz ​​premium hatchback to better appeal to younger and performance-oriented buyers.
2. Mercedes-Benz EQS SUV Expansion (April 2022)
   Mercedes-Benz has expanded its EV lineup with the introduction of the EQS SUV, built on a dedicated electric platform and targeted at the luxury EV segment.

Outlook: The future of the passenger car market

Going forward, the global passenger vehicle market is expected to experience continuous innovation and diversification: in the short term, internal combustion engine vehicles will continue to dominate, but in the medium to long term, electric, connected, and autonomous vehicles will dominate.

• As costs fall and infrastructure expands, EV adoption will increase rapidly.
• Self-driving features will move from luxury to mainstream, improving convenience and safety.
• Shared mobility models will become more popular, especially in urban areas.
• Sustainability will become a core differentiator, not just a compliance requirement.

As consumers become more technology-conscious and environmentally conscious, automakers must evolve their products and strategies. Companies that invest in smart, connected, and clean technologies will be best positioned to succeed in this dynamic market environment.

In conclusion, the global passenger vehicle market is entering a period of high growth characterized by disruption, innovation, and business opportunities. Projected to be worth USD 4.6 trillion by 2032, the industry offers immense potential for stakeholders across the value chain. From the dominance of internal combustion engines (ICE) to the acceleration of EVs, from the popularity of SUVs to the rise of hatchbacks, the market is diverse, dynamic, and increasingly digitalized.