Passenger Vehicle Market Research Report for 2022 H1

This report aims to evaluate the global market of Passenger Vehicle, the whole market will be segmented by geography and level of automation driving. ICV offers the current market size and forecasts of Passenger Vehicle in this report.

Chart, bar chart

Description automatically generated

The vehicle sales statistics by International Organization of Motor Vehicle Manufacturers (OICA) contain four main regions: Europe, America, Africa, and Asia/Oceania/Middle East (hereinafter referred as AOME). The statistics show that, for the past three years, sales of passenger vehicles in China were much more than other automobile manufacturing countries over the world. Therefore, in this report, the geography segmentations cover five countries/ regions: China, Europe, America, Africa, and AOME.

Chart, bar chart

Description automatically generated

For the first half of 2022, the global sales of passenger vehicles were total of 29.8 million. The sales of passenger vehicles in China reached 11.5 million, which still contributes the most to the global sales. Sales in Europe and sales in AOME regions were close, which were 7.4 million and 6.8 million respectively. American regions consumed passenger vehicles of around 3.7 million, while the sales of passenger vehicles in African regions were 0.43 million.

Chart, bar chart

Description automatically generated

ICV estimated that the global sales of passenger vehicles in 2023 would be 63 million and might climb to 78.8 million in 2027, resulting a CAGR of 4.57% for future five years. Analysts also predicted that the proportions of each of five sub-markets will have few changes during the projection period.

With referring to the standards about level of automation-driving published by SAE, in this report, autonomous passenger vehicle will be classified into five levels as following: L0, L1, L2/L2+, L3, and L4/L5.

For the first half of 2022, sales of global passenger vehicles were total of 29.8 million, passenger vehicles that were equipped with L1 automation-driving system still made considerable contributions to the total sales. However, the growth rate of L2 vehicles was higher than L1 vehicles. ICV believes that the vehicles who employ L0 and L1 automation-driving system would be replaced by those employ L2 and above autonomy systems, so that the penetration rate of L2 vehicle will constantly increase and reach 50% in the year of 2025.