What could the passenger car market be in 2025, 2030, and 2035?
- What will the global market levels be in 2025, 2030 and 2035? No one knows what the economy will look like in that time and whether the various governments' targets for vehicle electrification will be met. However, Inovev has established different scenarios to estimate the level of passenger car sales in the world during this period, focusing on five major markets: Europe, USA, China, India and Japan, with a reference scenario presented here below.
- For 2022, the level of the global car market will be around 70 million units, according to Inovev. China is expected to have 26.5 million vehicles, the U.S. 13.5 million, Europe 11.5 million, Japan 4.2 million and India 4 million.
- In 2025, Inovev forecasts a global passenger car market at 76 million vehicles, including 28.5 million vehicles in China, 13.5 million in the U.S., 12.5 million in Europe, 5 million in India and 4.2 million in Japan. The growth of the global market will be mainly due to the growth of the Chinese market (+2 Million vs. 2022), the Indian market (+1 Million vs. 2022) and the growing markets in Asia and South America.
- In 2030, Inovev forecasts a global passenger car market at 79 million vehicles, including 30 million in China, 13.5 million in the U.S., 12.5 million in Europe, 6 million in India and 4.2 million in Japan. The growth of the global market will be mainly due to the growth of the Chinese market, the Indian market and the growing markets in Asia and South America.
- In 2035, Inovev forecasts a global passenger car market at 80 million vehicles, including 30 million in China, 13.5 million in the U.S., 11 million in Europe, 7 million in India and 4.2 million in Japan. The growth of the global market will be mainly due to the growth of the Indian market and the immature markets in Asia and South America.