The passenger cars market has been forecast to hit global sales of 76.9 million units by 2018, driven by the growing demand for compact fuel efficient diesel cars, and the rise in replacement demand as the average age of cars touch historic highs.
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 be predominantly 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 favourable 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.
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 next five years, 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.
For more information on the passenger cars market, see the latest research: Passenger Cars Market
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