Medium Cars Market Growth & Trends
The global medium cars market size is expected to reach USD 363.1 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 6.4% from 2022 to 2028. The market is driven by the rising disposable income of the consumers, increasing spending on personal transportation, and continuously dropping prices of automobiles due to technological development. In addition, new product developments with technological advancements and innovative designs with eye-catching color combinations are attracting more consumers, which is fueling the growth of the market. Furthermore, innovative designs and competitive pricing of medium cars from manufacturers to appeal to the consumers of this segment will further boost the market growth in the near future.
Medium Cars Market Segmentation
Grand View Research has segmented the global medium cars market based on fuel type and region:
Based on the Fuel Type Insights, the market is segmented into Petrol, Diesel, Electric, and Others.
- Petrol-based medium cars held the largest revenue share of over 45.0% in 2021 and are expected to register a substantial growth rate from 2022 to 2028. Petrol-based medium cars are gaining popularity over diesel-based cars due to better functionality and a more smooth driving experience. In addition, petrol-based cars require much less maintenance than their counterparts, which, in turn, is anticipated to propel the petrol-based cars market growth. However, increased inclination towards green fuel will hamper the expansion of the petrol-powered car market in the future.
- The electric segment is expected to expand at the fastest CAGR of 14.3% from 2022 to 2028. Consumers' growing demand for electric vehicles with new product developments and the latest technological advancements will drive the market. In addition, growing environmental concerns related to the air pollution caused by petrol and diesel-based vehicles are increasing around the world. In order to tackle the issue, many governments are taking initiatives and encouraging consumers to adopt electric vehicles. Battery-based electric vehicles and hybrid plug-in electric vehicles are anticipated to witness significant demand in the future.
Medium Cars Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
Key Companies Profile & Market Share Insights
The market has been characterized by intense competition owing to the presence of a large number of regional and global players. Manufacturers are involved in new product developments and technological advancements to gain a presence in the market.
Some of the prominent players operating in the global medium cars market include,
- Stellantis NV
- Toyota Motor
- Renault
- Volkswagen
- Hyundai Motor Company
- Kia Corporation
- Suzuki Motor Corporation
- General Motors (Chevrolet)
- Ford Motor Company
- BMW Group
- Honda Motor Company, Ltd.
Order a free sample PDF of the Medium Cars Market Intelligence Study, published by Grand View Research.
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