LONDON--(BUSINESS WIRE)--Technavio projects the global passenger vehicle market to post a CAGR of close to 3% during the forecast period. Emerging crossover segment is expected to drive the growth of the market. The global passenger vehicle market is witnessing tremendous growth in the crossover segment as they offer better money value compared to sedans and SUVs. Crossovers offer the driving pleasure, safety, reliability, and comfort of an SUV, while offering greater fuel efficiency than a sedan.
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In this report, Technavio highlights the development of autonomous vehicles as one of the key emerging trends driving the global passenger vehicle market:
Development of autonomous vehicles
Autonomous cars are unmanned vehicles that navigate without human intervention by sensing their environment using devices such as RADAR, GPS, and ADAS. These cars are also known as self-driving cars, automated cars or driverless cars. The highly complex working nature of an autonomous car has driven companies and OEMs to pool their R&D resources to design and develop successful prototypes that will constantly evolve over time.
Various carmakers have partnered with technology companies to integrate vehicles with certain levels of artificial intelligence to create a successful autonomous vehicle. Volvo, Volkswagen, Audi, BMW, General Motors, Ford, and Google are some of the stakeholders in the autonomous car market.
According to a senior analyst at Technavio for automotive manufacturing research, “The automotive industry is witnessing a structural shift in terms of consumers behaviour. The perception of car users toward car ownership is changing. People are shifting to cab services, carpooling and car rentals due to the problem of rising traffic congestion in urban cities. To adopt to this behavioral change, OEMs are focusing on developing advanced technologies which can be used autonomous and driverless vehicles.”
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Market segmentation - APAC to dominate the market through 2022
This market research report segments the global passenger vehicle market by vehicle type (sedans and hatchbacks, SUVs and crossovers, and MPVs and vans) and key regions (the Americas, APAC, and EMEA).
In 2017, APAC dominated the global passenger vehicle market with a share of more than 56%, followed by EMEA and the Americas. APAC is expected to maintain its lead over the market while the market share of EMEA is expected to decline by more than 2%.
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