The global large cars market size is expected to reach USD 247.69 billion by 2028, registering a CAGR of 6.0% over the forecast period, according to a new report by Million Insights. The market is driven by the increasing disposable income of the consumer, increasing tendency to own a personal car, and swelling middle-class population. Due to the industrial revolution and economic growth, consumer affordability and spending in the developing nations is increasing, which relates to the increasing spending on personal transportation, including large cars.
Technological developments and advancements result in the optimization of the manufacturing process and reduction of the overall production cost. The overall prices of the cars also drop, resulting in higher purchase rates and driving the large cars market growth. Large-sized cars have benefits over other cars including, spacious, large leg-room, comfort, higher ride height, etc. The market is restrained due to the increased competition from other cars with better functions, such as higher ground clearance, and large cargo space.
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Petrol-based large cars dominated the market with a revenue share of over 45% share 2020. Petrol cars are the most commonly used, due to their wide availability, large service network, and smooth driving experience. Petrol-based cars are more efficient and economic compared to diesel-based cars. In addition, petrol-based models are more economical as compared to electric cars due to the lithium-ion battery. Petrol-based cars also require fewer maintenances and spare parts are also easily available compared to the other types.
Premium cars are anticipated to witness the highest CAGR of 6.5% from 2021 to 2028. Premium cars are made of high-end materials and are expensive. The growth of the segment is mainly attributed to the increased accessibility of lower rage premium cars and a shift in consumer preference. A rise in disposable income drives the demand for premium cars in developed as well as developing nations.
Asia Pacific held the highest revenue share in the global market in 2020. The region accounted for more than 40% of the revenue share in 2020. The higher population in the region and growing disposable income are attributed to the higher market revenue share. Also after the free trade agreement, a large number of manufacturing industries moved to the Asia Pacific, largely to China, eyeing the economic labor. This resulted in the economic revolution and lowering the manufacturing cost of the cars and increasing purchasing power of the customer.
Restrictions and lockdown during the COVID-19 pandemic resulted in the supply chain disruption and lack of laborers halted manufacturing. Also due to the restrictions, lack of customers visiting brick and mortar led to the plummeted sales of large cars. This has resulted in creating a negative impact on the growth of the market. However, with relaxed restrictions and ongoing vaccination, the market is expected to witness healthy growth in the future.
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Large Cars Market Report Highlights
• Asia Pacific dominated the global market with a revenue share of over 40% in 2020. Higher population in the region, including countries China and India attributed to the higher market revenue share
• The electric-based large car segment is estimated to witness the fastest CAGR of 14.3% from 2021 to 2028. Consumer demand and government initiatives to reduce greenhouse emissions, propelling the segment growth over the forecast period
• The mainstream car segment dominated the market with a revenue share of around 65% in 2020. The high demand from the customers for the mainstream cars for day-to-day use and lower prices are attributed to the higher market share dominance
Large Cars Market Segmentation
Million Insights has segmented the global large cars market based on fuel type, type, and region
Large Cars Fuel Type Outlook (Revenue, USD Million, 2017 – 2028)
Large Cars Type Outlook (Revenue, USD Million, 2017 – 2028)
- Mainstream Cars
- Premium Cars
Large Cars Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of the Large Cars Market
- Stellantis NV
- Toyota Motor
- Hyundai Motor Company
- Kia Corporation
- Suzuki Motor Corporation
- General Motors (Chevrolet)
- BMW Group
- Honda Motor Company, Ltd.
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