The global market of passenger cars: features and development trends

Abstract

The global automobile market, including one of its segments - the passenger car market, is part of the global world economy. The automotive industry is a unique branch of the world economy, which demonstrates almost constant growth and stimulates the development of national economies, creating jobs and providing tax revenues to the budget, therefore there is competition among car exporting countries for the sales markets of their products, especially in the passenger car segment. The purpose of the study is to identify the features of the current state of the world car market and generalize the existing trends in its development. The paper describes the main factors of the growth of the world automobile market over the past decades, namely: the decrease in car prices and the increase in the income of the population, which also contributed to the growth of demand for cars, and it is noted that at this stage of the development of the world automobile market, these factors no longer affect its dynamics The dynamics of global car production from 2012 to 2022 are studied and a trend analysis is conducted. The structure of modern global car production is analyzed. It is noted that more than 70% belongs to the passenger car segment. The regional structure of world car production is characterized, and the leading countries are identified. The dynamics of the value of global exports and imports of cars is explored. It coincides with the global trend of global commodity markets to decline in 2020 and gradual recovery in the following years. The article determines that the rankings of the leading countries in terms of the value of exported cars and the number of manufactured cars do not match: the leader in terms of the value of exported cars is Germany, the leader in terms of quantity of exported cars is Japan, and the leader in production is the People's Republic of China. The modern trends that exist in the world car market in the segment of passenger cars are summarized. The conclusion is made: the global market of passenger cars is characterized by a tough competitive environment; processes of mergers and acquisitions of companies; the growing popularity and demand for electric cars, electric vehicles and cars with a hybrid engine; the market is affected by emissions, safety and environmental legislation.