Medium Cars Market Worth $363.1 Billion By 2028 | CAGR: 6.4%

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-sized cars have benefits over other cars such as fuel efficiency and lighter weight. As they are made of less material, they consume less energy. These cars have small engines and are easier to maneuver through busy traffic. In addition, the parking space required for these cars is smaller. These factors attract consumers, which is eventually fueling the market growth. The majority of automakers are introducing automatic transmissions in medium cars to enhance the entire driving experience with the help of continuously advancing technology, which will further propel the market growth globally.

Medium cars are gaining popularity in the global passenger cars market with consumers’ increased inclination towards having cost-effective, convenient, and environmentally-friendly choices, which will drive the market globally. Customization facilities offered by several automakers, such as selection of colors, wheel rims, and digital screens, to attract consumers are accelerating the market growth. The growing middle-class population all across the globe and their increased inclination towards personal vehicles will create a rising demand for medium cars in the near future.

Due to the Covid-19 pandemic, the automobile manufacturing industries witnessed a setback in the production process as the supply chain was disrupted, thus creating a deficiency in the raw material. Many governments imposed restrictions and lockdowns, which led to the absence of laborers and affected the sales of medium cars in the store. The market for medium cars witnessed a negative impact on the growth aspects, however as the vaccination for Covid-19 is progressing and restrictions are relaxed, the market is expected to perform well in the future and witness positive growth.

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Medium Cars Market Report Highlights

• Asia Pacific held the largest revenue share of over 45.0% in 2021 and will continue to grow at a substantial rate over the forecast period. A large working population in China, India, and Japan will support the market growth in this region

• The electric fuel type segment is expected to expand at the fastest CAGR of 14.3% from 2022 to 2028. Consumers’ growing demand for electric vehicles and new product developments with the latest technological advancements will drive the segment

• Europe is expected to register the fastest CAGR of 7.1% from 2022 to 2028. An increase in disposable income, the rising presence of top brands, higher spending on luxury goods, and consumers’ increasing inclination towards owning personal transportation are anticipated to boost the regional market growth

• The petrol fuel type segment accounted for the largest revenue share of over 45.0% in 2021. A large percentage of car owners still prefer petrol-based cars over electric cars in the developing countries as charging ports are not easily available across the country

Medium Cars Market Segmentation

Grand View Research has segmented the global medium cars market based on fuel type and region:

Medium Cars Fuel Type Outlook (Revenue, USD Million, 2017 - 2028)

• Petrol

• Diesel

• Electric

• Others

Medium Cars Regional Outlook (Revenue, USD Million, 2017 - 2028)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

  • France

  • Russia

  • Italy

• Asia Pacific

  • China

  • Japan

  • India

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

List of Key Players in Medium Cars Market

• 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.