Report Code: A10767 | Nov 2023 | Pages: NA | ||
Tables: NA | Charts: NA |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Family Car Market
Request Now !A family car can be utilized to explain normally sized cars as the name comes from the suitability of those cars to hold an entire family locally or on vacations. Most family cars are hatchbacks or sedans, although there is mean platelet volume (MPV), estates, and cabriolets with an equivalent structure like the opposite body style. The selection of a family car depends on many factors such as family cars should be cost-effective and durable at the same time. Also, sufficient legroom, boot space, and shoulder space for a comfortable journey, and fuel economy statistics are considered to be an efficient factor. In addition, the car should not be any compromise in terms of entertainment, and it must have safety features to make sure no or minimum hard is caused in times of an emergency or calamity. Hence, the family cars remain the best choice for the family that has limited wealth and some deposits for a future emergency. Also, the family whose livelihood is job or business but does not have a free flow of cash rather has livelihood dependent on monthly earnings, and part of it is saved. The growing preference of customers for cars in most of the developing economies across the world is expected to boost the family car market.
COVID-19 scenario analysis
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Some of the factors that boost the market include increase in demand for automobiles and growing demand for engine efficiency. However, increasing demand for sport utility vehicles (SUV) is anticipated to hamper the market as most customers prefer to buy sport utility vehicles (SUV) over a family car, which will restrain the growth of the market during the forecast period. Conversely, introduction of technologies to create more advanced systems, which can maintain engine economy irrespective of the surrounding is expected to offer lucrative opportunities for the market growth.
The family car market trends are as follows:
Increase in demand for automobiles
The increasing urbanization in many developing countries has created a huge demand for the automobile industry. In addition, the buying power in most developing economies has significantly increased over the past decade, with a greater number of customers are shifting to luxury, safety and the efficiency of the engine. Hence, these increasing demands of customers have enforced manufacturers to develop their technologies to meet the demand and come up with innovative ideas. Therefore, increasing production of an automobile will boost the family car market during the forecast period.
Growing demand for engine efficiency
With increasing awareness of the environment in many developing economies, the governments are encouraging customers to buy automobiles, which produce the least amount of destructive gases. Also, the awarded customers are shifting to these vehicles as many relaxations are offered on family vehicles in various countries around the globe. In addition, the manufacturing companies are been forced to invest in R&D for the advancement of the automobile system keeping the demand into consideration, which will further boost the family car market.
Key benefits of the report:
Questions answered in the family car market research report:
Family Car Market Report Highlights
Aspects | Details |
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By Vehicle |
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By Sales |
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By Region |
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Key Market Players | GMC, Maserati, Honda Motor Co., BMW Group, Ford Motor Co, Daimler AG, Chrysler, Chevrolet, Alfa Romeo, General Motors |
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