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.
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Major Market Players:
BMW Group, Daimler AG, Alfa Romeo, Chrysler, Maserati, Ford Motor Co, General Motors, Chevrolet, GMC, and Honda Motor Co.
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 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.
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.
COVID-19 scenario analysis
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of family car across the globe, thereby increasing the supply–demand gap.
- Thus, insufficiency in raw material supply is expected to hamper the production rate of family car, which negatively impacts the market growth.
- However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
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Key benefits of the report:
- This study presents the analytical depiction of the family car market industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the family car market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the family car market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in the coming years.
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