HS Code:
The Passenger Transports category, primarily covered under HS Code 87 (Vehicles other than railway or tramway rolling stock, and parts and accessories thereof), includes vehicles designed for the transport of passengers such as cars, buses, and motorcycles. This category is a critical segment of global trade, reflecting consumer demand, industrial production capabilities, and economic conditions worldwide. It encompasses a wide range of vehicles from luxury cars to mass transit buses, playing a significant role in both personal and public transportation sectors.
Total Trade Volume
USD 750 billion
Data from 2022
Source
United Nations Comtrade Database
USD 150 billion
20% of total trade of total trade
Increasing
USD 120 billion
16% of total trade of total trade
Stable
USD 100 billion
13.3% of total trade of total trade
Increasing
USD 60 billion
8% of total trade of total trade
Increasing
USD 50 billion
6.7% of total trade of total trade
Increasing
Average Rate
10.5%
Highest Rate
25% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements like EU-Japan EPA)
Shift towards electric vehicles (EVs)
Increased demand for EV passenger cars due to environmental regulations and consumer preference for sustainable transport options, driving innovation and investment in battery technology.
2021-2023
Rise in autonomous vehicle technology
Growing integration of self-driving technology in passenger transports, influencing trade patterns as countries with advanced tech gain competitive advantage.
2022-2023
Supply chain disruptions
Global semiconductor shortages and geopolitical tensions have led to reduced production and trade volumes, increasing costs for manufacturers and consumers.
2021-2022
The European Union introduced new Euro 7 emission standards for passenger vehicles, requiring manufacturers to meet stricter limits on pollutants.
January 2023
Increased production costs for manufacturers exporting to the EU, potential rise in prices for consumers, and accelerated shift to electric vehicles.
A new bilateral agreement reduced tariffs on certain auto parts and passenger vehicles between the US and China, aiming to stabilize trade relations.
March 2023
Boosted trade volume between the two countries, lowered costs for US consumers, and increased export opportunities for Chinese manufacturers.
Japan announced subsidies and infrastructure development for hydrogen-powered passenger vehicles as part of its green energy strategy.
June 2023
Potential growth in niche market for hydrogen vehicles, influencing global trade patterns as Japan seeks to lead in this technology.