Passenger Cars - Austria

Austria

The Passenger Cars market in Austria is anticipated to generate a revenue of US$8.0bn by 2024.
This market segment is projected to exhibit a Compound Annual Growth Rate (CAGR) of -1.47% from 2024 to 2028, resulting in a market volume of US$7.5bn by 2028.
Among the various segments within this market, SUVs are expected to dominate with a projected market volume of US$3.1bn in 2024.
In terms of unit sales, the Passenger Cars market in Austria is expected to reach 250.40k vehicles by 2028.
The volume weighted average price of Passenger Cars market in Austria is projected to be US$29.73k in 2024.
Within the selected region, Other is expected to hold one of the highest market shares with a vehicle unit sales share of 34.9% in 2024.
Similarly, the make Other is projected to have a significant value market share of 33.3% in 2024.
Taking an international perspective, United States is anticipated to generate the highest revenue in the Passenger Cars market, amounting to US$558bn in 2024.
Austria's passenger car market is witnessing a shift towards electric vehicles, driven by government incentives and increasing environmental awareness.

Key regions: United States, Germany, Europe, China, India

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Region comparison

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Analyst Opinion

The Passenger Cars market in Austria has been experiencing steady growth in recent years. Customer preferences in Austria are shifting towards more fuel-efficient and environmentally friendly vehicles, which has led to an increase in the demand for electric and hybrid cars.

In addition, there is a growing interest in SUVs and crossover vehicles, as they offer a combination of spaciousness and versatility. One of the key trends in the market is the rise of electric vehicles (EVs). Austria has been actively promoting the adoption of EVs through various incentives and subsidies, such as tax breaks and grants.

This has encouraged consumers to consider electric cars as a viable option, leading to an increase in sales. Additionally, the improving charging infrastructure across the country has also contributed to the growing popularity of EVs. Another trend in the market is the growing demand for SUVs and crossover vehicles.

These types of vehicles offer a higher seating position, which provides better visibility and a sense of safety on the road. Moreover, SUVs and crossovers are known for their spacious interiors and ample cargo space, making them attractive to families and individuals with active lifestyles. As a result, car manufacturers have been introducing more SUV and crossover models to cater to this demand.

Local special circumstances in Austria also play a role in shaping the Passenger Cars market. Austria is known for its mountainous terrain and harsh winters, which can pose challenges for driving. As a result, there is a demand for cars that are equipped with features such as all-wheel drive and winter tires.

Additionally, the country has a strong focus on safety, with strict regulations and high safety standards. This has led to an increased demand for cars with advanced safety features, such as lane departure warning and autonomous emergency braking. Underlying macroeconomic factors have also contributed to the development of the Passenger Cars market in Austria.

The country has a stable economy and a high standard of living, which has led to a strong purchasing power among consumers. This, coupled with low interest rates and favorable financing options, has made it easier for consumers to afford new cars. Furthermore, the government's commitment to reducing carbon emissions and promoting sustainable transportation has created a favorable environment for the growth of the Passenger Cars market.

In conclusion, the Passenger Cars market in Austria is experiencing growth due to shifting customer preferences towards fuel-efficient and environmentally friendly vehicles, as well as the increasing demand for SUVs and crossover vehicles. Local special circumstances, such as the mountainous terrain and strict safety regulations, also play a role in shaping the market. Additionally, underlying macroeconomic factors, including a stable economy and favorable financing options, contribute to the development of the market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).