Passenger Cars - Sweden

Sweden

Revenue in the Passenger Cars market is projected to reach US$12.5bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.96%, resulting in a projected market volume of US$13.1bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$5.2bn in 2024.
Passenger Cars market unit sales are expected to reach 345.20k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$37.90k in 2024.
With a vehicle unit sales share of 24.6% in 2024, Other is expected to have one of the highest market share in the selected region.
The value market share of the make Other in the selected region is expected to stand at 19.8% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (US$605bn in 2024).

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

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Analyst Opinion

The Passenger Cars market in Sweden has experienced steady growth over the past few years, driven by changing customer preferences, market trends, and local special circumstances.

Customer preferences: Swedish customers have shown a growing preference for eco-friendly and fuel-efficient vehicles in recent years. This shift in consumer behavior can be attributed to increasing awareness about environmental issues and government initiatives to promote sustainable transportation. As a result, there has been a significant increase in the demand for electric and hybrid cars in the country.

Trends in the market: One of the major trends in the Swedish Passenger Cars market is the rise of electric vehicles (EVs). The government has implemented various incentives and subsidies to encourage the adoption of EVs, including tax breaks, reduced road tolls, and free parking. This has led to a surge in sales of electric cars, with many automakers introducing new models to cater to the growing demand. Additionally, the development of charging infrastructure across the country has further facilitated the adoption of EVs. Another trend in the market is the growing popularity of SUVs and crossover vehicles. Swedish customers are increasingly opting for larger and more spacious cars, which offer better comfort and versatility. This trend is driven by factors such as changing lifestyles, increased outdoor activities, and the need for more cargo space. As a result, automakers have been focusing on expanding their SUV and crossover lineups to cater to this demand.

Local special circumstances: Sweden has a unique geography and climate, which has a significant impact on the Passenger Cars market. The country experiences long and harsh winters, with heavy snowfall in many regions. This has led to a high demand for cars with all-wheel drive and advanced safety features, such as traction control and stability control systems. Additionally, the availability of charging infrastructure for electric vehicles is a crucial factor in the adoption of EVs in the country.

Underlying macroeconomic factors: The Swedish economy has been relatively stable in recent years, with a strong GDP growth rate and low unemployment. This has contributed to a favorable business environment for the automotive industry, with increased consumer confidence and disposable income. Additionally, favorable interest rates and easy access to financing options have made it easier for customers to purchase new cars. In conclusion, the Passenger Cars market in Sweden is driven by changing customer preferences towards eco-friendly vehicles, the rise of electric vehicles, the popularity of SUVs and crossovers, and local special circumstances such as the country's unique geography and climate. These trends are supported by favorable macroeconomic factors, including a stable economy and favorable financing options. The market is expected to continue growing in the coming years as more customers embrace sustainable transportation and demand for larger vehicles remains strong.

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).