Passenger Cars - Argentina | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$97.9bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 56.37%, resulting in a projected market volume of US$915.5bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$24.5bn in 2024.
Passenger Cars market unit sales are expected to reach 3.47m vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$87.14k in 2024.
With a vehicle unit sales share of 19.1% in 2024, Volkswagen is expected to have one of the highest market share in the selected region.
The value market share of the make Volkswagen 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 United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in Argentina has been experiencing significant growth in recent years.

Customer preferences: Argentinian customers have shown a strong preference for smaller and more fuel-efficient cars. This is partly due to the high fuel prices in the country, as well as the increasing awareness of environmental issues. As a result, compact and subcompact cars have been in high demand, with many customers opting for models that offer good fuel efficiency and lower emissions.

Trends in the market: One of the key trends in the Argentinean Passenger Cars market is the increasing popularity of electric and hybrid vehicles. As the government has introduced incentives and subsidies to promote the adoption of these vehicles, more customers are considering them as a viable option. This trend is expected to continue as the government continues to invest in charging infrastructure and promotes the use of renewable energy sources. Another trend in the market is the growing demand for SUVs and crossovers. These vehicles offer a higher driving position and more space, which appeals to customers who prioritize comfort and practicality. Additionally, the improved road infrastructure in Argentina has made SUVs and crossovers more attractive to customers who frequently travel outside of urban areas.

Local special circumstances: One of the unique factors influencing the Passenger Cars market in Argentina is the country's economic situation. Argentina has faced significant economic challenges in recent years, including high inflation and currency devaluation. This has affected the purchasing power of consumers and made it more difficult for them to afford new cars. As a result, many customers have been opting for used cars or delaying their purchase decisions.

Underlying macroeconomic factors: The macroeconomic factors that have contributed to the development of the Passenger Cars market in Argentina include the country's population growth and increasing urbanization. As more people move to urban areas, the demand for personal transportation has increased. Additionally, the government's efforts to improve the road infrastructure and public transportation systems have also played a role in driving the demand for passenger cars. In conclusion, the Passenger Cars market in Argentina is developing in response to customer preferences for smaller and more fuel-efficient cars, as well as the growing popularity of electric vehicles and SUVs. The country's economic situation and underlying macroeconomic factors have also influenced the market dynamics.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.