Passenger Cars - Austria | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$9.5bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.79%, resulting in a projected market volume of US$9.9bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$3.9bn in 2024.
Passenger Cars market unit sales are expected to reach 301.00k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$32.71k in 2024.
With a vehicle unit sales share of 11.3% in 2024, Volkswagen is expected to have one of the highest market share in the selected region.
The value market share of the make BMW in the selected region is expected to stand at 13.9% 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 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.

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.