Passenger Cars - Central & Western Europe

Central & Western Europe

Revenue in the Passenger Cars market is projected to reach US$315.7bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.53%, resulting in a projected market volume of US$324.2bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$128.3bn in 2024.
Passenger Cars market unit sales are expected to reach 10.20m vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$31.57k in 2024.
With a vehicle unit sales share of 38.4% 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 36.0% 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 Central & Western Europe is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend.

Customer preferences in Central & Western Europe are shifting towards more sustainable and environmentally friendly options. With increasing concerns about climate change and air pollution, customers are opting for electric and hybrid vehicles. These vehicles offer lower emissions and better fuel efficiency, making them an attractive choice for environmentally conscious consumers.

Additionally, customers are also prioritizing safety features and advanced technology in their cars. This includes features such as autonomous driving capabilities, advanced driver assistance systems, and connectivity options. Trends in the market reflect these changing customer preferences.

Electric and hybrid vehicles are gaining popularity, with many countries in Central & Western Europe implementing incentives and subsidies to promote their adoption. This has led to an increase in the number of electric vehicle charging stations and a growing infrastructure to support these vehicles. Furthermore, there is a rise in the popularity of SUVs and crossovers, as customers seek vehicles that offer both practicality and style.

These larger vehicles provide ample space for passengers and cargo while still maintaining a sleek and modern design. Local special circumstances also play a role in the development of the Passenger Cars market in Central & Western Europe. Each country in the region has its own unique characteristics and regulations that influence the market.

For example, Germany is known for its strong automotive industry and engineering expertise, leading to the production of high-quality vehicles. France has a long history of manufacturing cars and has a strong domestic market. The United Kingdom, on the other hand, has a high demand for luxury vehicles and sports cars.

Underlying macroeconomic factors further contribute to the growth of the Passenger Cars market in Central & Western Europe. The region has experienced stable economic growth, which has increased consumer purchasing power and confidence. Low interest rates and favorable financing options have also made it easier for customers to buy cars.

Additionally, government initiatives and regulations aimed at reducing emissions and promoting sustainable transportation have created a supportive environment for the automotive industry. In conclusion, the Passenger Cars market in Central & Western Europe is developing in response to changing customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The shift towards sustainable and technologically advanced vehicles, the rise of SUVs and crossovers, and the influence of individual country characteristics are all driving this positive trend.

With continued economic growth and government support, the market is expected to further expand in the coming years.

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).