Passenger Cars - Denmark | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$6.8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.00%, resulting in a projected market volume of US$7.2bn by 2029.
The market's largest segment is Large Cars with a projected market volume of US$2.6bn in 2024.
Passenger Cars market unit sales are expected to reach 233.30k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$30.14k in 2024.
With a vehicle unit sales share of 17.1% in 2024, Tesla is expected to have one of the highest market share in the selected region.
The value market share of the make Tesla in the selected region is expected to stand at 27.9% 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 Denmark has been experiencing steady growth over the past few years.

Customer preferences: In Denmark, there is a growing preference for electric and hybrid cars. This is driven by a combination of factors, including environmental consciousness and government incentives. The Danish government has implemented policies to promote the adoption of electric vehicles, such as tax breaks and subsidies. As a result, more consumers are choosing electric or hybrid cars over traditional gasoline-powered vehicles.

Trends in the market: One of the key trends in the Danish Passenger Cars market is the increasing popularity of SUVs. SUVs offer a combination of style, space, and versatility, which appeals to a wide range of consumers. This trend is in line with the global market, where SUVs have become the fastest-growing segment. Another trend in the Danish market is the rise of car-sharing services. With the increasing cost of car ownership and the growing popularity of urban living, many consumers are opting for car-sharing services instead of purchasing their own vehicles. This trend is driven by convenience and cost-effectiveness.

Local special circumstances: Denmark has a well-developed infrastructure for electric vehicles, with a network of charging stations across the country. This makes it easier for consumers to own and operate electric cars, further fueling the demand for these vehicles. Additionally, Denmark has a high level of public awareness and concern for the environment, which contributes to the popularity of electric and hybrid cars.

Underlying macroeconomic factors: The Danish economy has been performing well in recent years, with steady GDP growth and low unemployment rates. This has contributed to increased consumer confidence and spending power, which in turn has driven the growth of the Passenger Cars market. Furthermore, the Danish government's focus on sustainable development and green initiatives has created a favorable environment for the adoption of electric and hybrid cars. In conclusion, the Passenger Cars market in Denmark is experiencing growth due to customer preferences for electric and hybrid cars, the increasing popularity of SUVs, the rise of car-sharing services, the country's well-developed infrastructure for electric vehicles, and the overall positive macroeconomic conditions.

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.