Executive Cars - Finland

Finland

Highlights

Revenue in the Executive Cars market is projected to reach US$170m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.47%, resulting in a projected market volume of US$158m by 2029.
Executive Cars market unit sales are expected to reach 2.7k vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$57k.
From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Executive Cars market in Finland is experiencing significant growth and development.

Customer preferences: In Finland, customers have a strong preference for executive cars due to their high quality, advanced technology, and luxurious features. These cars are often seen as a status symbol and are favored by individuals who value comfort, performance, and style. Additionally, the growing awareness of environmental issues has led to an increased demand for hybrid and electric executive cars in Finland.

Trends in the market: One of the key trends in the Executive Cars market in Finland is the rise of electric and hybrid vehicles. As the government has implemented policies to promote sustainable transportation, more consumers are opting for eco-friendly options. This trend is expected to continue as the availability and affordability of electric and hybrid executive cars improve. Another trend in the market is the increasing popularity of SUVs in the executive segment. SUVs offer a combination of luxury, space, and versatility, which appeals to Finnish consumers who value practicality and functionality. This trend is in line with the global market, where SUVs have gained significant market share in recent years.

Local special circumstances: Finland's geographical location and climate have a significant impact on the Executive Cars market. The country experiences harsh winters with heavy snowfall, which creates a demand for cars with excellent traction and safety features. Therefore, all-wheel drive systems and winter packages are highly sought after by Finnish consumers.

Underlying macroeconomic factors: The strong economy in Finland is a key driver of the Executive Cars market. As disposable incomes rise and consumer confidence remains high, more individuals are able and willing to invest in luxury vehicles. The stable political environment and high standard of living also contribute to the growth of the market. Additionally, the government's commitment to promoting electric vehicles through incentives and infrastructure development has created a favorable environment for the growth of the Executive Cars market. These initiatives, coupled with the increasing availability of electric and hybrid models from manufacturers, have made it easier for consumers to make the switch to eco-friendly executive cars. In conclusion, the Executive Cars market in Finland is witnessing growth and development driven by customer preferences for high-quality, technologically advanced vehicles. The rise of electric and hybrid cars, the popularity of SUVs, and the demand for safety features in harsh weather conditions are some of the key trends shaping the market. The strong economy, government incentives, and commitment to sustainability further contribute to the growth 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).