Executive Cars - Greece

Greece

Highlights

Revenue in the Executive Cars market is projected to reach US$8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.97%, resulting in a projected market volume of US$8m by 2029.
Executive Cars market unit sales are expected to reach 129.0vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$62k.
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 Greece is experiencing steady growth, driven by a combination of customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Greece have shown a growing preference for executive cars due to their high quality, comfort, and advanced features. These cars are often seen as a status symbol and a reflection of success. Additionally, executive cars are known for their safety features, which is an important factor for customers in Greece.

Trends in the market: One of the key trends in the Executive Cars market in Greece is the increasing demand for electric and hybrid executive cars. This trend is driven by the growing awareness of environmental issues and the government's push for greener transportation options. Customers are increasingly opting for electric or hybrid executive cars to reduce their carbon footprint and take advantage of the incentives offered by the government, such as tax breaks and subsidies. Another trend in the market is the rise of luxury SUVs in Greece. SUVs have gained popularity among customers due to their versatility, spaciousness, and higher driving position. Luxury SUVs combine the comfort and features of executive cars with the practicality and ruggedness of SUVs, making them an attractive choice for customers in Greece.

Local special circumstances: Greece has a unique geography with many islands, which has led to a higher demand for executive cars with good fuel efficiency and reliability. Customers in Greece often use their cars for long journeys and need vehicles that can handle various terrains and road conditions. This has resulted in a preference for executive cars with strong engines, efficient fuel consumption, and durable build quality.

Underlying macroeconomic factors: The growth of the Executive Cars market in Greece can also be attributed to the overall improvement in the country's economy. In recent years, Greece has seen a gradual recovery from the financial crisis, leading to increased consumer confidence and purchasing power. As a result, customers are more willing to invest in higher-end vehicles like executive cars. Additionally, low interest rates and favorable financing options have made it easier for customers to afford executive cars. This has further fueled the growth of the market as customers take advantage of these favorable conditions to upgrade their vehicles. In conclusion, the Executive Cars market in Greece is growing steadily due to customer preferences for high-quality and comfortable vehicles, the increasing demand for electric and hybrid cars, the popularity of luxury SUVs, the unique geography of the country, and the overall improvement in the economy. These factors are driving the market forward and shaping the choices and preferences of customers in Greece.

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).