The Executive Cars Market segment includes passenger cars of an average footprint around 4.6m2 (50 ft2), an average mass around 1855kg (4100lbs) and a passenger/cargo volume larger than 3.4 m3 (120 ft3). Due to their high performance and comfort features, executive cars are often viewed as status symbols. Company cars account for a large share of the Executive Cars segment. All key figures shown represent the sales of new executive 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.
Example models: Audi A6, BMW 5 Series, Jaguar XF, Volvo S80.
Most recent update: Oct 2024
Source: Statista Market Insights
Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.
Most recent update: Mar 2024
The Executive Cars market in Montenegro is experiencing significant growth and development in recent years. Customer preferences have shifted towards luxury and high-performance vehicles, leading to increased demand for executive cars. This trend is driven by several factors, including the rising disposable income of consumers, changing lifestyles, and the desire for status and prestige.
Customer preferences: Montenegrin consumers have shown a strong preference for executive cars due to their luxurious features and advanced technologies. These vehicles offer a high level of comfort, safety, and performance, which are highly valued by customers. The increasing disposable income of consumers has enabled them to afford these high-end vehicles, making executive cars a symbol of status and success.
Trends in the market: One of the key trends in the Executive Cars market in Montenegro is the growing demand for electric and hybrid vehicles. With the increasing awareness of environmental issues and the need for sustainable transportation solutions, many customers are opting for eco-friendly options. Electric and hybrid executive cars offer lower emissions and reduced fuel consumption, making them an attractive choice for environmentally conscious consumers. Another trend in the market is the integration of advanced technologies in executive cars. Montenegrin consumers are increasingly seeking vehicles with features such as advanced infotainment systems, driver assistance technologies, and connectivity options. These technologies not only enhance the driving experience but also offer convenience and safety, which are highly valued by customers.
Local special circumstances: Montenegro's growing tourism industry has also contributed to the development of the Executive Cars market. The country attracts a large number of high-net-worth individuals and luxury travelers who require premium transportation services. As a result, there is a demand for executive cars from rental companies and luxury hotels, further driving the growth of the market.
Underlying macroeconomic factors: The growth of the Executive Cars market in Montenegro can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and purchasing power of consumers. This has made luxury vehicles more affordable and accessible to a wider range of customers. Furthermore, Montenegro's favorable business environment and government policies have attracted foreign investments, including automotive manufacturers and dealerships. This has led to a wider range of executive car models available in the market, offering customers more choices and options. In conclusion, the Executive Cars market in Montenegro is witnessing significant growth and development due to customer preferences for luxury and high-performance vehicles. The increasing disposable income of consumers, changing lifestyles, and the desire for status and prestige are driving the demand for executive cars. Additionally, the growing demand for electric and hybrid vehicles, integration of advanced technologies, and the influence of the tourism industry are shaping the market. These trends, combined with favorable macroeconomic factors, are expected to continue driving the growth of the Executive Cars market in Montenegro in the coming years.
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
Notes: Level 0: No automation and very limited driver assistance in the form of automatic emergency braking or blind-spot warning. Level 1: Driver assistance such as cruise control or lane centering. Level 2: Partial automation, including brake and steering support. Level 3: Conditional automation in which the vehicle can perform most driving tasks. In certain scenarios, human intervention is still needed.
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
Most recent update: Oct 2024
Source: Statista Market Insights
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).