Executive Cars - NAFTA

NAFTA

Highlights

Revenue in the Executive Cars market is projected to reach US$18bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.40%, resulting in a projected market volume of US$20bn by 2029.
Executive Cars market unit sales are expected to reach 459.8k vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$44k.
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 NAFTA has been experiencing significant growth in recent years. Customer preferences for luxury and high-performance vehicles, along with favorable economic conditions, have contributed to this trend.

Additionally, local special circumstances and underlying macroeconomic factors have further propelled the development of the market. Customer preferences in the Executive Cars market in NAFTA have been shifting towards luxury and high-performance vehicles. Consumers are increasingly seeking vehicles that provide a combination of comfort, advanced technology, and prestige.

This has led to a rise in demand for executive cars from luxury brands, such as BMW, Mercedes-Benz, and Audi. These vehicles offer a range of features and options that cater to the preferences of affluent customers in the region. Trends in the market indicate a growing demand for electric and hybrid executive cars.

As environmental concerns and fuel efficiency become more prominent, customers are seeking vehicles that offer a greener alternative without compromising on performance and luxury. Electric and hybrid executive cars provide an attractive option for customers who want to reduce their carbon footprint while still enjoying the benefits of a high-end vehicle. Local special circumstances in NAFTA have also played a role in the development of the Executive Cars market.

The region has a large population of affluent individuals who have the financial means to purchase luxury vehicles. Additionally, NAFTA countries have a well-developed infrastructure and road network, which makes driving executive cars a convenient and enjoyable experience. These factors have contributed to the growth of the market and the increasing popularity of executive cars among consumers in the region.

Underlying macroeconomic factors have further supported the growth of the Executive Cars market in NAFTA. The region has experienced stable economic growth, which has resulted in a rise in disposable income and consumer spending. As a result, more individuals are able to afford luxury vehicles and are willing to invest in high-end executive cars.

Furthermore, low interest rates and favorable financing options have made it easier for customers to purchase these vehicles, driving demand even further. In conclusion, the Executive Cars market in NAFTA is developing due to customer preferences for luxury and high-performance vehicles, the growing demand for electric and hybrid options, local special circumstances, and underlying macroeconomic factors. As these trends continue to shape the market, it is expected that the Executive Cars segment will continue to grow and evolve in the coming years.

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).