Executive Cars - Norway

Norway

Highlights

Revenue in the Executive Cars market is projected to reach US$161m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.71%, resulting in a projected market volume of US$167m 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$61k.
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 Norway has been experiencing significant growth in recent years.

Customer preferences: Norwegian consumers have shown a strong preference for executive cars due to their premium features, advanced technology, and luxurious interiors. The demand for these vehicles is driven by the desire for comfort, safety, and status. Norway has a high standard of living, and many consumers are willing to invest in high-end vehicles that provide a superior driving experience. Additionally, the government's focus on sustainability and environmental consciousness has led to an increased demand for electric and hybrid executive cars in Norway.

Trends in the market: One of the key trends in the Executive Cars market in Norway is the growing popularity of electric and hybrid vehicles. Norway has been at the forefront of promoting electric mobility, with various incentives and subsidies in place to encourage the adoption of electric vehicles. As a result, many executive car manufacturers have introduced electric and hybrid models to cater to the Norwegian market. This trend is expected to continue as the government aims to phase out the sale of new gasoline and diesel cars by 2025. Another trend in the market is the integration of advanced technology in executive cars. Norwegian consumers are tech-savvy and value the latest innovations in their vehicles. Features such as advanced driver-assistance systems, connectivity options, and autonomous driving capabilities are highly sought after. Executive car manufacturers are continuously investing in research and development to meet these demands and stay competitive in the market.

Local special circumstances: Norway's unique geography and climate present special circumstances that influence the Executive Cars market. The country's rugged terrain and harsh winters require vehicles with excellent handling and traction control. Four-wheel drive and all-wheel drive systems are highly valued by Norwegian consumers, as they provide better stability and control in challenging road conditions. Additionally, the government's focus on sustainability has led to the development of charging infrastructure across the country, making it easier for electric vehicle owners to recharge their cars.

Underlying macroeconomic factors: Norway has a strong economy with high disposable income levels, which contributes to the growth of the Executive Cars market. The country's oil wealth and low unemployment rate have created a favorable environment for luxury car sales. Additionally, the government's policies, such as low interest rates and favorable tax regulations, have made it more affordable for consumers to purchase executive cars. In conclusion, the Executive Cars market in Norway is experiencing growth due to customer preferences for premium features, the increasing popularity of electric and hybrid vehicles, the integration of advanced technology, the demand for all-wheel drive systems, and favorable macroeconomic factors. The market is expected to continue expanding as consumers seek out executive cars that provide both luxury and sustainability.

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).