Executive Cars - Romania

Romania

Highlights

Revenue in the Executive Cars market is projected to reach US$44m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.56%, resulting in a projected market volume of US$47m by 2029.
Executive Cars market unit sales are expected to reach 731.0vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$64k.
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 Romania has been experiencing significant growth in recent years, driven by changing customer preferences and favorable macroeconomic factors. Customer preferences in the Executive Cars market in Romania have shifted towards vehicles that offer a combination of luxury, comfort, and advanced technology features.

Customers are increasingly seeking cars that provide a high level of performance, safety, and connectivity options. This trend is in line with the global market, where consumers are also demanding more advanced features and customization options in their executive cars. In addition to customer preferences, several trends have been shaping the Executive Cars market in Romania.

One of the key trends is the increasing popularity of electric and hybrid vehicles. As environmental concerns gain prominence, more customers are opting for eco-friendly options. This trend is also driven by government initiatives and incentives to promote sustainable transportation.

As a result, many car manufacturers have introduced electric and hybrid models to cater to this growing demand. Another trend in the Executive Cars market in Romania is the rise of online car buying platforms. With the increasing digitalization of the automotive industry, customers are now able to research, compare, and purchase cars online.

This trend has been accelerated by the COVID-19 pandemic, which has limited physical showroom visits. Online car buying platforms provide customers with convenience, transparency, and a wide range of options to choose from. Local special circumstances in Romania also play a role in the development of the Executive Cars market.

Romania has a growing middle class with increasing disposable income, which has led to a higher demand for luxury and executive cars. Additionally, the country has a well-developed road infrastructure, making it conducive for executive car ownership. Underlying macroeconomic factors have also contributed to the growth of the Executive Cars market in Romania.

The country has experienced steady economic growth in recent years, leading to an increase in consumer purchasing power. Low interest rates and favorable financing options have also made it easier for customers to afford executive cars. Furthermore, Romania's membership in the European Union has facilitated trade and investment, resulting in increased availability and competitiveness of executive car models in the market.

In conclusion, the Executive Cars market in Romania is experiencing growth due to changing customer preferences, trends in the automotive industry, local special circumstances, and favorable macroeconomic factors. As customers seek more luxury, comfort, and advanced technology features in their cars, manufacturers are responding with innovative offerings. The rise of electric and hybrid vehicles, online car buying platforms, and the country's growing middle class are also contributing to the market's development.

With favorable macroeconomic conditions and a well-developed road infrastructure, Romania presents a promising market for executive car manufacturers.

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).