Passenger Cars - Finland | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$3.6bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.47%, resulting in a projected market volume of US$3.9bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$1.3bn in 2024.
Passenger Cars market unit sales are expected to reach 118.80k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$32.23k in 2024.
With a vehicle unit sales share of 13.8% in 2024, Toyota is expected to have one of the highest market share in the selected region.
The value market share of the make Tesla in the selected region is expected to stand at 17.0% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new 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. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in Finland has been experiencing significant growth in recent years. Customer preferences have shifted towards more fuel-efficient and environmentally friendly vehicles, leading to an increase in the demand for electric and hybrid cars. Additionally, the introduction of new technologies and features in passenger cars has also contributed to the growth of the market.

Customer preferences: In Finland, customers have shown a growing interest in fuel-efficient and environmentally friendly vehicles. This can be attributed to the increasing awareness of the environmental impact of traditional gasoline and diesel cars. As a result, there has been a significant rise in the demand for electric and hybrid cars in the country. Customers are also placing importance on safety features and advanced technologies in their cars, such as autonomous driving capabilities and connectivity features.

Trends in the market: One of the key trends in the Finnish Passenger Cars market is the growing popularity of electric and hybrid cars. This trend can be attributed to various factors, including government incentives and subsidies for electric vehicles, as well as the expanding charging infrastructure across the country. As a result, many car manufacturers have introduced electric and hybrid models to cater to this growing demand. Another trend in the market is the increasing adoption of advanced technologies in passenger cars. Finnish customers are seeking vehicles with features such as advanced driver assistance systems, infotainment systems, and connectivity options. This trend is driven by the desire for a more convenient and connected driving experience.

Local special circumstances: Finland has a unique geographical location and climate, which influences the preferences and needs of customers in the passenger cars market. The long and cold winters in Finland make it important for customers to have cars that are equipped to handle harsh weather conditions. Four-wheel drive and winter tires are highly sought after features in the Finnish market. Additionally, the vast and sparsely populated areas of the country make long-range capabilities and reliability important factors for customers when choosing a car.

Underlying macroeconomic factors: The growth in the Finnish Passenger Cars market can also be attributed to favorable macroeconomic factors. The country has a stable economy with a high standard of living, which allows consumers to afford cars and invest in more expensive models. Low interest rates and easy access to financing options have also contributed to the growth of the market, as they make it easier for customers to purchase new vehicles. In conclusion, the Passenger Cars market in Finland is experiencing growth due to customer preferences shifting towards fuel-efficient and environmentally friendly vehicles, as well as the increasing adoption of advanced technologies. The unique geographical location and climate of Finland, along with favorable macroeconomic factors, also play a role in shaping the market trends.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.