Passenger Cars - Italy | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$49.1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.03%, resulting in a projected market volume of US$49.2bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$22.8bn in 2024.
Passenger Cars market unit sales are expected to reach 1.81m vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$26.61k in 2024.
With a vehicle unit sales share of 14.0% in 2024, Fiat is expected to have one of the highest market share in the selected region.
The value market share of the make Volkswagen in the selected region is expected to stand at 8.7% 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 Italy has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Italy have shifted towards smaller, more fuel-efficient cars in recent years.

This is partly due to rising fuel prices and increasing environmental concerns. Italian consumers are also placing a greater emphasis on safety features and technology in their cars. As a result, there has been a growing demand for compact cars and electric vehicles in the country.

Trends in the market have also contributed to the growth of the Passenger Cars market in Italy. One key trend is the increasing popularity of car-sharing services, which has led to a rise in the number of people choosing not to own a car. This has created a demand for shared mobility solutions, such as ride-hailing and car rental services.

Additionally, there has been a growing interest in autonomous driving technology, with several automakers and tech companies testing self-driving cars on Italian roads. Local special circumstances have played a role in shaping the Passenger Cars market in Italy. The country has a strong automotive industry, with several major manufacturers and suppliers based in Italy.

This has created a competitive market, with a wide range of car models and brands available to consumers. Additionally, Italy has a rich automotive heritage and a strong culture of car ownership, which has influenced consumer preferences and purchasing decisions. Underlying macroeconomic factors have also contributed to the growth of the Passenger Cars market in Italy.

The country has experienced a period of economic recovery in recent years, with improving consumer confidence and disposable incomes. This has led to an increase in consumer spending on big-ticket items, such as cars. Additionally, the Italian government has implemented various incentives and subsidies to promote the purchase of electric and hybrid vehicles, further driving the growth of the market.

In conclusion, the Passenger Cars market in Italy has experienced growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards smaller, more fuel-efficient cars, the rise of car-sharing services, and the interest in autonomous driving technology have all contributed to the growth of the market. Additionally, Italy's strong automotive industry, automotive heritage, and government incentives have played a role in shaping the market.

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.