Large Cars - Australia

Australia

Highlights

Revenue in the Large Cars market is projected to reach US$2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.82%, resulting in a projected market volume of US$2bn by 2029.
Large Cars market unit sales are expected to reach 58.3k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$33k.
From an international perspective it is shown that the most revenue will be generated China (US$106bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Large Cars market in Australia has been experiencing significant growth in recent years, driven by changing customer preferences and favorable market conditions.

Customer preferences: Customers in Australia have shown a growing preference for larger vehicles, particularly in the Large Cars segment. This can be attributed to several factors, including the desire for more spacious and comfortable vehicles, as well as the perception of larger cars as being safer and more prestigious. Additionally, the availability of advanced features and technologies in large cars has also contributed to their popularity among customers.

Trends in the market: One of the key trends in the Large Cars market in Australia is the increasing demand for SUVs. These vehicles offer a combination of spaciousness, versatility, and off-road capability, making them highly appealing to customers. SUVs have gained popularity not only among families but also among individuals who value the practicality and ruggedness of these vehicles. Another trend in the market is the rise of electric and hybrid large cars. As the demand for more environmentally friendly vehicles continues to grow, car manufacturers have been introducing electric and hybrid options in the Large Cars segment. These vehicles offer lower emissions and reduced fuel consumption, aligning with the increasing focus on sustainability and reducing carbon footprints.

Local special circumstances: Australia's unique geography and vast landscapes contribute to the popularity of large cars in the country. The need for vehicles that can handle long distances, varying terrains, and challenging weather conditions makes large cars a practical choice for many Australians. Additionally, the country's strong mining and construction industries also drive the demand for large vehicles that can transport heavy loads and equipment.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Large Cars market in Australia. The country's stable economy, low unemployment rate, and high disposable incomes have created a favorable environment for consumers to purchase large cars. Additionally, low interest rates and attractive financing options have made it easier for customers to afford these vehicles. In conclusion, the Large Cars market in Australia has experienced significant growth due to changing customer preferences, including a preference for larger and more spacious vehicles, as well as the availability of advanced features and technologies. The rise in demand for SUVs and electric/hybrid vehicles has also contributed to the market's growth. Australia's unique geography, strong industries, and favorable macroeconomic factors have further fueled the demand for large cars in the country.

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).