Large Cars - Australia & Oceania

Australia & Oceania

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 0.79%, resulting in a projected market volume of US$2bn by 2029.
Large Cars market unit sales are expected to reach 66.8k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$34k.
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 & Oceania is experiencing steady growth due to a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Large Cars market in Australia & Oceania are driven by a desire for spacious and comfortable vehicles.

Customers in this region value cars that can accommodate their families and provide a smooth and luxurious driving experience. Additionally, there is a growing demand for environmentally friendly cars, with customers showing a preference for large cars that have low emissions and high fuel efficiency. Trends in the market indicate that there is an increasing demand for hybrid and electric large cars in Australia & Oceania.

This can be attributed to a growing awareness of the environmental impact of traditional gasoline-powered vehicles and a desire to reduce carbon emissions. As a result, automakers are investing in the development of hybrid and electric large cars to meet this demand. Local special circumstances in Australia & Oceania also contribute to the development of the Large Cars market.

The vast size of the region and the long distances between cities and towns make large cars a practical choice for many residents. Additionally, the popularity of outdoor activities such as camping and road trips further drives the demand for spacious vehicles that can comfortably accommodate both passengers and cargo. Underlying macroeconomic factors also play a role in the growth of the Large Cars market in Australia & Oceania.

The region's strong economy and high disposable income levels allow consumers to afford large cars. Furthermore, favorable government policies and incentives, such as tax breaks and subsidies for hybrid and electric vehicles, encourage consumers to choose large cars that are more environmentally friendly. In conclusion, the Large Cars market in Australia & Oceania is developing in response to customer preferences for spacious and comfortable vehicles, the trend towards hybrid and electric cars, local special circumstances such as long distances and outdoor activities, and underlying macroeconomic factors such as a strong economy and government incentives.

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).