Large Cars - Croatia

Croatia

Highlights

Revenue in the Large Cars market is projected to reach US$198m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.49%, resulting in a projected market volume of US$235m by 2029.
Large Cars market unit sales are expected to reach 5.9k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$40k.
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 Croatia has been experiencing significant growth in recent years. Customer preferences have shifted towards larger vehicles, driven by a desire for more space and comfort. This trend can be observed not only in Croatia but also in other parts of Europe and worldwide. In addition to customer preferences, several other factors have contributed to the development of the Large Cars market in Croatia.

Customer preferences: Customers in Croatia have shown a growing preference for large cars in recent years. This can be attributed to several factors. Firstly, large cars provide more space and comfort, which is important for families and individuals who frequently travel long distances. Secondly, large cars are often seen as a status symbol, reflecting a certain level of wealth and success. Finally, the improved design and features of large cars have made them more appealing to customers, with advanced technology and safety features becoming increasingly important.

Trends in the market: The Large Cars market in Croatia has been growing steadily in recent years. This can be attributed to several trends. Firstly, there has been an increase in disposable income among the population, allowing more people to afford larger and more expensive cars. Secondly, the availability of attractive financing options has made it easier for customers to purchase large cars. Additionally, the growing popularity of SUVs and crossovers has contributed to the growth of the Large Cars market in Croatia.

Local special circumstances: Croatia's unique geography and infrastructure have also played a role in the development of the Large Cars market. The country's diverse terrain, including mountains and coastal areas, makes large cars more practical and suitable for various driving conditions. Additionally, the presence of a well-developed road network and the availability of parking spaces have made it easier for customers to own and use large cars in Croatia.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Large Cars market in Croatia. Firstly, the country has experienced steady economic growth in recent years, resulting in an increase in disposable income among the population. This has allowed more people to afford larger and more expensive cars. Secondly, low interest rates and favorable financing options have made it easier for customers to purchase large cars. Finally, the government's efforts to promote tourism have also had a positive impact on the Large Cars market, as tourists often prefer to rent or use larger vehicles during their stay in Croatia. In conclusion, the Large Cars market in Croatia has been growing steadily in recent years, driven by customer preferences for more space and comfort, as well as several underlying macroeconomic factors. The availability of attractive financing options and the popularity of SUVs and crossovers have also contributed to the growth of the market. Croatia's unique geography and infrastructure have made large cars more practical and suitable for various driving conditions. Overall, the outlook for the Large Cars market in Croatia remains positive, with continued growth expected in the coming years.

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).