Large Cars - EU-27

EU-27

Highlights

Revenue in the Large Cars market is projected to reach US$58bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.92%, resulting in a projected market volume of US$61bn by 2029.
Large Cars market unit sales are expected to reach 1.5m 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 EU-27 is experiencing significant growth and development. Customer preferences are shifting towards larger vehicles due to their spaciousness, comfort, and safety features. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the expansion of the market.

Customer preferences: Customers in the EU-27 region are increasingly opting for larger cars. This can be attributed to several factors. Firstly, large cars provide ample space for families and their belongings, making them ideal for long journeys and vacations. Moreover, these vehicles offer enhanced comfort features such as luxurious interiors, advanced entertainment systems, and superior seating arrangements. Additionally, large cars are equipped with cutting-edge safety technologies, providing customers with a greater sense of security on the road.

Trends in the market: The Large Cars market in the EU-27 is witnessing a surge in demand. This can be attributed to the growing popularity of SUVs and crossovers. These vehicles combine the spaciousness of a large car with the versatility of an off-road vehicle, making them highly desirable for customers in the region. Furthermore, the increasing availability of electric and hybrid large cars is also contributing to the market's growth. Customers are becoming more environmentally conscious and are opting for eco-friendly options that align with their values.

Local special circumstances: Several local special circumstances are driving the development of the Large Cars market in the EU-27. Firstly, the region's infrastructure is well-suited for larger vehicles, with wide roads and ample parking spaces. This makes it easier for customers to navigate and park their large cars. Additionally, the EU-27 region is known for its scenic landscapes and outdoor activities, which further increases the appeal of large cars for customers who enjoy outdoor adventures and require ample storage space for their equipment.

Underlying macroeconomic factors: Several underlying macroeconomic factors are contributing to the growth of the Large Cars market in the EU-27. Firstly, the region's strong economic performance has resulted in increased disposable income for customers, allowing them to afford larger and more expensive vehicles. Moreover, low interest rates and favorable financing options have made it easier for customers to purchase large cars. Additionally, advancements in manufacturing technologies have led to cost reductions, making large cars more affordable and accessible to a wider range of customers. In conclusion, the Large Cars market in the EU-27 is experiencing significant growth and development. Customer preferences for spacious and comfortable vehicles, coupled with local special circumstances and underlying macroeconomic factors, are driving the expansion of the market. The increasing popularity of SUVs and crossovers, as well as the availability of electric and hybrid options, are key trends in the market. With the region's infrastructure and outdoor activities, large cars are well-suited for customers in the EU-27. The strong economic performance, low interest rates, and advancements in manufacturing technologies are further fueling the growth of 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).