Large Cars - Finland

Finland

Revenue in the Large Cars market is projected to reach US$991m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.20%, resulting in a projected market volume of US$1,052m by 2029.
Large Cars market unit sales are expected to reach 25,140.0vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$42k.
From an international perspective it is shown that the most revenue will be generated in China (US$106,200m in 2024).

Key regions: Worldwide, China, India, Germany, Europe

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Analyst Opinion

The Large Cars market in Finland has been experiencing significant growth in recent years.

Customer preferences: Finland has a strong automotive culture and a high demand for large cars. Customers in Finland value spaciousness, comfort, and safety features in their vehicles, which makes large cars an attractive choice. Additionally, Finnish consumers prefer cars with good fuel efficiency and low emissions, aligning with the country's commitment to sustainability.

Trends in the market: One of the key trends in the Large Cars market in Finland is the increasing popularity of electric and hybrid large cars. As the government continues to promote electric mobility and implement policies to reduce carbon emissions, more Finnish consumers are opting for electric or hybrid large cars. This trend is expected to continue as the charging infrastructure improves and the range of electric and hybrid models expands. Another trend in the market is the growing demand for SUVs in Finland. SUVs offer a combination of spaciousness, versatility, and off-road capabilities, which appeals to Finnish consumers who enjoy outdoor activities and value the practicality of these vehicles. The popularity of SUVs has led to an increase in the number of available models and options in the market.

Local special circumstances: Finland's geographical location and climate play a role in shaping the Large Cars market. The country experiences long and harsh winters, which makes all-wheel drive and winter driving capabilities important factors for Finnish consumers when choosing a large car. Additionally, the vast and often remote nature of Finland's landscape makes large cars a practical choice for navigating through challenging terrains and weather conditions.

Underlying macroeconomic factors: The overall economic stability and high disposable income levels in Finland contribute to the growth of the Large Cars market. Finnish consumers have the financial means to invest in large cars and are willing to pay a premium for quality and safety features. The stable economy also provides a favorable environment for car manufacturers to introduce new models and technologies in the market. In conclusion, the Large Cars market in Finland is thriving due to customer preferences for spacious and comfortable vehicles, the increasing popularity of electric and hybrid options, the demand for SUVs, the local special circumstances of Finland's climate and landscape, and the underlying macroeconomic factors of economic stability and high disposable income levels.

Methodology

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).