Large Cars - Greece

Greece

Highlights

Revenue in the Large Cars market is projected to reach US$223m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.16%, resulting in a projected market volume of US$248m by 2029.
Large Cars market unit sales are expected to reach 6.0k vehicles 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 China (US$106bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Large Cars market in Greece has been experiencing steady growth in recent years.

Customer preferences: Greek consumers have shown a growing preference for large cars due to several factors. Firstly, the increase in disposable income has allowed consumers to afford larger and more luxurious vehicles. Additionally, the perception of large cars as a status symbol has also contributed to the demand for these vehicles. Furthermore, the Greek road infrastructure is well-suited for large cars, with wide roads and ample parking spaces available.

Trends in the market: One of the key trends in the Large Cars market in Greece is the shift towards more fuel-efficient and environmentally friendly vehicles. This trend is driven by both consumer demand and government regulations aimed at reducing carbon emissions. As a result, many car manufacturers have introduced hybrid and electric models to cater to this growing market segment. Another trend in the market is the increasing popularity of SUVs, which offer a combination of luxury, space, and off-road capabilities.

Local special circumstances: Greece has a unique geography and climate that influence the demand for large cars. The country's mountainous terrain and unpredictable weather conditions make larger vehicles more practical and safer for driving. Moreover, the Greek culture places a strong emphasis on family and social gatherings, which often require larger vehicles to accommodate multiple passengers and cargo.

Underlying macroeconomic factors: The growth of the Large Cars market in Greece can be attributed to several macroeconomic factors. Firstly, the country's economy has been recovering from the financial crisis, leading to an increase in consumer confidence and spending power. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase large cars. Moreover, the government has implemented measures such as tax incentives and subsidies to encourage the adoption of electric and hybrid vehicles, further driving the growth of the market. In conclusion, the Large Cars market in Greece is experiencing growth due to customer preferences for larger and more luxurious vehicles, the shift towards fuel-efficient and environmentally friendly cars, the unique geography and culture of the country, and favorable macroeconomic factors.

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).