Large Cars - Hungary

Hungary

Highlights

Revenue in the Large Cars market is projected to reach US$352m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.06%, resulting in a projected market volume of US$372m by 2029.
Large Cars market unit sales are expected to reach 9.5k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$39k.
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 Hungary is experiencing steady growth and development.

Customer preferences: Hungarian customers have shown a strong preference for large cars, particularly in recent years. This can be attributed to several factors. Firstly, the growing affluence of the middle class has led to an increased demand for luxury and high-end vehicles. Large cars are often seen as a symbol of status and success, and many consumers are willing to pay a premium for these vehicles. Additionally, the spaciousness and comfort offered by large cars make them a popular choice for families and individuals who prioritize comfort and convenience in their daily lives.

Trends in the market: One of the key trends in the Large Cars market in Hungary is the increasing popularity of SUVs. SUVs have gained significant traction in recent years, as they offer a combination of style, practicality, and versatility. Hungarian consumers are drawn to the rugged and sporty aesthetic of SUVs, as well as their ability to handle various terrains and weather conditions. Moreover, the higher driving position and improved visibility provided by SUVs are highly valued by customers. As a result, many automakers have introduced new SUV models to cater to the growing demand in Hungary. Another trend in the market is the rising interest in electric and hybrid large cars. As environmental concerns become more prominent, there is a growing demand for greener and more sustainable vehicles. Hungarian customers are increasingly opting for electric or hybrid large cars as they offer lower emissions and reduced fuel consumption. Additionally, the government has implemented various incentives and subsidies to promote the adoption of electric vehicles, further driving the demand for these cars in the market.

Local special circumstances: Hungary's geographic location and infrastructure play a significant role in shaping the Large Cars market. The country's well-maintained road network and relatively low fuel prices make it conducive for large cars, as customers can enjoy comfortable and efficient long-distance travel. Furthermore, Hungary's proximity to other European countries allows for easy access to a wide range of car models and brands, providing customers with a diverse selection to choose from.

Underlying macroeconomic factors: The overall economic stability and growth in Hungary have played a crucial role in the development of the Large Cars market. As the country's economy continues to improve, consumers have more disposable income to spend on large cars. Additionally, low interest rates and favorable financing options have made it easier for customers to purchase these vehicles. The government's efforts to attract foreign investment and promote economic development have also contributed to the overall growth of the automotive industry in Hungary.

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).