Large Cars - Iran | Statista Market Forecast

Large Cars - Iran

Iran

Highlights

Revenue in the Large Cars market is projected to reach US$2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.54%, resulting in a projected market volume of US$2bn by 2029.
Large Cars market unit sales are expected to reach 49.3k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$44k.
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 Iran has been experiencing significant growth in recent years. Customer preferences have shifted towards larger vehicles, leading to an increase in demand for large cars in the country. This trend can be attributed to several factors, including changing consumer preferences, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Iran, there has been a noticeable shift in customer preferences towards larger cars. Customers are increasingly opting for spacious and comfortable vehicles that can accommodate their families and provide a luxurious driving experience. This trend is in line with global market preferences, where large cars are gaining popularity due to their versatility and enhanced features.

Trends in the market: The increasing demand for large cars in Iran can be attributed to several trends. Firstly, there is a growing middle class in the country, which has led to an increase in disposable income. As a result, consumers are more willing to invest in larger and more expensive vehicles. Additionally, the improving road infrastructure in Iran has made it more convenient for customers to own and drive large cars. The availability of financing options has also made it easier for consumers to purchase these vehicles.

Local special circumstances: Iran has a unique set of circumstances that contribute to the growth of the large cars market. The country has a large population, and there is a cultural emphasis on family and social gatherings. As a result, customers prefer vehicles that can accommodate their families and provide ample space for social activities. Additionally, the challenging road conditions in certain parts of the country necessitate the use of robust and spacious vehicles, making large cars a popular choice among consumers.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the large cars market in Iran. The country has experienced economic stability in recent years, with a steady increase in GDP and a decline in inflation. This has boosted consumer confidence and increased purchasing power, leading to higher demand for large cars. Furthermore, the government has implemented policies to promote domestic production and reduce import dependency. This has incentivized local automobile manufacturers to produce larger vehicles, further driving the growth of the market. In conclusion, the Large Cars market in Iran is experiencing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing demand for large cars can be attributed to a shift in customer preferences towards spacious and comfortable vehicles, as well as the unique cultural and infrastructural factors in Iran. Additionally, the country's economic stability and government policies have further fueled 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).