Large Cars - Israel

Israel

Highlights

Revenue in the Large Cars market is projected to reach US$1bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.14%, resulting in a projected market volume of US$2bn by 2029.
Large Cars market unit sales are expected to reach 32.7k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$53k.
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 Israel is experiencing significant growth and development in recent years.

Customer preferences: Customers in Israel have shown a growing preference for large cars, particularly SUVs and luxury sedans. This can be attributed to several factors. Firstly, the increasing affluence of the Israeli population has led to a rise in disposable income, allowing consumers to invest in larger and more expensive vehicles. Additionally, the rugged terrain and challenging driving conditions in certain parts of the country make large cars a practical choice for many Israelis.

Trends in the market: One of the key trends in the Large Cars market in Israel is the increasing popularity of hybrid and electric vehicles. As concerns about the environment and climate change grow, more and more consumers are opting for eco-friendly options. This trend is particularly pronounced in Israel, where the government has implemented policies and incentives to promote the adoption of electric vehicles. As a result, many large car manufacturers have introduced hybrid and electric models to cater to this growing demand. Another trend in the market is the emphasis on advanced safety features and technology. Israeli consumers are becoming increasingly aware of the importance of safety and are willing to invest in vehicles that offer the latest safety features. Large car manufacturers are responding to this demand by equipping their vehicles with advanced driver assistance systems, such as lane departure warning, adaptive cruise control, and automatic emergency braking.

Local special circumstances: Israel has a unique set of circumstances that contribute to the growth of the Large Cars market. Firstly, the country's relatively small size and well-developed infrastructure make large cars more practical and convenient for daily use. Additionally, the high cost of public transportation and limited availability of alternative modes of transport make private car ownership a necessity for many Israelis. These factors, combined with the growing affluence of the population, have created a favorable environment for the Large Cars market to thrive.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Large Cars market in Israel. The country's strong economy and low unemployment rate have boosted consumer confidence and purchasing power. Additionally, favorable financing options and low interest rates have made it easier for consumers to afford large cars. Furthermore, the government's support for the automotive industry through tax incentives and subsidies has encouraged both local and international car manufacturers to invest in the Israeli market. In conclusion, the Large Cars market in Israel is experiencing significant growth and development due to customer preferences for larger vehicles, the increasing popularity of hybrid and electric cars, the emphasis on advanced safety features, and the unique local circumstances and underlying macroeconomic factors. This trend is likely to continue in the coming years as the Israeli economy continues to thrive and consumer demand for large cars remains strong.

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).