Large Cars - NAFTA

NAFTA

Highlights

Revenue in the Large Cars market is projected to reach US$78bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.18%, resulting in a projected market volume of US$77bn by 2029.
Large Cars market unit sales are expected to reach 2.2m vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$35k.
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 NAFTA is experiencing significant growth and development due to several factors. Customer preferences are shifting towards larger vehicles, and this trend is being driven by a combination of factors such as increased comfort, improved safety features, and the desire for more space. In addition, there are specific local circumstances and underlying macroeconomic factors that are contributing to the growth of the Large Cars market in NAFTA.

Customer preferences: Customers in the NAFTA region are increasingly opting for larger cars due to their enhanced comfort and spaciousness. Large cars are often equipped with luxurious features such as premium seating, advanced infotainment systems, and high-quality materials, which appeal to customers seeking a more luxurious driving experience. Additionally, the larger size of these vehicles provides more space for passengers and cargo, making them a practical choice for families and individuals who require ample storage capacity.

Trends in the market: One of the key trends in the Large Cars market in NAFTA is the increasing popularity of SUVs and crossovers. These vehicles offer the size and space of traditional large cars while also providing the versatility and off-road capabilities of SUVs. This trend is driven by customers' desire for a vehicle that can handle various terrains and weather conditions, as well as their preference for a higher driving position and better visibility. As a result, automakers are focusing on developing and expanding their SUV and crossover offerings to cater to this growing demand.

Local special circumstances: In the NAFTA region, there are specific circumstances that contribute to the growth of the Large Cars market. One of these is the vast size of the region, which often requires long-distance travel. Large cars are well-suited for these journeys, as they provide a comfortable and spacious environment for passengers over extended periods of time. Additionally, the presence of large suburban areas and rural communities in the NAFTA region creates a demand for vehicles that can accommodate larger families and provide ample storage space.

Underlying macroeconomic factors: The growth of the Large Cars market in NAFTA is also influenced by underlying macroeconomic factors. The region's strong and stable economy, coupled with low interest rates, has made it easier for consumers to afford larger vehicles. Additionally, low fuel prices in the region have made large cars more affordable to operate, as they are typically less fuel-efficient compared to smaller vehicles. These favorable economic conditions have contributed to the increasing demand for large cars in the NAFTA market. In conclusion, the Large Cars market in NAFTA is experiencing growth and development due to shifting customer preferences, the popularity of SUVs and crossovers, specific local circumstances, and underlying macroeconomic factors. As customers in the region seek larger and more comfortable vehicles, automakers are responding by expanding their offerings and incorporating luxurious features. The growth of the Large Cars market in NAFTA is expected to continue as long as these trends and factors remain in place.

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).