Large Cars - New Zealand

New Zealand

In New Zealand, the projected revenue in the Large Cars market is expected to reach US$250m in 2024.
It is anticipated that the revenue will experience an annual growth rate of 2.28% (CAGR 2024-2028), resulting in a projected market volume of US$274m by 2028.
The unit sales of Large Cars market in this market segment are projected to reach 7.4k vehicles by 2028.
The volume weighted average price of Large Cars market in 2024 is expected to be US$36k.
When considering the international market, it is evident that China will generate the highest revenue, amounting to US$106,900m in 2024.
The demand for large cars in New Zealand is steadily increasing due to the country's rugged terrain and outdoor lifestyle.

Key regions: Worldwide, China, India, Germany, Europe

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Analyst Opinion

The Large Cars market in New Zealand is experiencing significant growth and development. Customer preferences are shifting towards larger vehicles due to several factors, including increased demand for spacious and comfortable cars, as well as the growing popularity of SUVs. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the expansion of the Large Cars market in New Zealand.

Customer preferences: Customers in New Zealand are increasingly opting for large cars due to their spacious interiors and comfortable seating arrangements. The desire for ample legroom and cargo space has led to a surge in demand for Large Cars. Moreover, the popularity of SUVs has also contributed to the growth of this market segment. SUVs offer a combination of space, versatility, and off-road capabilities, making them a preferred choice for many customers in New Zealand.

Trends in the market: One of the key trends in the Large Cars market in New Zealand is the rise of electric and hybrid vehicles. As the country focuses on reducing carbon emissions and promoting sustainability, more customers are opting for eco-friendly alternatives. This has led to an increase in the availability and sales of electric and hybrid large cars in the market. Additionally, advancements in technology have made these vehicles more efficient and affordable, further driving their adoption. Another trend in the market is the integration of advanced safety features in large cars. Customers in New Zealand prioritize safety when purchasing vehicles, and manufacturers are responding by equipping their large cars with cutting-edge safety technologies. Features such as lane departure warning, blind-spot monitoring, and automatic emergency braking are becoming standard in many large car models, enhancing the overall safety of these vehicles.

Local special circumstances: New Zealand's rugged terrain and diverse landscapes make large cars, particularly SUVs, highly popular among customers. The ability to navigate rough roads and handle various weather conditions makes these vehicles suitable for the local environment. Additionally, the country's outdoor lifestyle and love for adventure contribute to the demand for large cars that can accommodate recreational activities such as camping, hiking, and skiing.

Underlying macroeconomic factors: New Zealand's strong economy and rising disposable incomes have fueled the growth of the Large Cars market. As people have more purchasing power, they are inclined to invest in larger and more luxurious vehicles. Additionally, low interest rates and favorable financing options have made it easier for customers to afford large cars. These macroeconomic factors have created a conducive environment for the expansion of the Large Cars market in New Zealand. In conclusion, the Large Cars market in New Zealand is experiencing growth and development due to shifting customer preferences, including the demand for spacious and comfortable vehicles and the popularity of SUVs. The integration of advanced safety features and the rise of electric and hybrid vehicles are also shaping the market. Local special circumstances, such as the country's rugged terrain and outdoor lifestyle, further contribute to the demand for large cars. Additionally, New Zealand's strong economy and favorable macroeconomic factors have created a conducive environment for the expansion of this market segment.

Methodology

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).