Large Cars - Nordics

Nordics

Revenue in the Large Cars market is projected to reach US$7,155m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.73%, resulting in a projected market volume of US$7,420m by 2029.
Large Cars market unit sales are expected to reach 174.2k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$42k.
From an international perspective it is shown that the most revenue will be generated in China (US$106,200m in 2024).

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

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Analyst Opinion

The Large Cars market in Nordics has been experiencing steady growth in recent years. Customer preferences in the region have shifted towards larger vehicles, driven by a desire for increased space and comfort. This trend is in line with the global market, where large cars have become increasingly popular.

Customer preferences: In Nordics, customers are increasingly opting for large cars due to their spaciousness and comfort. The region's harsh weather conditions also play a role in this preference, as larger vehicles are often perceived as safer and more reliable in challenging driving conditions. Additionally, the cultural emphasis on family and outdoor activities in Nordics has contributed to the demand for large cars, which can accommodate passengers and equipment more comfortably.

Trends in the market: The Large Cars market in Nordics has been growing steadily in recent years. This growth can be attributed to several factors. Firstly, the improving economic conditions in the region have increased consumers' purchasing power, allowing them to afford larger and more expensive vehicles. Secondly, the availability of a wide range of models and options in the market has also contributed to the growth of the Large Cars segment. Customers now have more choices when it comes to large cars, allowing them to find a vehicle that meets their specific needs and preferences.

Local special circumstances: One of the unique factors influencing the Large Cars market in Nordics is the region's geography and climate. The Nordic countries are known for their long winters and challenging driving conditions, which require vehicles with good traction and stability. Large cars, with their larger size and higher ground clearance, are well-suited for navigating through snowy and icy roads. This has made them a popular choice among customers in the region.

Underlying macroeconomic factors: The growth of the Large Cars market in Nordics can also be attributed to the overall economic stability and increasing disposable income in the region. As the economy has improved, consumers have felt more confident in making larger purchases, such as buying a new car. Additionally, low interest rates and favorable financing options have made it easier for customers to afford large cars. In conclusion, the Large Cars market in Nordics is growing steadily, driven by customer preferences for spacious and comfortable vehicles. The region's unique geography and climate also contribute to the demand for large cars, which are seen as safer and more reliable in challenging driving conditions. The overall economic stability and increasing disposable income in the region have further fueled the growth of the market.

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).