Large Cars - North America

North America

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 North America has been experiencing steady growth in recent years, driven by customer preferences for spacious and luxurious vehicles. With an increasing number of consumers seeking larger vehicles for both personal and professional use, the market for large cars in North America has expanded significantly.

Customer preferences: In North America, customer preferences for large cars can be attributed to several factors. Firstly, there is a growing demand for spacious vehicles that can accommodate large families or groups of people. Large cars offer ample seating capacity and cargo space, making them ideal for family road trips or long-distance travel. Secondly, customers in North America value comfort and luxury in their vehicles. Large cars often come equipped with advanced features and amenities, such as premium audio systems, leather upholstery, and advanced driver assistance systems. These features enhance the overall driving experience and appeal to customers who prioritize comfort and convenience.

Trends in the market: One notable trend in the North American large cars market is the increasing popularity of SUVs (Sports Utility Vehicles). SUVs have gained significant market share in recent years, surpassing traditional large sedans in terms of sales. This trend can be attributed to the versatility and ruggedness of SUVs, which appeal to customers who desire both spaciousness and off-road capabilities. Another trend in the market is the growing demand for hybrid and electric large cars. As environmental concerns become more prominent, customers are seeking vehicles that offer better fuel efficiency and lower emissions. Hybrid and electric large cars provide a greener alternative to traditional gasoline-powered vehicles, and automakers have responded to this demand by introducing hybrid and electric options in their large car lineup.

Local special circumstances: The North American market for large cars is unique due to the presence of a strong domestic automotive industry. Several major automakers, including General Motors, Ford, and Fiat Chrysler, have a significant manufacturing presence in North America. This local production capability allows automakers to cater to the specific preferences and needs of North American customers, resulting in a wide range of large car options available in the market.

Underlying macroeconomic factors: The growth of the large cars market in North America can also be attributed to favorable macroeconomic factors. A strong economy, low unemployment rates, and low fuel prices have contributed to increased consumer confidence and spending power. As a result, customers are more willing to invest in larger and more expensive vehicles, driving the growth of the large cars market. In conclusion, the Large Cars market in North America is experiencing growth due to customer preferences for spacious and luxurious vehicles, the popularity of SUVs, the demand for hybrid and electric options, the presence of a strong domestic automotive industry, and favorable macroeconomic factors. As these trends continue to shape the market, automakers are likely to introduce new models and technologies to cater to the evolving needs and preferences of North American customers.

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).