Large Cars - Southern Europe

Southern Europe

Highlights

Revenue in the Large Cars market is projected to reach US$13bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.90%, resulting in a projected market volume of US$14bn by 2029.
Large Cars market unit sales are expected to reach 341.0k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$40k.
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 Southern Europe has been experiencing significant growth over the past few years. Customer preferences, local special circumstances, and underlying macroeconomic factors have all contributed to the development of this market.

Customer preferences in Southern Europe have shifted towards larger cars due to a variety of factors. Firstly, there is a cultural preference for larger vehicles in this region, as they are often seen as a status symbol. Additionally, the improved road infrastructure in many Southern European countries has made driving larger cars more comfortable and practical.

Furthermore, the growing popularity of SUVs and crossovers has also contributed to the increased demand for large cars in this market. In terms of trends in the market, one notable development is the increasing adoption of electric and hybrid large cars. As environmental concerns and government regulations become more prominent, consumers in Southern Europe are increasingly seeking out greener options.

This has led to the introduction of a wider range of electric and hybrid large cars in the market, with many automakers investing in the development of these vehicles. Additionally, there has been a trend towards more advanced safety features and technology in large cars, as consumers prioritize safety and convenience. Local special circumstances in Southern Europe have also played a role in the development of the Large Cars market.

For example, the high fuel prices in many Southern European countries have made fuel efficiency an important factor for consumers when choosing a car. This has led to the introduction of more fuel-efficient engines and hybrid options in large cars. Additionally, the relatively high income levels in some Southern European countries have allowed consumers to afford larger and more luxurious vehicles.

Underlying macroeconomic factors have also contributed to the growth of the Large Cars market in Southern Europe. The region has experienced economic recovery in recent years, with improved consumer confidence and increased disposable income. This has resulted in higher purchasing power and a greater willingness to spend on larger and more expensive cars.

Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase large cars. In conclusion, the Large Cars market in Southern Europe has been developing due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards larger vehicles, the adoption of electric and hybrid technology, and the focus on safety and technology have all contributed to the growth of this market.

Additionally, factors such as high fuel prices, income levels, and economic recovery have also played a role in the development of the Large Cars market in Southern Europe.

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).