Large Cars - United Kingdom

United Kingdom

Highlights

Revenue in the Large Cars market is projected to reach US$10bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.38%, resulting in a projected market volume of US$11bn by 2029.
Large Cars market unit sales are expected to reach 248.4k vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$43k.
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 United Kingdom is experiencing significant growth and development. Customer preferences are shifting towards larger vehicles due to their spaciousness, comfort, and versatility. Additionally, there are several trends in the market that are driving this growth.

Customer preferences: In recent years, there has been a noticeable shift in customer preferences towards larger cars in the United Kingdom. This can be attributed to various factors such as the increased demand for spacious and comfortable vehicles, as well as the growing popularity of SUVs and crossovers. Customers are increasingly looking for vehicles that offer ample space for both passengers and cargo, making large cars an attractive choice. Additionally, the versatility of large cars appeals to customers who require a vehicle that can accommodate their changing needs, whether it be for family trips or transporting goods.

Trends in the market: One of the key trends in the Large Cars market in United Kingdom is the rise in popularity of SUVs and crossovers. These vehicles offer the benefits of both a car and an SUV, combining the comfort and drivability of a car with the spaciousness and ruggedness of an SUV. This trend is driven by the desire for a versatile and practical vehicle that can handle various road conditions and accommodate different lifestyles. Another trend in the market is the increasing adoption of advanced safety features in large cars. Customers are becoming more conscious of safety and are seeking vehicles that offer advanced safety technologies such as collision avoidance systems, lane departure warning, and adaptive cruise control. This trend is driven by the growing awareness of the importance of safety on the roads and the desire for peace of mind while driving.

Local special circumstances: The United Kingdom has unique circumstances that contribute to the development of the Large Cars market. One of these is the country's road infrastructure, which is well-suited for larger vehicles. The wide and well-maintained roads in many parts of the country make it easier for customers to navigate and park larger cars. Additionally, the United Kingdom experiences a range of weather conditions throughout the year, including rain and snow. This makes large cars with all-wheel drive and higher ground clearance particularly appealing to customers who want a vehicle that can handle these conditions with ease.

Underlying macroeconomic factors: The growth and development of the Large Cars market in United Kingdom can also be attributed to underlying macroeconomic factors. The country has experienced a stable economy with low interest rates and low unemployment rates, which has increased consumer confidence and purchasing power. This has allowed more customers to afford larger cars and has contributed to the overall growth of the market. Additionally, the availability of competitive financing options and attractive lease deals has made it easier for customers to acquire large cars. In conclusion, the Large Cars market in United Kingdom is experiencing growth and development due to shifting customer preferences, trends such as the rise of SUVs and advanced safety features, local special circumstances such as road infrastructure and weather conditions, and underlying macroeconomic factors such as a stable economy and favorable financing options.

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).