Large Cars - United States

United States

Highlights

Revenue in the Large Cars market is projected to reach US$76bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.16%, resulting in a projected market volume of US$75bn by 2029.
Large Cars market unit sales are expected to reach 2.1m 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 United States has been experiencing significant growth in recent years.

Customer preferences: Customers in the United States have shown a growing preference for large cars, which offer spacious interiors, powerful engines, and a comfortable driving experience. These vehicles are particularly popular among families and individuals who prioritize comfort and luxury. Additionally, the popularity of large cars can be attributed to their versatility, as they can be used for both daily commuting and long-distance travel.

Trends in the market: One of the key trends in the Large Cars market in United States is the increasing demand for SUVs. SUVs are a popular choice among American consumers due to their higher seating position, ample cargo space, and rugged design. This trend can be attributed to the growing popularity of outdoor activities and the need for vehicles that can accommodate large families or groups of friends. Moreover, SUVs are often equipped with advanced safety features, making them a preferred choice for families. Another trend in the Large Cars market in United States is the rise of electric and hybrid vehicles. With increasing concerns about environmental sustainability and rising fuel prices, many consumers are opting for more fuel-efficient and eco-friendly options. Electric and hybrid large cars offer lower emissions and reduced fuel consumption, making them an attractive choice for environmentally conscious consumers. Additionally, the advancements in battery technology have improved the range and performance of electric vehicles, further boosting their popularity.

Local special circumstances: The United States has a vast and diverse landscape, with long distances between cities and a well-developed highway system. This creates a need for vehicles that offer comfort, power, and reliability for long-distance travel. Large cars, particularly SUVs, are well-suited to meet these requirements, making them a popular choice among American consumers.

Underlying macroeconomic factors: The strong economy in the United States has contributed to the growth of the Large Cars market. With low unemployment rates and increasing disposable income, consumers have more purchasing power to invest in larger and more luxurious vehicles. Additionally, low interest rates and attractive financing options have made it easier for consumers to afford large cars. In conclusion, the Large Cars market in United States is experiencing growth due to customer preferences for spacious and comfortable vehicles, the increasing demand for SUVs, the rise of electric and hybrid vehicles, the need for vehicles suitable for long-distance travel, and the strong economy.

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).