Large Cars - Worldwide

Worldwide

Highlights

Revenue in the Large Cars market is projected to reach US$306bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.21%, resulting in a projected market volume of US$394bn by 2029.
Large Cars market unit sales are expected to reach 9.3m vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$36k.
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 Worldwide is experiencing significant growth and development. Customer preferences are shifting towards larger vehicles due to various factors such as increased comfort, safety features, and improved fuel efficiency. Additionally, local special circumstances and underlying macroeconomic factors are contributing to the growth of the market.

Customer preferences: Customers in the Large Cars market are increasingly opting for larger vehicles due to the desire for comfort and luxury. Large cars offer more space for passengers and cargo, making them ideal for families and individuals who prioritize comfort and convenience. Additionally, large cars often come equipped with advanced safety features, providing a sense of security for customers. Furthermore, advancements in technology have led to improved fuel efficiency in large cars, making them a more attractive option for environmentally-conscious customers.

Trends in the market: One of the key trends in the Large Cars market is the increasing demand for SUVs (Sports Utility Vehicles). SUVs are popular among customers due to their versatility and ruggedness. They offer a higher driving position, better visibility, and the ability to handle various terrains, making them suitable for both urban and off-road driving. Additionally, SUVs often come with advanced technology features and luxurious interiors, further enhancing their appeal to customers. Another trend in the market is the rise of electric and hybrid large cars. With increasing concerns about climate change and the need for sustainable transportation, customers are showing a growing interest in electric and hybrid vehicles. Large electric cars and hybrid models offer the benefits of reduced emissions and lower fuel consumption, making them an attractive choice for environmentally-conscious customers.

Local special circumstances: In certain regions, such as North America and the Middle East, large cars have a strong market presence due to cultural preferences and local infrastructure. In North America, for example, larger vehicles are favored for their spacious interiors and ability to navigate long distances on highways. In the Middle East, large cars are popular among affluent customers who value luxury and prestige.

Underlying macroeconomic factors: The growth of the Large Cars market is also influenced by underlying macroeconomic factors. Economic stability and rising disposable incomes in many countries have contributed to an increase in consumer spending power. As a result, customers are more willing to invest in larger vehicles that offer enhanced comfort and luxury. Additionally, low interest rates and favorable financing options have made it easier for customers to purchase large cars, further driving market growth. In conclusion, the Large Cars market in Worldwide is experiencing growth and development due to shifting customer preferences towards larger vehicles. Factors such as increased comfort, safety features, and improved fuel efficiency are driving this trend. Additionally, the rise of SUVs and electric/hybrid vehicles, as well as local special circumstances and underlying macroeconomic factors, are contributing to the growth of the market.

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).