Luxury Cars - Argentina

Argentina

Revenue in the Luxury Cars market is projected to reach US$2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 55.75%, resulting in a projected market volume of US$17bn by 2029.
Luxury Cars market unit sales are expected to reach 16.2k vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$0m.
From an international perspective it is shown that the most revenue will be generated in the United States (US$7,024m in 2024).

Key regions: United States, Worldwide, United Kingdom, Europe, Germany

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Analyst Opinion

The Luxury Cars market in Argentina has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Luxury Cars market in Argentina have been shifting towards more luxurious and high-end vehicles.

Consumers are increasingly seeking vehicles that offer not only high performance and advanced technology, but also luxury features and a prestigious brand image. This trend can be attributed to the growing affluence of the middle class in Argentina, as well as the desire for status and social recognition among consumers. Additionally, there is a growing emphasis on sustainability and environmental consciousness, with an increasing demand for luxury electric and hybrid vehicles.

Trends in the Luxury Cars market in Argentina reflect global and regional market developments. One of the key trends is the rise of SUVs and crossovers in the luxury segment. These vehicles offer a combination of luxury, practicality, and versatility, making them popular among consumers in Argentina.

Another trend is the integration of advanced technology and connectivity features in luxury vehicles. This includes features such as touchscreens, voice recognition, and smartphone integration, which enhance the overall driving experience and convenience for consumers. Local special circumstances also play a role in the development of the Luxury Cars market in Argentina.

The country's import restrictions and high taxes on luxury vehicles have led to an increase in local production and assembly of luxury cars. This has attracted foreign automakers to establish manufacturing plants in Argentina, contributing to the growth of the luxury car market. Additionally, the availability of financing options and flexible payment plans has made luxury cars more affordable and accessible to a wider range of consumers.

Underlying macroeconomic factors have also influenced the development of the Luxury Cars market in Argentina. Economic stability and growth have contributed to the increasing purchasing power of consumers, allowing them to afford luxury vehicles. Additionally, favorable interest rates and government incentives for the automotive industry have stimulated demand for luxury cars.

However, fluctuations in the exchange rate and inflation can impact the affordability and pricing of luxury vehicles, affecting consumer demand. In conclusion, the Luxury Cars market in Argentina is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. With a focus on luxury, performance, and advanced technology, the market is expected to continue expanding in the coming years.

Methodology

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).