Luxury Cars - Croatia

Croatia

Highlights

Revenue in the Luxury Cars market is projected to reach US$5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.76%, resulting in a projected market volume of US$6m by 2029.
Luxury Cars market unit sales are expected to reach 46.0vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$120k.
From an international perspective it is shown that the most revenue will be generated United States (US$7bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Luxury Cars market in Croatia has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in the Luxury Cars market in Croatia have been shifting towards more environmentally friendly and fuel-efficient vehicles.

This is in line with global trends, as consumers become more conscious of their carbon footprint and seek sustainable transportation options. Luxury car manufacturers have responded to this demand by introducing hybrid and electric models, which have gained popularity among Croatian consumers. Additionally, there is a growing preference for luxury SUVs and crossover vehicles, as they offer a combination of style, comfort, and practicality.

Trends in the Luxury Cars market in Croatia reflect broader global trends in the industry. One notable trend is the increasing use of advanced technology and connectivity features in luxury vehicles. Croatian consumers are increasingly looking for cars that offer seamless integration with their smartphones and other devices, as well as advanced safety features such as lane departure warning and adaptive cruise control.

Luxury car manufacturers have been quick to incorporate these features into their vehicles to cater to the evolving needs of the market. Local special circumstances also play a role in the development of the Luxury Cars market in Croatia. The country's tourism industry is a significant driver of luxury car sales, as affluent tourists often opt to rent or purchase high-end vehicles during their stay.

Croatia's stunning coastal scenery and picturesque landscapes make it an attractive destination for luxury car enthusiasts, further fueling demand in the market. Additionally, the country's improving infrastructure, including the expansion of highways and road networks, has made luxury car ownership more feasible and appealing to Croatian consumers. Underlying macroeconomic factors have also contributed to the growth of the Luxury Cars market in Croatia.

The country's economy has been steadily recovering from the global financial crisis, leading to increased disposable income and consumer spending. This has allowed more individuals to afford luxury cars and has created a favorable environment for luxury car manufacturers to expand their presence in the market. Furthermore, low interest rates and favorable financing options have made luxury car ownership more accessible to a wider range of consumers.

In conclusion, the Luxury Cars market in Croatia is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Luxury car manufacturers have responded to these developments by introducing more environmentally friendly and technologically advanced vehicles, catering to the evolving needs of Croatian consumers. With the country's growing tourism industry and improving infrastructure, the Luxury Cars market in Croatia is expected to continue its upward trajectory in the coming years.

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).