Luxury Cars - Finland

Finland

Highlights

Revenue in the Luxury Cars market is projected to reach US$11m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.71%, resulting in a projected market volume of US$12m by 2029.
Luxury Cars market unit sales are expected to reach 103.0vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$116k.
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

Luxury cars have always been a symbol of status and prestige, and the market for these high-end vehicles in Finland is no exception. With its affluent population and strong economy, Finland has seen a steady growth in the luxury cars market in recent years.

Customer preferences: In Finland, customers have a strong preference for luxury cars that offer a combination of style, performance, and advanced technology. They are particularly drawn to brands that are known for their craftsmanship and attention to detail. Finnish consumers also value safety features, as the country experiences long, harsh winters and challenging road conditions. As a result, luxury SUVs and all-wheel drive vehicles are particularly popular in Finland.

Trends in the market: One of the key trends in the luxury cars market in Finland is the increasing demand for electric and hybrid vehicles. As the country aims to reduce its carbon footprint and promote sustainable transportation, more and more Finnish consumers are opting for luxury cars that are environmentally friendly. This trend is in line with the global shift towards electric and hybrid vehicles, as consumers become more conscious of their impact on the environment. Another trend in the market is the rising popularity of luxury SUVs. These vehicles offer a combination of comfort, performance, and versatility, making them a preferred choice for Finnish consumers. The SUV segment has seen significant growth in recent years, with luxury brands introducing new and innovative models to cater to this demand.

Local special circumstances: Finland's unique geography and climate also play a role in shaping the luxury cars market. The country experiences long, cold winters with heavy snowfall, which can make driving conditions challenging. As a result, Finnish consumers prioritize safety features such as all-wheel drive and advanced traction control systems. Luxury car brands that offer these features have a competitive advantage in the Finnish market.

Underlying macroeconomic factors: Finland's strong economy and high disposable income levels contribute to the growth of the luxury cars market. The country has a high standard of living and a well-developed welfare system, which allows consumers to afford luxury goods and vehicles. Additionally, Finland has a stable political environment and a well-functioning infrastructure, making it an attractive market for luxury car manufacturers. In conclusion, the luxury cars market in Finland is driven by customer preferences for stylish, high-performance vehicles with advanced technology and safety features. The increasing demand for electric and hybrid vehicles, as well as luxury SUVs, reflects global trends towards sustainability and versatility. Finland's unique geography and climate also shape the market, with consumers prioritizing safety features. The country's strong economy and high disposable income levels contribute to the growth of the luxury cars market, making Finland an attractive market for luxury car manufacturers.

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).