Luxury Cars - New Zealand

New Zealand

Revenue in the Luxury Cars market is projected to reach US$25m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.87%, resulting in a projected market volume of US$27m by 2029.
Luxury Cars market unit sales are expected to reach 0.5k vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$55k.
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 New Zealand has been experiencing significant growth in recent years, driven by changing customer preferences and favorable local special circumstances.

Customer preferences: In New Zealand, there is a growing demand for luxury cars, with customers increasingly valuing style, performance, and advanced technology in their vehicles. Luxury car buyers in New Zealand are often looking for vehicles that provide a high level of comfort and luxury, as well as the latest safety features. They also appreciate the prestige and status that comes with owning a luxury car, making it a symbol of success and wealth.

Trends in the market: One of the notable trends in the luxury car market in New Zealand is the increasing popularity of SUVs. SUVs offer a combination of luxury, versatility, and practicality, making them a preferred choice for many customers. This trend is in line with the global market, where SUVs have been gaining popularity in recent years. Additionally, there is a growing interest in electric and hybrid luxury cars, as customers in New Zealand become more conscious of the environmental impact of their vehicles.

Local special circumstances: New Zealand's relatively small population and high average income levels contribute to the growth of the luxury car market. With a population of around 5 million people, the market is not as saturated as in larger countries, allowing luxury car brands to target a niche segment of affluent customers. Furthermore, the strong economy and stable political environment in New Zealand create a favorable environment for luxury car sales.

Underlying macroeconomic factors: The growth in the luxury car market in New Zealand is also supported by favorable macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to increased disposable income and consumer confidence. Additionally, low interest rates and easy access to financing options have made luxury cars more affordable for potential buyers. These factors have contributed to the overall positive outlook for the luxury car market in New Zealand. In conclusion, the Luxury Cars market in New Zealand is experiencing growth due to changing customer preferences, such as the increasing popularity of SUVs and the demand for electric and hybrid vehicles. The local special circumstances, including a relatively small population and high average income levels, contribute to the growth of the market. Favorable macroeconomic factors, such as steady economic growth and low interest rates, also support the expansion of the luxury car market in New Zealand.

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).