Luxury Cars - Romania

Romania

Revenue in the Luxury Cars market is projected to reach US$32m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.60%, resulting in a projected market volume of US$37m by 2029.
Luxury Cars market unit sales are expected to reach 289.0vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$126k.
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 Romania has been experiencing steady growth in recent years, driven by changing customer preferences and favorable local circumstances.

Customer preferences: Romanian consumers are increasingly drawn to luxury cars due to their superior quality, advanced features, and prestigious image. Luxury cars are seen as a symbol of success and social status, and owning one is often considered a mark of achievement. As the economy in Romania continues to grow, more individuals are able to afford luxury cars, leading to an increase in demand. Additionally, the younger generation is showing a growing interest in luxury cars, further driving the market.

Trends in the market: One of the key trends in the luxury car market in Romania is the shift towards electric and hybrid vehicles. With increasing concerns about the environment and the need for sustainable transportation, luxury car manufacturers are introducing more electric and hybrid models to cater to this demand. This trend is also influenced by government initiatives to promote electric vehicles through incentives and subsidies. Another trend in the market is the rise of luxury SUVs. SUVs are becoming increasingly popular among Romanian consumers due to their versatility, spaciousness, and off-road capabilities. Luxury SUVs offer a combination of luxury and practicality, making them an attractive choice for both urban and rural consumers.

Local special circumstances: Romania's growing economy and rising disposable incomes have played a significant role in the development of the luxury car market. As more individuals have the financial means to afford luxury cars, the market has expanded. Furthermore, the country's infrastructure has improved in recent years, making it more conducive for luxury car owners to enjoy their vehicles.

Underlying macroeconomic factors: The Romanian economy has been experiencing steady growth, which has positively impacted the luxury car market. As the economy grows, more individuals have the financial means to purchase luxury cars. Additionally, low interest rates and favorable financing options have made luxury cars more accessible to a wider range of consumers. In conclusion, the Luxury Cars market in Romania is growing due to changing customer preferences, such as the demand for electric and hybrid vehicles and luxury SUVs. The country's growing economy, rising disposable incomes, and improved infrastructure have also contributed to the market's development. As these trends continue and the economy further strengthens, the luxury car market in Romania is expected to continue its growth trajectory.

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).