Luxury Cars - Southern Europe

Southern Europe

The Southern European Luxury Cars market is expected to achieve a revenue of US$1,121m by 2024.
With an annual growth rate (CAGR 2024-2028) of 0.33%, the market is projected to reach a volume of US$1,136m by 2028.
The unit sales of Luxury Cars market in this market segment are anticipated to reach 4,646.0vehicles by 2028.
The volume weighted average price of Luxury Cars market in Southern Europe is estimated to be US$237k in 2024.
In terms of revenue, United States is projected to generate the most revenue in the Luxury Cars market, amounting to US$6,654m in 2024.
Southern European consumers are increasingly opting for high-end luxury cars, such as Italian sports cars or Spanish luxury sedans, as a symbol of status and prestige in their respective countries.

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

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Analyst Opinion

The Luxury Cars market in Southern Europe has been experiencing significant growth in recent years. Customer preferences in the Luxury Cars market in Southern Europe have been shifting towards more environmentally friendly and fuel-efficient vehicles.

This is in line with global trends, as consumers become more conscious of the impact of their choices on the environment. Luxury car manufacturers have responded to this demand by introducing hybrid and electric models, which have gained popularity in the region. Another customer preference that has emerged in the Luxury Cars market in Southern Europe is a focus on advanced technology and connectivity features.

Consumers in this region are increasingly looking for cars that offer the latest in-car entertainment systems, navigation tools, and smartphone integration. Luxury car manufacturers have recognized this trend and have been incorporating these features into their vehicles to meet the demands of the market. In terms of trends in the market, Southern European countries have seen a rise in the popularity of SUVs and crossovers.

These larger vehicles offer more space and versatility, which appeals to consumers in this region who often have larger families or enjoy outdoor activities. Luxury car manufacturers have responded to this trend by expanding their SUV and crossover offerings, providing a wider range of options for consumers. Local special circumstances in Southern Europe also play a role in the development of the Luxury Cars market.

The region has a strong cultural affinity for luxury and high-end brands, which has contributed to the growth of the market. Additionally, Southern European countries have a favorable climate for convertible cars, which are popular choices among consumers in this region. Underlying macroeconomic factors have also contributed to the growth of the Luxury Cars market in Southern Europe.

Economic recovery in the region has led to an increase in disposable income, allowing consumers to indulge in luxury purchases such as high-end cars. Furthermore, low interest rates and favorable financing options have made luxury cars more affordable and accessible to a wider range of consumers. In conclusion, the Luxury Cars market in Southern Europe is developing in response to customer preferences for environmentally friendly and technologically advanced vehicles.

The rise in popularity of SUVs and crossovers, as well as the region's cultural affinity for luxury brands, have also contributed to the growth of the market. Favorable macroeconomic factors, such as economic recovery and low interest rates, have made luxury cars more affordable and accessible to consumers in the region.

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).