Luxury Cars - Sweden

Sweden

Highlights

Revenue in the Luxury Cars market is projected to reach US$60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.20%, resulting in a projected market volume of US$70m by 2029.
Luxury Cars market unit sales are expected to reach 530.0vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$129k.
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 Sweden has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Luxury Cars market in Sweden have shifted towards more environmentally friendly and sustainable options.

Swedish consumers are increasingly concerned about the impact of their purchasing decisions on the environment and are opting for luxury cars that offer hybrid or electric options. This shift in preferences is in line with global trends, where there is a growing demand for eco-friendly vehicles. Additionally, Swedish consumers also value safety features and advanced technology in their luxury cars, which has led to an increased demand for vehicles with cutting-edge safety systems and connectivity options.

Trends in the Luxury Cars market in Sweden are also influenced by global and regional market trends. One such trend is the rise of luxury SUVs. SUVs have become increasingly popular worldwide, and Sweden is no exception.

The versatility, spaciousness, and perceived safety of SUVs have made them a preferred choice among Swedish consumers. Another trend is the growing demand for luxury electric vehicles. As the infrastructure for electric vehicles continues to improve and the range of electric models expands, more Swedish consumers are considering electric luxury cars as a viable option.

Local special circumstances, such as government incentives and regulations, also play a role in shaping the Luxury Cars market in Sweden. The Swedish government has implemented measures to promote the adoption of electric vehicles, including tax incentives and subsidies. These incentives have made electric luxury cars more affordable and attractive to Swedish consumers.

Additionally, the country's well-developed charging infrastructure further supports the growth of the luxury electric vehicle market. Underlying macroeconomic factors, such as the overall economic growth and disposable income levels, also contribute to the development of the Luxury Cars market in Sweden. As the Swedish economy continues to grow, consumers have more purchasing power, allowing them to consider luxury cars as an option.

The stable economic conditions in the country also provide a favorable environment for luxury car manufacturers to expand their operations and invest in the Swedish market. In conclusion, the Luxury Cars market in Sweden is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards environmentally friendly options, the popularity of luxury SUVs, government incentives for electric vehicles, and the overall economic growth in Sweden are all contributing to the development of the market.

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).