Luxury Cars - Switzerland

Switzerland

Highlights

Revenue in the Luxury Cars market is projected to reach US$131m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.00%, resulting in a projected market volume of US$138m by 2029.
Luxury Cars market unit sales are expected to reach 949.0vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to US$140k.
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 Switzerland has been experiencing steady growth in recent years. Customer preferences in the Luxury Cars market in Switzerland are largely influenced by the country's high standard of living and strong economy.

Swiss consumers value quality, craftsmanship, and luxury, and are willing to pay a premium for high-end vehicles. They are attracted to luxury cars that offer advanced technology, comfort, and safety features. Additionally, Swiss consumers have a preference for environmentally friendly vehicles, which has led to an increased demand for luxury electric and hybrid cars.

One of the key trends in the Luxury Cars market in Switzerland is the rising popularity of SUVs. SUVs offer a combination of luxury, practicality, and versatility, making them a popular choice among Swiss consumers. The demand for SUVs has been driven by factors such as the need for spacious and comfortable vehicles, as well as the desire for a higher driving position and better visibility on the road.

Another trend in the Luxury Cars market in Switzerland is the increasing demand for luxury electric and hybrid cars. Swiss consumers are environmentally conscious and are increasingly opting for vehicles that have lower emissions and are more fuel-efficient. The availability of a wide range of luxury electric and hybrid cars in the market has contributed to this trend.

Luxury car manufacturers have been investing in the development of electric and hybrid models to cater to this growing demand. Local special circumstances in Switzerland also play a role in the development of the Luxury Cars market. Switzerland is known for its strict regulations and high standards, which apply to all industries, including the automotive sector.

Luxury car manufacturers need to ensure that their vehicles meet these regulations and standards in order to be sold in the Swiss market. This can lead to higher costs for manufacturers, but it also ensures that Swiss consumers have access to high-quality and safe luxury cars. Underlying macroeconomic factors have also contributed to the growth of the Luxury Cars market in Switzerland.

The country has a strong economy and a high GDP per capita, which means that Swiss consumers have a higher disposable income and can afford luxury cars. Additionally, Switzerland has a stable political and economic environment, which provides a favorable business environment for luxury car manufacturers. In conclusion, the Luxury Cars market in Switzerland is experiencing growth due to customer preferences for quality and luxury, the rising popularity of SUVs, increasing demand for luxury electric and hybrid cars, local special circumstances such as strict regulations and high standards, and underlying macroeconomic factors such as a strong economy and high disposable income.

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).