Passenger Cars - Malta | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$187.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.46%, resulting in a projected market volume of US$222.5m by 2029.
The market's largest segment is SUVs with a projected market volume of US$95.3m in 2024.
Passenger Cars market unit sales are expected to reach 8.95k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$24.58k in 2024.
With a vehicle unit sales share of 19.5% in 2024, Toyota is expected to have one of the highest market share in the selected region.
The value market share of the make Toyota in the selected region is expected to stand at 17.7% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in Malta is experiencing steady growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in Malta are increasingly looking for fuel-efficient and environmentally-friendly cars. This shift in preference can be attributed to rising concerns about climate change and the need to reduce carbon emissions. As a result, there is a growing demand for hybrid and electric cars, which offer lower fuel consumption and reduced environmental impact. Additionally, customers in Malta also value compact and city-friendly cars that are easy to maneuver in the narrow streets and limited parking spaces.

Trends in the market: One of the major trends in the Passenger Cars market in Malta is the increasing popularity of SUVs. SUVs offer a combination of spaciousness, comfort, and versatility, making them a preferred choice for families and individuals who value practicality. The demand for SUVs is driven by the need for more storage space and better off-road capabilities. Another trend in the market is the integration of advanced technology features in cars. Customers in Malta are increasingly looking for cars with features such as touchscreen infotainment systems, smartphone connectivity, and advanced safety features.

Local special circumstances: The limited size of Malta and its dense population create unique circumstances in the Passenger Cars market. Due to the limited space and high population density, customers in Malta prefer smaller and more compact cars that are easier to park and navigate through narrow streets. Additionally, the high cost of living in Malta also influences customer preferences. Customers are often looking for cars that offer good value for money in terms of fuel efficiency, maintenance costs, and overall reliability.

Underlying macroeconomic factors: The growth of the Passenger Cars market in Malta is also influenced by underlying macroeconomic factors. The steady economic growth and increasing disposable income in Malta have led to a higher demand for cars. As people have more purchasing power, they are more likely to invest in a car for personal use. Additionally, the government policies and incentives promoting the use of electric and hybrid cars have also contributed to the growth of the market. These policies include tax benefits, subsidies, and the development of charging infrastructure. In conclusion, the Passenger Cars market in Malta is driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for fuel-efficient and environmentally-friendly cars, the popularity of SUVs, the integration of advanced technology features, and the preference for smaller and more compact cars are shaping the market. The steady economic growth, increasing disposable income, and government policies promoting electric and hybrid cars are also contributing to the growth 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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.