Medium Cars - Croatia

Croatia

Highlights

Revenue in the Medium Cars market is projected to reach US$237m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.35%, resulting in a projected market volume of US$241m by 2029.
Medium Cars market unit sales are expected to reach 10.5k vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$23k.
From an international perspective it is shown that the most revenue will be generated China (US$89bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Medium Cars market in Croatia has been experiencing steady growth over the past few years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this positive development.

Customer preferences in the Medium Cars market in Croatia have been shifting towards more fuel-efficient and environmentally friendly vehicles. With rising awareness about climate change and the need to reduce carbon emissions, customers are increasingly opting for hybrid and electric cars. This change in preference is also driven by the availability of government incentives and subsidies for purchasing eco-friendly vehicles.

Additionally, customers are looking for cars with advanced safety features and technological innovations, such as autonomous driving capabilities and connectivity options. Trends in the Medium Cars market in Croatia reflect the global trend of increasing demand for SUVs and crossover vehicles. These vehicles offer a combination of spaciousness, comfort, and versatility, which are highly valued by customers.

The popularity of SUVs is also driven by their perceived safety and higher driving position. As a result, many car manufacturers have been expanding their SUV and crossover offerings in the Croatian market to meet this growing demand. Local special circumstances in Croatia have also played a role in shaping the Medium Cars market.

The country's geographical landscape, with its diverse terrain and coastal regions, has led to a higher demand for cars with off-road capabilities and good handling on uneven surfaces. This has further fueled the popularity of SUVs and crossover vehicles among Croatian customers. Additionally, the country's tourism industry has contributed to the demand for medium-sized cars, as rental companies often offer these vehicles to tourists who want to explore the country's scenic landscapes.

Underlying macroeconomic factors have also influenced the development of the Medium Cars market in Croatia. The country's improving economy and rising disposable incomes have led to an increase in car ownership and demand for medium-sized cars. As more people are able to afford cars, the market has expanded.

Furthermore, favorable financing options and low interest rates have made it easier for customers to purchase medium-sized cars, thus driving market growth. In conclusion, the Medium Cars market in Croatia is growing due to shifting customer preferences towards fuel-efficient and technologically advanced vehicles, the global trend of SUV and crossover popularity, local special circumstances such as diverse terrain and tourism, and underlying macroeconomic factors including a growing economy and rising disposable incomes. These factors have created a favorable environment for the development and expansion of the Medium Cars market in Croatia.

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).