Medium Cars - Europe

Europe

Highlights

Revenue in the Medium Cars market is projected to reach US$66bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.63%, resulting in a projected market volume of US$64bn by 2029.
Medium Cars market unit sales are expected to reach 2.6m vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$25k.
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 Europe has been experiencing significant growth in recent years. Customer preferences in the Medium Cars market in Europe have been shifting towards more fuel-efficient and environmentally friendly vehicles.

This trend is driven by increasing awareness of the environmental impact of traditional gasoline-powered cars and the desire to reduce carbon emissions. Customers are also looking for cars with advanced safety features and technology, such as autonomous driving capabilities and connectivity options. Additionally, there is a growing demand for spacious and comfortable vehicles that can accommodate families and provide a smooth and comfortable ride.

Trends in the market indicate that European customers are increasingly opting for electric and hybrid vehicles in the Medium Cars segment. This is partly due to government incentives and regulations promoting the adoption of electric vehicles, as well as improvements in battery technology and charging infrastructure. The popularity of electric and hybrid cars is expected to continue growing as manufacturers introduce more models with longer driving ranges and faster charging times.

Another trend in the Medium Cars market in Europe is the rise of online car sales. Customers are increasingly using online platforms to research, compare, and purchase cars. This trend is driven by the convenience and transparency of online shopping, as well as the availability of detailed information and customer reviews.

As a result, traditional car dealerships are adapting their business models to include online sales channels and provide a seamless online-to-offline customer experience. Local special circumstances in the European market play a significant role in shaping the Medium Cars market. Each country in Europe has its own unique set of regulations, incentives, and infrastructure for electric and hybrid vehicles.

Some countries have more developed charging networks and offer generous subsidies for electric vehicle purchases, while others have limited infrastructure and higher taxes on electric vehicles. These local factors influence customer preferences and the availability of electric and hybrid models in different markets. Underlying macroeconomic factors also impact the Medium Cars market in Europe.

Economic growth, consumer confidence, and disposable income levels influence customer purchasing power and willingness to invest in a new car. In addition, government policies and regulations, such as emission standards and taxation, can shape the market dynamics and drive the adoption of certain types of vehicles. Economic stability and favorable government policies are therefore important factors for the growth of the Medium Cars market in Europe.

Overall, the Medium Cars market in Europe is experiencing growth driven by customer preferences for fuel-efficient and technologically advanced vehicles. The increasing popularity of electric and hybrid cars, the rise of online car sales, local special circumstances, and underlying macroeconomic factors all contribute 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).