Medium Cars - Finland

Finland

Highlights

Revenue in the Medium Cars market is projected to reach US$533m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.37%, resulting in a projected market volume of US$571m by 2029.
Medium Cars market unit sales are expected to reach 23.9k 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 Finland is experiencing significant growth and development.

Customer preferences: In Finland, customers have shown a strong preference for medium-sized cars due to their versatility and practicality. Medium cars offer a balance between size and fuel efficiency, making them suitable for both urban and rural environments. Additionally, Finnish consumers value safety features, and medium cars often come equipped with advanced safety technologies.

Trends in the market: One of the key trends in the Medium Cars market in Finland is the increasing demand for electric and hybrid vehicles. As the country aims to reduce its carbon footprint and promote sustainable transportation, more consumers are opting for eco-friendly options. This trend is further supported by government incentives and subsidies for electric and hybrid vehicles. Another trend in the market is the growing popularity of crossover SUVs in the medium car segment. These vehicles combine the practicality of a traditional sedan with the higher driving position and versatility of an SUV. Finnish consumers appreciate the spaciousness and ruggedness of crossover SUVs, especially in the winter months when road conditions can be challenging.

Local special circumstances: Finland's climate and geography play a significant role in shaping the Medium Cars market. The country experiences long and harsh winters, with snow and ice-covered roads being a common occurrence. As a result, Finnish consumers prioritize cars with good traction control and all-wheel drive capabilities. This has led to an increased demand for medium cars that are equipped to handle the challenging winter conditions.

Underlying macroeconomic factors: The strong economy in Finland has contributed to the growth of the Medium Cars market. With a high standard of living and disposable income, consumers have the financial means to invest in medium-sized cars. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase new vehicles. In conclusion, the Medium Cars market in Finland is experiencing growth and development due to customer preferences for versatile and practical vehicles, the increasing demand for electric and hybrid cars, the popularity of crossover SUVs, the special circumstances of Finland's climate and geography, and the underlying macroeconomic factors such as a strong economy and favorable financing options.

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).