Medium Cars - NAFTA

NAFTA

Highlights

Revenue in the Medium Cars market is projected to reach US$54bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.91%, resulting in a projected market volume of US$52bn by 2029.
Medium Cars market unit sales are expected to reach 2.2m vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$24k.
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 NAFTA has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences: In the NAFTA region, customers have shown a strong preference for medium-sized cars. These vehicles offer a balance between fuel efficiency, comfort, and affordability, making them a popular choice among consumers. Additionally, medium cars often come with advanced safety features and technology, which further enhances their appeal to customers.

Trends in the market: One of the key trends in the Medium Cars market in NAFTA is the increasing demand for electric and hybrid vehicles. As environmental concerns grow and governments implement stricter emission regulations, more customers are opting for eco-friendly options. This trend has led to the introduction of a wide range of electric and hybrid medium cars in the market, providing customers with more choices. Another trend in the market is the integration of advanced technology in medium cars. Features such as touchscreen infotainment systems, smartphone connectivity, and advanced driver assistance systems have become standard in many medium car models. Customers are increasingly looking for these technological advancements, and automakers are responding by incorporating them into their vehicles.

Local special circumstances: In the NAFTA region, there are specific local circumstances that have contributed to the growth of the Medium Cars market. For example, the availability of affordable financing options has made it easier for customers to purchase medium cars. This has increased the affordability of these vehicles and made them more accessible to a larger segment of the population. Additionally, the presence of a well-developed infrastructure, including a network of highways and fueling stations, has made owning and driving a medium car a convenient choice for customers in the NAFTA region. This ease of use has further fueled the demand for medium cars.

Underlying macroeconomic factors: The growth of the Medium Cars market in NAFTA can also be attributed to underlying macroeconomic factors. Overall economic growth in the region has led to an increase in disposable income, allowing more customers to afford medium cars. Additionally, low interest rates and favorable credit conditions have made it easier for customers to finance their purchases, further boosting sales in the market. In conclusion, the Medium Cars market in NAFTA has experienced significant growth due to customer preferences for medium-sized vehicles, the increasing demand for electric and hybrid cars, the integration of advanced technology, local special circumstances such as affordable financing options and a well-developed infrastructure, and underlying macroeconomic factors including economic growth and favorable credit conditions. These factors have all contributed to the development and expansion of the Medium Cars market in NAFTA.

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).