Medium Cars - Sweden

Sweden

Revenue in the Medium Cars market is projected to reach US$1,243m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.30%, resulting in a projected market volume of US$1,326m by 2029.
Medium Cars market unit sales are expected to reach 54.0k 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 in China (US$89,320m in 2024).

Key regions: India, United States, Germany, China, Europe

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Analyst Opinion

The Medium Cars market in Sweden has been experiencing significant growth in recent years. Customer preferences in the Medium Cars market in Sweden have been shifting towards more fuel-efficient and environmentally friendly vehicles.

Swedish consumers are increasingly concerned about the impact of their carbon footprint and are opting for cars that have lower emissions. This trend is in line with the global push towards sustainable transportation solutions. One of the key trends in the Medium Cars market in Sweden is the growing popularity of electric vehicles (EVs).

The Swedish government has been actively promoting the adoption of EVs through various incentives and subsidies. This has led to an increase in the number of EV models available in the market and has made them more affordable for consumers. As a result, the demand for EVs has been steadily rising in Sweden.

Another trend in the Medium Cars market in Sweden is the increasing demand for hybrid vehicles. Hybrid cars offer the benefits of both traditional internal combustion engines and electric motors, providing improved fuel efficiency and reduced emissions. Swedish consumers are attracted to the versatility and eco-friendliness of hybrid cars, making them a popular choice in the market.

Local special circumstances also play a role in the development of the Medium Cars market in Sweden. The country has a well-developed charging infrastructure for electric vehicles, with a large number of charging stations available across the country. This has helped to alleviate concerns about range anxiety and has made EVs a more viable option for Swedish consumers.

Additionally, the Swedish government has set ambitious targets for reducing greenhouse gas emissions, which has further incentivized the adoption of electric and hybrid vehicles. Underlying macroeconomic factors have also contributed to the growth of the Medium Cars market in Sweden. The Swedish economy has been performing well in recent years, with stable economic growth and low unemployment rates.

This has increased consumer confidence and purchasing power, leading to higher demand for medium-sized cars. Additionally, low interest rates and favorable financing options have made it easier for consumers to afford medium-sized cars, further driving market growth. In conclusion, the Medium Cars market in Sweden is experiencing growth due to shifting customer preferences towards fuel-efficient and environmentally friendly vehicles, the increasing popularity of electric and hybrid cars, local special circumstances such as a well-developed charging infrastructure, and favorable macroeconomic factors.

Methodology

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).