Mini Cars - Croatia

Croatia

Revenue in the Mini Cars market is projected to reach US$52m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.84%, resulting in a projected market volume of US$55m by 2029.
Mini Cars market unit sales are expected to reach 3,825.0vehicles in 2029.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to US$14k.
From an international perspective it is shown that the most revenue will be generated in China (US$6,981m in 2024).

Key regions: Worldwide, China, India, United Kingdom, Germany

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Analyst Opinion

The Mini Cars market in Croatia is experiencing significant growth and development.

Customer preferences: In Croatia, customers have shown a strong preference for Mini Cars due to their compact size, fuel efficiency, and affordability. Mini Cars are particularly popular in urban areas where parking spaces are limited and fuel prices are relatively high. Additionally, the younger generation in Croatia is increasingly opting for Mini Cars as they are seen as trendy and fashionable vehicles.

Trends in the market: One of the key trends in the Mini Cars market in Croatia is the increasing demand for electric and hybrid models. As environmental concerns grow, more customers are looking for greener alternatives to traditional gasoline-powered vehicles. The availability of electric and hybrid Mini Cars in the market has expanded, and this trend is expected to continue as the infrastructure for electric vehicles improves and prices become more competitive. Another trend in the market is the rise of car-sharing and ride-hailing services. These services have gained popularity in Croatia, especially in urban areas, as they provide a convenient and cost-effective alternative to car ownership. Mini Cars are well-suited for these services due to their small size and low operating costs. This trend is expected to drive the demand for Mini Cars in the country.

Local special circumstances: Croatia's tourism industry plays a significant role in the Mini Cars market. The country attracts a large number of tourists, especially during the summer months, and many visitors prefer to rent Mini Cars for their transportation needs. This creates a steady demand for Mini Cars from rental companies and contributes to the overall growth of the market.

Underlying macroeconomic factors: The overall economic growth in Croatia has had a positive impact on the Mini Cars market. As the economy expands, disposable incomes rise, enabling more people to afford Mini Cars. Additionally, favorable financing options and government incentives for purchasing eco-friendly vehicles have also contributed to the growth of the market. In conclusion, the Mini Cars market in Croatia is experiencing growth and development driven by customer preferences for compact and affordable vehicles, the increasing demand for electric and hybrid models, the rise of car-sharing and ride-hailing services, the influence of the tourism industry, and the overall economic growth in the country. These factors are expected to continue shaping the market in the coming years.

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).