Passenger Cars - Montenegro | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$40.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.14%, resulting in a projected market volume of US$37.7m by 2029.
The market's largest segment is SUVs with a projected market volume of US$17.9m in 2024.
Passenger Cars market unit sales are expected to reach 1.07k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$35.68k in 2024.
With a vehicle unit sales share of 39.6% in 2024, Ford is expected to have one of the highest market share in the selected region.
The value market share of the make Lexus in the selected region is expected to stand at 37.0% in 2024.
From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

Newly Sold Passenger cars
Sports cars
SUVs
MPVs

Motorcycles, Buses and Trucks
Commercial Vans (included for the U.S. market only)
Pickup trucks (included for the U.S. market only)

The Passenger Cars market in Montenegro has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Montenegrin Passenger Cars market have shifted towards more fuel-efficient and environmentally friendly vehicles.

This trend is in line with global market preferences, as consumers become more conscious of the impact of their choices on the environment. Additionally, there is a growing demand for technologically advanced features in cars, such as connectivity and safety features. These preferences are driving the development and adoption of electric and hybrid vehicles in the country.

Trends in the Montenegrin Passenger Cars market are also influenced by global trends. One such trend is the increasing popularity of SUVs and crossovers. These vehicles offer a combination of spaciousness, versatility, and a higher driving position, which appeals to many consumers.

This trend is driven by a desire for more practical and comfortable vehicles, as well as a shift away from traditional sedans. Another trend is the rise of car-sharing and ride-hailing services, which are gaining popularity in urban areas. This trend is driven by changing mobility preferences, as consumers seek more flexible and cost-effective transportation options.

Local special circumstances in Montenegro also play a role in shaping the Passenger Cars market. Montenegro is a popular tourist destination, attracting visitors from around the world. This has led to an increased demand for rental cars, particularly during the peak tourist season.

Additionally, Montenegro has a relatively small population and limited road infrastructure, which can influence the types of vehicles preferred by consumers. Compact and maneuverable cars are often favored in urban areas with narrow streets, while larger vehicles may be preferred in rural areas with more rugged terrain. Underlying macroeconomic factors also contribute to the development of the Passenger Cars market in Montenegro.

Economic growth and rising disposable incomes have increased consumer purchasing power, allowing more individuals to afford cars. Additionally, favorable financing options and low interest rates have made car ownership more accessible to a wider population. However, it is important to note that the Montenegrin economy is still developing, and factors such as inflation and exchange rates can impact consumer spending and the overall demand for cars.

In conclusion, the Passenger Cars market in Montenegro is driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards fuel-efficient and technologically advanced vehicles, the popularity of SUVs and crossovers, the rise of car-sharing and ride-hailing services, the demand for rental cars, and the influence of economic factors all contribute to the development of the market in Montenegro.

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).

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. The high global inflation rate and consumer worries about inflation have led to fluctuating car purchasing intentions in many markets.