Passenger Cars - New Zealand

New Zealand

Revenue in the Passenger Cars market is projected to reach US$2,787.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.68%, resulting in a projected market volume of US$2,883.0m by 2029.
The market's largest segment is SUVs with a projected market volume of US$1,097.0m in 2024.
Passenger Cars market unit sales are expected to reach 106.80k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$26.80k in 2024.
With a vehicle unit sales share of 22.8% in 2024, Toyota is expected to have one of the highest market share in the selected region.
The value market share of the make Toyota in the selected region is expected to stand at 24.6% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (US$605bn in 2024).

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

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Analyst Opinion

The Passenger Cars market in New Zealand is experiencing steady growth, driven by customer preferences for fuel-efficient vehicles, technological advancements, and the country's unique geographical and cultural factors.

Customer preferences: In New Zealand, customers have shown a strong preference for fuel-efficient vehicles. This can be attributed to the country's high fuel prices and the increasing awareness of environmental issues. As a result, there has been a growing demand for hybrid and electric vehicles in the market. Customers are also looking for cars that offer advanced safety features, such as autonomous emergency braking and lane departure warning systems.

Trends in the market: One of the prominent trends in the Passenger Cars market in New Zealand is the increasing adoption of electric vehicles. The government has implemented policies and incentives to encourage the purchase of electric vehicles, including subsidies and exemptions from road user charges. This has led to a significant increase in the sales of electric vehicles in recent years. Another trend in the market is the integration of advanced technology in passenger cars. New Zealand has a well-developed telecommunications infrastructure, and customers are increasingly looking for cars that offer connectivity features, such as Bluetooth, Wi-Fi, and smartphone integration. Car manufacturers are responding to this trend by incorporating these features into their vehicles.

Local special circumstances: New Zealand's unique geographical and cultural factors also influence the Passenger Cars market. The country has a diverse landscape, with both urban and rural areas. This has led to a demand for different types of vehicles. In urban areas, customers prefer compact cars that are easy to maneuver and park, while in rural areas, customers require larger vehicles with off-road capabilities. Additionally, New Zealand has a strong outdoor culture, with activities such as camping, hiking, and skiing being popular among residents. This has created a demand for cars that are suitable for outdoor adventures, such as SUVs and 4x4 vehicles. Car manufacturers have recognized this demand and are offering a wide range of SUV models in the market.

Underlying macroeconomic factors: The growth of the Passenger Cars market in New Zealand is also influenced by underlying macroeconomic factors. The country has experienced a stable economy with low inflation and low unemployment rates. This has led to increased consumer confidence and disposable income, allowing customers to afford new cars. Furthermore, New Zealand has a well-developed automotive industry, with a number of local car manufacturers and dealerships. This creates a competitive market, with a wide range of vehicle options available to customers. The presence of local manufacturers also contributes to the growth of the market by providing employment opportunities and supporting the local economy. In conclusion, the Passenger Cars market in New Zealand is growing due to customer preferences for fuel-efficient vehicles, technological advancements, and the country's unique geographical and cultural factors. The increasing adoption of electric vehicles and the integration of advanced technology in cars are prominent trends in the market. New Zealand's diverse landscape and strong outdoor culture also influence customer preferences for different types of vehicles. The stable macroeconomic conditions and the presence of a well-developed automotive industry further contribute to the growth of the market.

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).