Passenger Cars - Portugal | Statista Market Forecast

Revenue in the Passenger Cars market is projected to reach US$6.2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.60%, resulting in a projected market volume of US$6.7bn by 2029.
The market's largest segment is SUVs with a projected market volume of US$1.8bn in 2024.
Passenger Cars market unit sales are expected to reach 218.70k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$29.90k in 2024.
With a vehicle unit sales share of 12.2% in 2024, Peugeot is expected to have one of the highest market share in the selected region.
The value market share of the make BMW in the selected region is expected to stand at 13.3% 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 Portugal has witnessed significant growth in recent years, driven by changing customer preferences and favorable market conditions. Customer preferences have shifted towards more fuel-efficient and environmentally friendly vehicles, leading to an increased demand for electric and hybrid cars. Additionally, the availability of government incentives and subsidies for electric vehicles has further fueled the growth of this segment.

Customer preferences: In line with global trends, Portuguese customers are increasingly prioritizing fuel efficiency and environmental sustainability when purchasing cars. This has led to a growing demand for electric and hybrid vehicles, which offer lower emissions and reduced fuel consumption compared to traditional gasoline or diesel cars. The government's push towards a greener and more sustainable transportation system has also contributed to the popularity of electric vehicles among customers.

Trends in the market: The Passenger Cars market in Portugal has witnessed a surge in the sales of electric and hybrid vehicles. This can be attributed to several factors, including the expanding charging infrastructure, improved battery technology, and the availability of government incentives. Customers are now more willing to invest in electric vehicles, as they offer long-term cost savings and contribute to a cleaner environment. Moreover, the growing awareness of climate change and the need for sustainable transportation has also influenced customer preferences.

Local special circumstances: Portugal has made significant investments in developing its charging infrastructure, with a focus on increasing the number of public charging stations across the country. This has addressed one of the key concerns of potential electric vehicle buyers – range anxiety. The availability of a robust charging network has instilled confidence in customers, making electric vehicles a viable option for everyday use. Furthermore, the government has implemented tax incentives and subsidies to encourage the adoption of electric vehicles, making them more affordable for the average consumer.

Underlying macroeconomic factors: The growth of the Passenger Cars market in Portugal can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has allowed customers to consider more expensive options, such as electric and hybrid vehicles, which were previously seen as luxury purchases. Additionally, low interest rates and easy access to financing have made it more affordable for customers to purchase new cars, further driving market growth. In conclusion, the Passenger Cars market in Portugal has experienced significant growth due to changing customer preferences, favorable market conditions, and government incentives. The increasing demand for fuel-efficient and environmentally friendly vehicles, coupled with the availability of a robust charging infrastructure and financial incentives, has propelled the growth of electric and hybrid cars in the country. With the government's continued focus on sustainability and the ongoing advancements in battery technology, the market is expected to continue its upward trajectory in the coming years.

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. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.