Small Cars - Australia & Oceania

Australia & Oceania

Highlights

Revenue in the Small Cars market is projected to reach US$2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.91%, resulting in a projected market volume of US$2bn by 2029.
Small Cars market unit sales are expected to reach 118.0k vehicles in 2029.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$16k.
From an international perspective it is shown that the most revenue will be generated China (US$13bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Small Cars market in Australia & Oceania has been experiencing significant growth in recent years. Customer preferences for smaller, more fuel-efficient vehicles have driven this trend, as consumers seek to reduce their environmental impact and save on fuel costs.

Additionally, local special circumstances, such as limited parking space in urban areas, have also contributed to the popularity of small cars in the region. Customer preferences in Australia & Oceania have shifted towards smaller cars due to several factors. Firstly, the rising awareness of environmental issues has led many consumers to prioritize fuel efficiency and lower emissions.

Small cars are generally more fuel-efficient and emit less CO2 compared to larger vehicles, making them an attractive option for environmentally-conscious buyers. Additionally, the compact size of small cars makes them easier to maneuver in congested city streets and park in tight spaces, which is particularly important in urban areas with limited parking availability. Trends in the Small Cars market in Australia & Oceania have also been influenced by local special circumstances.

In many urban areas, parking spaces are limited and expensive, making smaller cars more practical and cost-effective. Furthermore, the region's infrastructure, such as narrow roads and tight parking spaces, is better suited for smaller vehicles. This has led to a higher demand for small cars, as they offer greater convenience and maneuverability in these specific environments.

Underlying macroeconomic factors have also played a role in the development of the Small Cars market in Australia & Oceania. Economic factors such as rising fuel prices and increasing urbanization have contributed to the growing demand for small cars. As fuel prices continue to rise, consumers are seeking more fuel-efficient vehicles to save on costs.

Additionally, the ongoing trend of urbanization in the region has led to a greater need for compact, city-friendly cars. In conclusion, the Small Cars market in Australia & Oceania has experienced significant growth due to customer preferences for fuel efficiency and maneuverability, as well as local special circumstances such as limited parking space. Economic factors such as rising fuel prices and urbanization have also contributed to this trend.

As these factors continue to shape the market, it is expected that the demand for small cars will continue to grow in the region.

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).