Small Cars - Croatia

Croatia

Highlights

Revenue in the Small Cars market is projected to reach US$165m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.88%, resulting in a projected market volume of US$173m by 2029.
Small Cars market unit sales are expected to reach 11.1k 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 Croatia has been experiencing significant growth in recent years. Customer preferences have played a crucial role in driving this trend, along with local special circumstances and underlying macroeconomic factors.

Customer preferences: Croatian customers have shown a strong preference for small cars due to their compact size, fuel efficiency, and affordability. Small cars are ideal for navigating the narrow streets and parking spaces in Croatian cities, making them a practical choice for urban dwellers. Additionally, the rising cost of fuel has made fuel efficiency a top priority for consumers, further driving the demand for small cars.

Trends in the market: One major trend in the Small Cars market in Croatia is the increasing popularity of electric and hybrid vehicles. As environmental concerns grow globally, Croatian consumers are also becoming more conscious of their carbon footprint. The government has introduced incentives and subsidies to promote the adoption of electric and hybrid vehicles, which has further fueled their demand in the market. Another trend in the market is the integration of advanced technology and connectivity features in small cars. Croatian consumers are increasingly seeking vehicles that offer seamless integration with their smartphones and other devices. This includes features such as Bluetooth connectivity, touchscreen infotainment systems, and advanced safety features like lane departure warning and automatic emergency braking.

Local special circumstances: Croatia's tourism industry plays a significant role in driving the demand for small cars. With its stunning coastline and numerous tourist attractions, Croatia attracts millions of tourists every year. Rental car companies cater to these tourists by offering small, fuel-efficient cars that are easy to navigate and park in the country's popular tourist destinations.

Underlying macroeconomic factors: The improving economic conditions in Croatia have also contributed to the growth of the Small Cars market. As the country's economy continues to recover from the global financial crisis, consumers have more disposable income to spend on purchasing cars. Additionally, low interest rates and favorable financing options have made it easier for consumers to afford small cars. In conclusion, the Small Cars market in Croatia is experiencing growth due to customer preferences for compact, fuel-efficient, and affordable vehicles. The increasing popularity of electric and hybrid vehicles, the integration of advanced technology, and the influence of the tourism industry are driving the trends in the market. The improving economic conditions and favorable financing options are also contributing to the growth of the market.

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).