Small Cars - Romania

Romania

Highlights

Revenue in the Small Cars market is projected to reach US$456m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.57%, resulting in a projected market volume of US$443m by 2029.
Small Cars market unit sales are expected to reach 34.5k vehicles in 2029.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$13k.
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 Romania has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Small Cars market in Romania have shifted towards more fuel-efficient and environmentally friendly vehicles.

Consumers are increasingly concerned about rising fuel prices and the impact of their vehicles on the environment. As a result, they are opting for smaller cars that offer better fuel efficiency and lower emissions. This trend is in line with global and regional market preferences, as customers worldwide are also prioritizing fuel efficiency and environmental sustainability.

Trends in the Small Cars market in Romania indicate a growing demand for compact and subcompact cars. These smaller vehicles are more affordable and practical for urban driving, which is a significant factor in Romania where many people live in cities. Additionally, compact and subcompact cars are easier to maneuver and park in crowded urban areas.

This trend is consistent with the global and regional market, where compact and subcompact cars have gained popularity due to their economic and practical benefits. Local special circumstances in Romania, such as the country's road infrastructure and parking availability, also contribute to the growth of the Small Cars market. Romania has a dense urban population, and its roads can be narrow and congested.

Smaller cars are better suited for navigating these conditions, making them a preferred choice for many Romanian consumers. Furthermore, parking spaces in urban areas can be limited, and smaller cars are easier to park in tight spaces. These local circumstances further drive the demand for small cars in Romania.

Underlying macroeconomic factors, such as the country's economic growth and purchasing power, play a significant role in the development of the Small Cars market in Romania. As the Romanian economy continues to grow, more people have the financial means to purchase cars. However, the purchasing power of consumers in Romania is still relatively lower compared to other European countries.

This makes small cars more affordable and accessible to a larger portion of the population. Additionally, government incentives and subsidies for fuel-efficient and low-emission vehicles further encourage consumers to choose small cars. In conclusion, the Small Cars market in Romania is developing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Consumers in Romania are increasingly opting for smaller, fuel-efficient, and practical cars that are better suited for urban driving. The country's road infrastructure, parking availability, and economic conditions also contribute to the growth of the Small Cars 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).