Small Cars - Switzerland

Switzerland

Revenue in the Small Cars market is projected to reach US$481m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.67%, resulting in a projected market volume of US$498m by 2029.
Small Cars market unit sales are expected to reach 29,610.0vehicles in 2029.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$17k.
From an international perspective it is shown that the most revenue will be generated in China (US$13,290m in 2024).

Key regions: Europe, Worldwide, China, United Kingdom, United States

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Analyst Opinion

The Small Cars market in Switzerland has been experiencing significant growth in recent years.

Customer preferences: Swiss customers have shown a strong preference for small cars due to their compact size, fuel efficiency, and affordability. With limited parking space in urban areas and high fuel prices, small cars are a practical choice for many Swiss consumers. Additionally, the growing concern for the environment has led to an increased demand for electric and hybrid small cars, as they offer lower emissions and reduced fuel consumption.

Trends in the market: One of the major trends in the Small Cars market in Switzerland is the increasing popularity of electric and hybrid vehicles. The Swiss government has introduced various incentives and subsidies to promote the adoption of electric vehicles, such as tax breaks and reduced charging station fees. This has led to a surge in the sales of electric and hybrid small cars, as consumers are becoming more conscious of their carbon footprint and are looking for sustainable transportation options. Another trend in the market is the rise of car-sharing services, which has impacted the demand for small cars. With the convenience and cost-effectiveness of car-sharing, many Swiss consumers are opting to use these services instead of owning a car. This has led to a shift in the market, with car-sharing companies focusing on adding more small cars to their fleets to cater to the growing demand.

Local special circumstances: Switzerland's unique geography and infrastructure also contribute to the growth of the Small Cars market. The country's mountainous terrain and narrow roads make small cars more practical and maneuverable compared to larger vehicles. Additionally, Switzerland has an extensive public transportation system, which encourages people to use small cars for short trips and commuting to and from train stations.

Underlying macroeconomic factors: The strong Swiss economy and high disposable income levels have also played a role in the growth of the Small Cars market. With a stable economy and low unemployment rate, consumers have the financial means to purchase small cars. Furthermore, the availability of attractive financing options and low interest rates have made it easier for consumers to afford small cars. In conclusion, the Small Cars market in Switzerland is experiencing growth due to customer preferences for compact, fuel-efficient, and affordable vehicles. The increasing popularity of electric and hybrid cars, the rise of car-sharing services, Switzerland's unique geography and infrastructure, and the strong economy are all contributing factors to the market's development.

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).