Passenger Cars - Southern Europe

Southern Europe

Revenue in the Passenger Cars market in Southern Europe is projected to reach US$107.8bn in 2024.
The market is expected to show an annual growth rate (CAGR 2024-2028) of -0.87%, resulting in a projected market volume of US$104.1bn by 2028.
The largest segment in the market is SUVs, with a projected market volume of US$43.9bn in 2024.
In 2028, unit sales of Passenger Cars market are expected to reach 3,498.00k vehicles.
The volume weighted average price of Passenger Cars market in Southern Europe is expected to be US$29.48k in 2024.
With a vehicle unit sales share of 37.7% in 2024, Other is expected to have one of the highest market shares in the selected region.
The value market share of the Other brand in the selected region is expected to stand at 36.0% in 2024.
From an international perspective, it is shown that United States will generate the most revenue, with US$558bn in 2024.
In Southern Europe, the demand for electric passenger cars is growing rapidly, with Italy leading the way in terms of adoption and infrastructure development.

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in Southern Europe is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend.

Customer preferences in Southern Europe are shifting towards smaller, more fuel-efficient vehicles. With rising fuel prices and a growing concern for the environment, consumers are opting for cars that offer better fuel economy and lower emissions. Additionally, there is a growing demand for vehicles with advanced safety features and technology, such as autonomous driving capabilities and connectivity options.

These customer preferences align with global trends in the automotive industry, where there is a focus on sustainability and innovation. Trends in the market indicate a strong demand for electric and hybrid vehicles in Southern Europe. As governments in the region implement stricter emissions regulations and offer incentives for electric vehicle adoption, consumers are increasingly choosing electric and hybrid cars.

This trend is also driven by improvements in battery technology, which has led to longer driving ranges and faster charging times. Furthermore, the availability of charging infrastructure is expanding, making electric vehicles a more viable option for consumers. Local special circumstances in Southern Europe are also contributing to the growth of the Passenger Cars market.

The region has a well-developed public transportation system, which makes owning a car less of a necessity for some consumers. However, there is still a desire for personal mobility, especially in rural areas where public transportation options may be limited. As a result, there is a demand for affordable and practical cars that can meet the needs of these consumers.

Underlying macroeconomic factors, such as improving economic conditions and increasing disposable incomes, are also driving the growth of the Passenger Cars market in Southern Europe. As the economy recovers from the global financial crisis, consumers have more confidence in making big-ticket purchases like cars. Additionally, low interest rates and favorable financing options have made car ownership more accessible to a wider range of consumers.

In conclusion, the Passenger Cars market in Southern Europe is developing in response to customer preferences for smaller, more fuel-efficient vehicles, the growing demand for electric and hybrid cars, local special circumstances that prioritize personal mobility, and underlying macroeconomic factors that support car ownership. These factors are contributing to the positive growth and development of the market in the region.

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).