Sports Cars - Finland

Finland

Revenue in the Sports Cars market is projected to reach US$229m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.57%, resulting in a projected market volume of US$273m by 2029.
Sports Cars market unit sales are expected to reach 5,517.0vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$49k.
From an international perspective it is shown that the most revenue will be generated in the United States (US$20,440m in 2024).

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

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Analyst Opinion

The Sports Cars market in Finland has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in Finland have shifted towards more luxurious and high-performance vehicles, leading to an increased demand for sports cars.

Finnish consumers are increasingly seeking cars that offer a thrilling driving experience, superior handling, and powerful engines. This trend is in line with the global market, where sports cars have gained popularity among car enthusiasts and luxury car buyers. One of the key trends in the Sports Cars market in Finland is the growing demand for electric sports cars.

As the country aims to reduce its carbon footprint and promote sustainable transportation, there has been a rising interest in electric vehicles. This trend is also supported by government incentives and subsidies for electric car buyers. As a result, many automakers have introduced electric sports car models to cater to this growing demand.

Another trend in the market is the increasing popularity of sports SUVs. These vehicles offer the combination of sports car performance and the practicality of an SUV, making them appealing to Finnish consumers who value versatility and functionality. Sports SUVs provide ample space for passengers and cargo, while still delivering a thrilling driving experience.

Local special circumstances also contribute to the development of the Sports Cars market in Finland. The country's well-maintained road infrastructure and relatively low population density make it an ideal environment for sports car enthusiasts. Finnish drivers have access to scenic routes and winding roads, providing the perfect setting for enjoying the performance capabilities of sports cars.

Underlying macroeconomic factors also play a role in the growth of the Sports Cars market in Finland. The country has a strong economy with high disposable incomes, allowing consumers to afford luxury vehicles, including sports cars. Additionally, low interest rates and favorable financing options make it easier for consumers to purchase sports cars.

In conclusion, the Sports Cars market in Finland is experiencing growth due to changing customer preferences, including a demand for electric sports cars and sports SUVs. The local special circumstances, such as well-maintained road infrastructure and low population density, contribute to the market's development. Furthermore, the strong economy and favorable financing options support the growth of the market.

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).