Sports Cars - Iceland

Iceland

Highlights

Revenue in the Sports Cars market is projected to reach US$69m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.46%, resulting in a projected market volume of US$61m by 2029.
Sports Cars market unit sales are expected to reach 771.0vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$78k.
From an international perspective it is shown that the most revenue will be generated United States (US$20bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sports Cars market in Iceland has seen significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: Icelandic customers have shown a growing interest in sports cars, with a preference for high-performance vehicles that offer a thrilling driving experience. This preference can be attributed to the unique landscape of Iceland, which provides ample opportunities for driving enthusiasts to explore and enjoy the country's scenic routes. Additionally, the younger generation in Iceland has shown a particular affinity for sports cars, as they are seen as a status symbol and a reflection of their personal style and taste.

Trends in the market: One of the key trends in the Sports Cars market in Iceland is the increasing demand for electric sports cars. This trend is in line with the global shift towards sustainable transportation and the Icelandic government's efforts to promote electric vehicles. The availability of charging infrastructure across the country has made it more convenient for customers to own and operate electric sports cars. Furthermore, advancements in technology have led to the development of electric sports cars that offer impressive performance and range, making them an attractive option for customers in Iceland. Another trend in the market is the rise of luxury sports cars. Icelandic customers are increasingly willing to invest in premium sports car brands that offer superior craftsmanship, cutting-edge technology, and exclusive features. Luxury sports cars are seen as a symbol of prestige and success, and customers are willing to pay a premium for these vehicles. This trend is in line with the global growth of the luxury sports car segment, driven by increasing disposable incomes and a desire for luxury experiences.

Local special circumstances: The unique geography and climate of Iceland present special circumstances that contribute to the development of the Sports Cars market. The country's relatively small size and well-maintained road infrastructure make it ideal for sports car enthusiasts to enjoy their vehicles to the fullest. Additionally, Iceland's cold climate and challenging weather conditions create a demand for sports cars that are equipped with advanced safety features and all-wheel drive systems, ensuring optimal performance and control on icy roads.

Underlying macroeconomic factors: The growth of the Sports Cars market in Iceland is also influenced by underlying macroeconomic factors. The country's strong economy and high disposable incomes have created a favorable environment for luxury and high-end purchases, including sports cars. Furthermore, favorable interest rates and flexible financing options have made it easier for customers to purchase sports cars, driving demand in the market. Overall, the Sports Cars market in Iceland is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for electric sports cars and luxury sports cars reflects a shift towards sustainability and a desire for premium experiences. With the unique landscape and favorable economic conditions, Iceland provides an ideal market for sports car enthusiasts to indulge in their passion for high-performance vehicles.

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).