Sports Cars - Lithuania

Lithuania

Highlights

Revenue in the Sports Cars market is projected to reach US$33m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.59%, resulting in a projected market volume of US$43m by 2029.
Sports Cars market unit sales are expected to reach 679.0vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$64k.
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 Lithuania has experienced significant growth in recent years, driven by changing customer preferences and favorable macroeconomic factors.

Customer preferences: Lithuanian consumers have shown a growing interest in sports cars, with a particular emphasis on performance, design, and brand reputation. Many customers are attracted to the thrill and excitement that sports cars offer, as well as the status and prestige associated with owning such vehicles. In addition, there is a trend towards more environmentally friendly sports cars, with a preference for hybrid or electric models that offer both power and sustainability.

Trends in the market: One of the key trends in the Sports Cars market in Lithuania is the increasing demand for luxury sports cars. Affluent consumers are willing to invest in high-end sports cars that offer the latest technology, superior craftsmanship, and exclusive features. This trend is driven by a desire for exclusivity and the ability to stand out from the crowd. Another trend in the market is the rise of sports car leasing and rental services. Many customers are opting to lease or rent sports cars instead of purchasing them outright. This trend is fueled by the high cost of sports cars, as well as the desire for variety and flexibility. Leasing and rental services allow customers to experience different sports car models without the long-term commitment and financial burden of ownership.

Local special circumstances: Lithuania's relatively small size and well-developed road infrastructure make it an ideal market for sports cars. The country's network of highways and scenic routes provide ample opportunities for sports car enthusiasts to enjoy their vehicles to the fullest. Additionally, Lithuania's growing tourism industry has attracted a significant number of international visitors who are interested in renting sports cars during their stay.

Underlying macroeconomic factors: The Sports Cars market in Lithuania has benefited from favorable macroeconomic factors. The country's strong economic growth and rising disposable incomes have increased the purchasing power of consumers, making sports cars more affordable and accessible. Additionally, low interest rates and favorable financing options have made it easier for customers to finance their sports car purchases. In conclusion, the Sports Cars market in Lithuania is experiencing growth due to changing customer preferences, including a demand for luxury and environmentally friendly models. The rise of sports car leasing and rental services is also contributing to market growth. Lithuania's well-developed road infrastructure and growing tourism industry provide favorable conditions for the sports car market. Finally, favorable macroeconomic factors, such as strong economic growth and low interest rates, have increased consumer purchasing power and made sports cars more affordable.

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).