Sports Cars - Nordics

Nordics

Revenue in the Sports Cars market is projected to reach US$2,167m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.18%, resulting in a projected market volume of US$2,534m by 2029.
Sports Cars market unit sales are expected to reach 38,140.0vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$66k.
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

Market

Make

Region

Region comparison

Currency

Analyst Opinion

The Sports Cars market in Nordics has been experiencing steady growth in recent years, driven by customer preferences for high-performance vehicles and the region's strong economy. Customer preferences in the Nordics have been shifting towards sports cars due to their sleek design, powerful engines, and superior driving experience.

The affluent population in the region is increasingly seeking luxury and status symbols, and sports cars fulfill these desires. Additionally, the younger generation in the Nordics has shown a growing interest in sports cars, as they associate them with adventure and excitement. One of the key trends in the Sports Cars market in the Nordics is the increasing demand for electric sports cars.

The region has been at the forefront of the global shift towards electric vehicles, and this trend is also evident in the sports car segment. Customers in the Nordics are increasingly conscious of the environmental impact of their vehicles and are opting for electric sports cars that offer high performance while being more sustainable. This trend is expected to continue as the charging infrastructure in the region improves and more electric sports car models become available.

Another trend in the market is the growing popularity of luxury sports car brands. The Nordics have a strong affinity for luxury brands, and this extends to sports cars as well. Customers in the region are willing to pay a premium for luxury sports cars from renowned brands such as Porsche, Ferrari, and Lamborghini.

These brands not only offer high-performance vehicles but also represent status and exclusivity, which are highly valued in the Nordics. Local special circumstances in the Nordics also contribute to the growth of the Sports Cars market. The region's relatively small population and high average income levels create a favorable environment for luxury and high-end products.

Additionally, the well-developed road infrastructure and scenic landscapes in the Nordics make it an ideal region for sports car enthusiasts to enjoy their vehicles. Underlying macroeconomic factors, such as the strong economy in the Nordics, also play a role in the growth of the Sports Cars market. The region has a high GDP per capita and low unemployment rates, which translate into increased purchasing power and disposable income for consumers.

This enables them to afford sports cars and fuels demand in the market. In conclusion, the Sports Cars market in the Nordics is experiencing growth driven by customer preferences for high-performance vehicles, the increasing demand for electric sports cars, the popularity of luxury brands, local special circumstances, and underlying macroeconomic factors. As these trends continue, the market is expected to expand further in the coming years.

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).