Passenger Cars - Australia

Australia

Revenue in the Passenger Cars market is projected to reach €19.5bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.12%, resulting in a projected market volume of €20.6bn by 2029.
The market's largest segment is SUVs with a projected market volume of €8.1bn in 2024.
Passenger Cars market unit sales are expected to reach 791.60k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to €26.19k in 2024.
With a vehicle unit sales share of 24.0% in 2024, Toyota is expected to have one of the highest market share in the selected region.
The value market share of the make Toyota in the selected region is expected to stand at 23.3% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (€555bn in 2024).

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

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Analyst Opinion

The Passenger Cars market in Australia has been experiencing significant growth in recent years.

Customer preferences: Australian consumers have shown a growing preference for passenger cars due to their versatility, fuel efficiency, and affordability. Additionally, the increasing availability of electric and hybrid vehicles has also contributed to the rise in popularity of passenger cars.

Trends in the market: One of the key trends in the Australian Passenger Cars market is the shift towards smaller, more compact vehicles. This can be attributed to several factors, including rising fuel prices and increasing urbanization. Smaller cars are more fuel-efficient and easier to maneuver in congested city streets, making them a practical choice for many Australian consumers. Another trend in the market is the increasing demand for electric and hybrid vehicles. As concerns about climate change and environmental sustainability grow, more Australians are opting for greener alternatives to traditional petrol and diesel cars. The government's push towards reducing carbon emissions has also incentivized consumers to choose electric and hybrid vehicles, leading to a surge in their sales.

Local special circumstances: Australia's vast geography and relatively low population density have also influenced the Passenger Cars market. With long distances between cities and towns, many Australians rely heavily on cars for transportation. This has created a strong demand for reliable and durable vehicles that can withstand the country's diverse terrains. Furthermore, Australia's unique climate conditions, including extreme temperatures and harsh weather, have also shaped the market. Consumers often prioritize cars with efficient air conditioning systems and robust features that can withstand the country's challenging weather conditions.

Underlying macroeconomic factors: The Australian economy has been performing well in recent years, with steady economic growth and low unemployment rates. This has provided consumers with greater purchasing power and confidence to invest in passenger cars. Additionally, favorable interest rates and flexible financing options have made it easier for Australians to afford new vehicles. Furthermore, government policies and incentives have played a significant role in the growth of the Passenger Cars market. The Australian government has implemented various measures to support the adoption of electric and hybrid vehicles, including financial incentives and infrastructure development. These initiatives have encouraged consumers to consider greener alternatives and have contributed to the overall growth of the market. In conclusion, the Passenger Cars market in Australia has been experiencing growth due to customer preferences for versatile and fuel-efficient vehicles, the increasing demand for electric and hybrid cars, the unique local circumstances of the country, and favorable macroeconomic factors.

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).