Medium Cars - Australia

Australia

Revenue in the Medium Cars market is projected to reach €4bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.81%, resulting in a projected market volume of €4bn by 2029.
Medium Cars market unit sales are expected to reach 179.1k vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to €23k.
From an international perspective it is shown that the most revenue will be generated in China (€81,970m in 2024).

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

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Analyst Opinion

The Medium Cars market in Australia has experienced significant growth in recent years.

Customer preferences: Customers in Australia have shown a strong preference for medium-sized cars due to their versatility and practicality. Medium cars offer a good balance between fuel efficiency and interior space, making them suitable for both city driving and long-distance travel. Additionally, Australian consumers appreciate the safety features and advanced technology that medium cars often offer.

Trends in the market: One of the key trends in the Australian Medium Cars market is the increasing demand for hybrid and electric vehicles. As environmental concerns grow, more consumers are opting for vehicles that have lower carbon emissions. Hybrid and electric medium cars provide a greener alternative without compromising on performance or comfort. This trend is expected to continue as the government and manufacturers promote the adoption of electric vehicles through incentives and infrastructure development. Another trend in the market is the rise of SUV-style medium cars. Australian consumers are increasingly drawn to the higher driving position, spaciousness, and rugged appearance of SUVs. Many car manufacturers have responded to this trend by introducing medium-sized SUV models, which offer the benefits of a traditional sedan with the added practicality and versatility of an SUV.

Local special circumstances: Australia's vast and diverse landscape presents unique challenges for the automotive industry. The long distances between cities and the varying road conditions require vehicles that are durable and reliable. Medium cars are well-suited to handle the demands of Australian roads, providing a comfortable and efficient driving experience. Furthermore, the Australian government has implemented policies to promote the local manufacturing of vehicles. This has led to the establishment of manufacturing plants by major car manufacturers, creating jobs and contributing to the local economy. The availability of locally produced medium cars has further strengthened the market in Australia.

Underlying macroeconomic factors: Australia's stable economy and rising income levels have contributed to the growth of the Medium Cars market. As consumers have more disposable income, they are more willing to invest in higher-priced vehicles, including medium cars. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase medium cars. In conclusion, the Medium Cars market in Australia has experienced growth due to customer preferences for versatile and practical vehicles, the increasing demand for hybrid and electric cars, the popularity of SUV-style medium cars, local manufacturing efforts, and favorable macroeconomic factors. These factors are likely to continue driving the growth of the market 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).