Passenger Cars - Estonia

Estonia

Revenue in the Passenger Cars market is projected to reach US$779.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.64%, resulting in a projected market volume of US$799.1m by 2028.
The market's largest segment is SUVs with a projected market volume of US$422.4m in 2024.
Passenger Cars market unit sales are expected to reach 24.71k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$31.61k in 2024.
With a vehicle unit sales share of 27.3% in 2024, Other is expected to have one of the highest market share in the selected region.
The value market share of the make Other in the selected region is expected to stand at 34.0% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (US$558bn in 2024).

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

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Analyst Opinion

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

Customer preferences: Estonian customers have shown a strong preference for passenger cars that are fuel-efficient and environmentally friendly. This can be attributed to the increasing awareness of climate change and the need to reduce carbon emissions. As a result, there has been a growing demand for electric and hybrid cars in the country. Additionally, customers in Estonia also prioritize safety features and advanced technology in their cars, such as autonomous driving capabilities and connectivity options.

Trends in the market: One of the key trends in the Passenger Cars market in Estonia is the rising popularity of electric and hybrid vehicles. The government has been actively promoting the adoption of electric cars by offering incentives such as tax benefits and subsidies. This has led to a surge in the sales of electric vehicles in the country. Another trend in the market is the growing popularity of compact and subcompact cars. These smaller vehicles are favored by urban dwellers who value easy maneuverability and lower fuel consumption.

Local special circumstances: Estonia is a small country with a relatively high population density, especially in urban areas. This has led to a preference for smaller cars that are easier to park and navigate through crowded streets. Additionally, the country has a well-developed charging infrastructure for electric vehicles, which has further contributed to the growing popularity of electric cars in Estonia.

Underlying macroeconomic factors: The strong economic growth in Estonia has played a significant role in the development of the Passenger Cars market. The country has experienced a stable economy and rising disposable incomes, which have increased the purchasing power of consumers. This has resulted in a higher demand for passenger cars. Furthermore, the low interest rates and favorable financing options provided by banks have made it easier for consumers to afford new cars. In conclusion, the Passenger Cars market in Estonia is driven by customer preferences for fuel-efficient and environmentally friendly vehicles, as well as a growing demand for electric and hybrid cars. The market is also influenced by local special circumstances such as the high population density and well-developed charging infrastructure. The strong macroeconomic factors, including stable economic growth and rising disposable incomes, have further fueled the growth of the market.

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).