Passenger Cars - Greece

Greece

Revenue in the Passenger Cars market is projected to reach US$2,255.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -0.90%, resulting in a projected market volume of US$2,175.0m by 2028.
The market's largest segment is SUVs with a projected market volume of US$899.0m in 2024.
Passenger Cars market unit sales are expected to reach 94.95k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$22.67k in 2024.
With a vehicle unit sales share of 34.5% 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 36.2% 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

Market

Make

Region

Region comparison

Currency

Analyst Opinion

The Passenger Cars market in Greece has been experiencing significant growth in recent years. Customer preferences have shifted towards more fuel-efficient and environmentally friendly vehicles, leading to an increase in the demand for electric and hybrid cars.

In addition, the market has been influenced by local special circumstances such as government incentives and regulations that promote the adoption of electric vehicles. Customer preferences in the Greek Passenger Cars market have been evolving in line with global trends. Consumers are increasingly concerned about the environmental impact of their vehicles and are opting for more fuel-efficient and eco-friendly options.

This has led to a surge in the demand for electric and hybrid cars, which offer lower emissions and better fuel efficiency. Furthermore, customers are also looking for vehicles with advanced safety features and connectivity options, reflecting the growing importance of technology in the automotive industry. The trends in the Greek Passenger Cars market are also influenced by local special circumstances.

The Greek government has implemented various incentives and regulations to encourage the adoption of electric vehicles. These include tax benefits, subsidies, and free parking for electric cars. Such measures have contributed to the increased sales of electric vehicles in the country.

Additionally, the government has also set targets for reducing greenhouse gas emissions, which has further encouraged the shift towards electric and hybrid cars. Another factor that has contributed to the growth of the Passenger Cars market in Greece is the underlying macroeconomic factors. The country has experienced a period of economic recovery in recent years, with increasing disposable incomes and consumer confidence.

This has led to higher purchasing power and increased demand for passenger cars. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase new vehicles. In conclusion, the Passenger Cars market in Greece is developing in response to changing customer preferences, local special circumstances, and underlying macroeconomic factors.

The demand for fuel-efficient and eco-friendly vehicles, driven by environmental concerns, has led to an increase in the sales of electric and hybrid cars. Government incentives and regulations have further promoted the adoption of electric vehicles. The overall economic recovery and favorable financing options have also contributed to 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).