Passenger Cars - Italy

Italy

Revenue in the Passenger Cars market is projected to reach US$36.5bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -1.79%, resulting in a projected market volume of US$33.9bn by 2028.
The market's largest segment is SUVs with a projected market volume of US$15.5bn in 2024.
Passenger Cars market unit sales are expected to reach 1,364.00k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$24.88k in 2024.
With a vehicle unit sales share of 35.6% 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 39.1% 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 Italy has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Italy have shifted towards smaller, more fuel-efficient cars in recent years.

This is partly due to rising fuel prices and increasing environmental concerns. Italian consumers are also placing a greater emphasis on safety features and technology in their cars. As a result, there has been a growing demand for compact cars and electric vehicles in the country.

Trends in the market have also contributed to the growth of the Passenger Cars market in Italy. One key trend is the increasing popularity of car-sharing services, which has led to a rise in the number of people choosing not to own a car. This has created a demand for shared mobility solutions, such as ride-hailing and car rental services.

Additionally, there has been a growing interest in autonomous driving technology, with several automakers and tech companies testing self-driving cars on Italian roads. Local special circumstances have played a role in shaping the Passenger Cars market in Italy. The country has a strong automotive industry, with several major manufacturers and suppliers based in Italy.

This has created a competitive market, with a wide range of car models and brands available to consumers. Additionally, Italy has a rich automotive heritage and a strong culture of car ownership, which has influenced consumer preferences and purchasing decisions. Underlying macroeconomic factors have also contributed to the growth of the Passenger Cars market in Italy.

The country has experienced a period of economic recovery in recent years, with improving consumer confidence and disposable incomes. This has led to an increase in consumer spending on big-ticket items, such as cars. Additionally, the Italian government has implemented various incentives and subsidies to promote the purchase of electric and hybrid vehicles, further driving the growth of the market.

In conclusion, the Passenger Cars market in Italy has experienced growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards smaller, more fuel-efficient cars, the rise of car-sharing services, and the interest in autonomous driving technology have all contributed to the growth of the market. Additionally, Italy's strong automotive industry, automotive heritage, and government incentives have played a role in shaping 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).