Passenger Cars - Romania

Romania

Revenue in the Passenger Cars market is projected to reach US$3,384.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -0.72%, resulting in a projected market volume of US$3,288.0m by 2028.
The market's largest segment is SUVs with a projected market volume of US$1,451.0m in 2024.
Passenger Cars market unit sales are expected to reach 129.40k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$25.50k in 2024.
With a vehicle unit sales share of 30.1% in 2024, Dacia 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 30.3% 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 Romania has been witnessing 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. Additionally, the rising disposable income and improving living standards have also contributed to the growth of the market.

Customer preferences: In Romania, customers are increasingly opting for fuel-efficient cars due to rising fuel prices and growing environmental concerns. As a result, there has been a surge in the demand for electric and hybrid cars, which offer lower fuel consumption and reduced emissions. Customers are also looking for cars with advanced safety features and modern technology, such as infotainment systems and connectivity options.

Trends in the market: One of the key trends in the Passenger Cars market in Romania is the growing popularity of electric and hybrid vehicles. With the government's focus on reducing carbon emissions and promoting sustainable transportation, there has been a significant increase in the sales of electric and hybrid cars. Manufacturers are also introducing a wider range of electric and hybrid models to cater to the growing demand. Another trend in the market is the rise of online car sales platforms. Customers are increasingly turning to online platforms to research, compare, and purchase cars. This trend has been further accelerated by the COVID-19 pandemic, which has led to a shift towards digital channels. Online platforms provide customers with convenience, transparency, and a wide range of options to choose from.

Local special circumstances: Romania has a well-developed automotive industry, with several major car manufacturers having production facilities in the country. This has led to a strong domestic supply chain and availability of locally manufactured cars at competitive prices. The presence of these manufacturing facilities also contributes to the growth of the Passenger Cars market in Romania.

Underlying macroeconomic factors: The growth of the Passenger Cars market in Romania is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. As a result, more people are able to afford cars, leading to a higher demand in the market. Additionally, favorable government policies and incentives have also played a role in the growth of the market. The government has introduced measures to support the adoption of electric and hybrid vehicles, such as tax benefits and subsidies. These incentives have encouraged customers to choose more environmentally friendly cars, further driving the growth of the market. In conclusion, the Passenger Cars market in Romania is experiencing growth due to customer preferences for fuel-efficient and environmentally friendly vehicles, as well as the rise of online car sales platforms. The presence of a strong domestic automotive industry and favorable government policies have also contributed to the growth of the market. The underlying macroeconomic factors, such as economic growth and increasing disposable income, further support the expansion of the Passenger Cars market in Romania.

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).