Passenger Cars - Argentina

Argentina

Revenue in the Passenger Cars market is projected to reach US$27.7bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.42%, resulting in a projected market volume of US$29.3bn by 2028.
The market's largest segment is SUVs with a projected market volume of US$6.9bn in 2024.
Passenger Cars market unit sales are expected to reach 758.20k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$44.06k in 2024.
With a vehicle unit sales share of 18.7% in 2024, Volkswagen is expected to have one of the highest market share in the selected region.
The value market share of the make Volkswagen in the selected region is expected to stand at 19.5% 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 Argentina has been experiencing significant growth in recent years.

Customer preferences: Argentinian customers have shown a strong preference for smaller and more fuel-efficient cars. This is partly due to the high fuel prices in the country, as well as the increasing awareness of environmental issues. As a result, compact and subcompact cars have been in high demand, with many customers opting for models that offer good fuel efficiency and lower emissions.

Trends in the market: One of the key trends in the Argentinean Passenger Cars market is the increasing popularity of electric and hybrid vehicles. As the government has introduced incentives and subsidies to promote the adoption of these vehicles, more customers are considering them as a viable option. This trend is expected to continue as the government continues to invest in charging infrastructure and promotes the use of renewable energy sources. Another trend in the market is the growing demand for SUVs and crossovers. These vehicles offer a higher driving position and more space, which appeals to customers who prioritize comfort and practicality. Additionally, the improved road infrastructure in Argentina has made SUVs and crossovers more attractive to customers who frequently travel outside of urban areas.

Local special circumstances: One of the unique factors influencing the Passenger Cars market in Argentina is the country's economic situation. Argentina has faced significant economic challenges in recent years, including high inflation and currency devaluation. This has affected the purchasing power of consumers and made it more difficult for them to afford new cars. As a result, many customers have been opting for used cars or delaying their purchase decisions.

Underlying macroeconomic factors: The macroeconomic factors that have contributed to the development of the Passenger Cars market in Argentina include the country's population growth and increasing urbanization. As more people move to urban areas, the demand for personal transportation has increased. Additionally, the government's efforts to improve the road infrastructure and public transportation systems have also played a role in driving the demand for passenger cars. In conclusion, the Passenger Cars market in Argentina is developing in response to customer preferences for smaller and more fuel-efficient cars, as well as the growing popularity of electric vehicles and SUVs. The country's economic situation and underlying macroeconomic factors have also influenced the market dynamics.

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).