Passenger Cars - Australia & Oceania

Australia & Oceania

Revenue in the Passenger Cars market is projected to reach US$18.8bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.84%, resulting in a projected market volume of US$25.4bn by 2028.
The market's largest segment is SUVs with a projected market volume of US$7.7bn in 2024.
Passenger Cars market unit sales are expected to reach 898.90k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$27.77k in 2024.
With a vehicle unit sales share of 24.7% in 2024, Toyota is expected to have one of the highest market share in the selected region.
The value market share of the make Toyota in the selected region is expected to stand at 24.4% 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 Australia & Oceania has been developing steadily in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Passenger Cars market in Australia & Oceania have been shifting towards more fuel-efficient and environmentally friendly vehicles.

With growing concerns about climate change and the need to reduce carbon emissions, customers are increasingly opting for hybrid and electric cars. This shift in preferences is also influenced by government incentives and regulations that promote the adoption of cleaner vehicles. Additionally, customers in Australia & Oceania have a strong preference for SUVs and crossover vehicles, which offer a combination of spaciousness, versatility, and off-road capabilities.

Trends in the market indicate a growing demand for advanced safety features and technology in passenger cars. Customers are increasingly looking for vehicles with features such as lane departure warning, adaptive cruise control, automatic emergency braking, and blind spot monitoring. This trend is driven by a desire for enhanced safety and convenience while driving.

Furthermore, there is a growing demand for connectivity features such as smartphone integration, voice control, and advanced infotainment systems. Local special circumstances in Australia & Oceania also contribute to the development of the Passenger Cars market. The vast landscape and long distances between cities in Australia, as well as the popularity of road trips and outdoor activities, create a demand for vehicles that are suitable for long drives and off-road adventures.

This has led to a higher demand for SUVs and crossover vehicles with rugged capabilities and spacious interiors. Underlying macroeconomic factors play a significant role in the development of the Passenger Cars market in Australia & Oceania. Economic growth, rising disposable incomes, and low interest rates have increased consumer purchasing power and affordability.

This has led to an increase in vehicle ownership and demand for passenger cars. Additionally, government policies and incentives, such as tax benefits for purchasing fuel-efficient vehicles, have also contributed to the growth of the market. In conclusion, the Passenger Cars market in Australia & Oceania is developing in response to customer preferences for fuel-efficient and environmentally friendly vehicles, the demand for advanced safety features and technology, local special circumstances such as long distances and outdoor activities, and underlying macroeconomic factors such as economic growth and government incentives.

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).