Passenger Cars - Costa Rica

Costa Rica

Revenue in the Passenger Cars market is projected to reach US$1,088.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 12.73%, resulting in a projected market volume of US$1,757.0m by 2028.
The market's largest segment is SUVs with a projected market volume of US$384.5m in 2024.
Passenger Cars market unit sales are expected to reach 41.96k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$41.45k in 2024.
With a vehicle unit sales share of 21.1% in 2024, Audi is expected to have one of the highest market share in the selected region.
The value market share of the make Audi in the selected region is expected to stand at 34.2% 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 Costa Rica 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 hybrid and electric cars. Additionally, the rising middle class in Costa Rica has contributed to the growth of the Passenger Cars market, as more people are able to afford personal vehicles.

Customer preferences: Costa Rican consumers have shown a strong preference for fuel-efficient vehicles due to the increasing cost of gasoline and a growing concern for the environment. As a result, there has been a surge in the demand for hybrid and electric cars in the country. Consumers are also placing importance on safety features and technological advancements in vehicles, such as advanced driver-assistance systems and connectivity options.

Trends in the market: One of the notable trends in the Costa Rican Passenger Cars market is the growing popularity of SUVs and crossovers. These vehicles offer a combination of comfort, versatility, and higher ground clearance, making them suitable for the country's diverse terrain. The demand for compact and mid-size sedans has also remained strong, as they are more affordable and fuel-efficient options for urban driving.

Local special circumstances: Costa Rica's small size and well-developed public transportation system have traditionally made car ownership less necessary for many residents. However, the rising middle class and improvements in infrastructure have led to an increase in car ownership. Additionally, the lack of reliable and efficient public transportation options in certain areas has further fueled the demand for passenger cars.

Underlying macroeconomic factors: Costa Rica's stable economy and increasing GDP per capita have played a significant role in the growth of the Passenger Cars market. As more people have disposable income, they are able to afford personal vehicles. The government's efforts to attract foreign investment and promote economic development have also contributed to the overall growth of the automotive industry in the country. In conclusion, the Passenger Cars market in Costa Rica is experiencing growth due to shifting customer preferences towards fuel-efficient and environmentally friendly vehicles, as well as the increasing affordability of personal vehicles for the rising middle class. The demand for SUVs, crossovers, and sedans remains strong, driven by their suitability for the country's terrain and urban driving conditions. The underlying macroeconomic factors, such as a stable economy and increasing GDP per capita, have also played a significant role in the market's development.

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).