Passenger Cars - Croatia

Croatia

Revenue in the Passenger Cars market is projected to reach US$1,293.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.54%, resulting in a projected market volume of US$1,321.0m by 2028.
The market's largest segment is SUVs with a projected market volume of US$515.6m in 2024.
Passenger Cars market unit sales are expected to reach 51.32k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$25.58k in 2024.
With a vehicle unit sales share of 28.6% 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 30.8% 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 Croatia has experienced significant growth in recent years, driven by changing customer preferences, market trends, and local special circumstances.

Customer preferences: In Croatia, customers have shown a growing preference for passenger cars that are fuel-efficient, environmentally friendly, and technologically advanced. This shift in preferences can be attributed to increasing awareness of climate change and the need for sustainable transportation options. Customers are also seeking vehicles with advanced safety features and comfortable interiors.

Trends in the market: One of the key trends in the Croatian Passenger Cars market is the increasing popularity of electric vehicles (EVs) and hybrid cars. This trend is in line with the global shift towards cleaner and greener transportation solutions. The government of Croatia has implemented various incentives and subsidies to promote the adoption of EVs, such as tax exemptions and charging infrastructure development. As a result, the sales of EVs and hybrid cars have been steadily increasing in the country. Another trend in the market is the growing demand for compact and mid-size cars. These vehicles are preferred by urban dwellers due to their smaller size, which makes them easier to maneuver in congested city streets and parking spaces. Additionally, compact and mid-size cars are more fuel-efficient, making them a cost-effective choice for customers.

Local special circumstances: Croatia's geographic location and tourism industry have had a significant impact on the Passenger Cars market. The country is known for its beautiful coastline and attracts a large number of tourists every year. This has led to an increased demand for rental cars, especially during the peak tourist season. Rental car companies have expanded their fleets to cater to this demand, contributing to the overall growth of the market.

Underlying macroeconomic factors: The growth of the Passenger Cars market in Croatia can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has resulted in higher purchasing power among consumers, allowing them to afford new cars. Additionally, low interest rates and favorable financing options have made it easier for customers to purchase vehicles. In conclusion, the Passenger Cars market in Croatia has been driven by changing customer preferences, including a shift towards fuel-efficient and technologically advanced vehicles. The market has also witnessed the growing popularity of electric vehicles and hybrid cars, supported by government incentives. The demand for compact and mid-size cars has also been on the rise, driven by urban dwellers. The country's tourism industry and favorable macroeconomic factors have further contributed to the growth of 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).