Passenger Cars - Cyprus

Cyprus

Revenue in the Passenger Cars market is projected to reach US$374.9m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 8.71%, resulting in a projected market volume of US$523.6m by 2028.
The market's largest segment is SUVs with a projected market volume of US$215.2m in 2024.
Passenger Cars market unit sales are expected to reach 16.75k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$30.89k in 2024.
With a vehicle unit sales share of 27.2% 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 27.0% 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 Cyprus has been experiencing steady growth in recent years, driven by customer preferences for reliable and fuel-efficient vehicles, as well as favorable local special circumstances and underlying macroeconomic factors. Customer preferences in the Passenger Cars market in Cyprus have shifted towards more environmentally-friendly and cost-effective vehicles.

Customers are increasingly looking for cars that offer good fuel efficiency and low emissions, in line with global trends. This is partly due to rising fuel prices and growing awareness of the environmental impact of traditional gasoline-powered cars. As a result, there is a growing demand for hybrid and electric vehicles in Cyprus.

Trends in the Passenger Cars market in Cyprus also reflect global trends, such as the growing popularity of SUVs and crossovers. These vehicles offer a combination of versatility, comfort, and style, making them appealing to a wide range of customers. Additionally, advancements in technology have led to the integration of smart features in cars, such as connectivity and advanced safety systems.

Customers in Cyprus are increasingly looking for these features in their vehicles, which has driven the demand for cars with advanced technology. Local special circumstances have also played a role in the development of the Passenger Cars market in Cyprus. The small size of the country and its relatively short distances make electric vehicles a practical option for daily commuting.

The government of Cyprus has also introduced incentives and subsidies to promote the adoption of electric vehicles, further driving their popularity. Additionally, the country's warm climate and favorable terrain make convertible cars a popular choice among customers. Underlying macroeconomic factors have also contributed to the growth of the Passenger Cars market in Cyprus.

The country has experienced a period of economic stability and growth, which has led to an increase in disposable income and consumer confidence. This has resulted in higher purchasing power and a greater willingness to invest in vehicles. Additionally, low interest rates and favorable financing options have made it easier for customers to afford cars, further boosting the market.

In conclusion, the Passenger Cars market in Cyprus is developing in response to customer preferences for reliable and fuel-efficient vehicles, as well as global trends such as the popularity of SUVs and crossovers. Local special circumstances, such as the practicality of electric vehicles and the government incentives, have also contributed to the growth of the market. Furthermore, underlying macroeconomic factors, including economic stability and favorable financing options, have supported the development 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).