Passenger Cars - Finland

Finland

The projected revenue in the Passenger Cars market in Finland is expected to reach US$2,994.0m by 2024.
It is anticipated that the market will experience an annual growth rate of -0.62% (CAGR 2024-2028), resulting in a projected market volume of US$2,921.0m by 2028.
Among the different segments in the market, SUVs are expected to be the largest, with a projected market volume of US$1,035.0m in 2024.
In terms of unit sales, it is estimated that the Passenger Cars market in Finland will reach 96.48k vehicles units by 2028.
The volume weighted average price of Passenger Cars market in the market is expected to be US$29.69k in 2024.
Other is projected to have one of the highest market shares in the selected region, with a vehicle unit sales share of 28.0% in 2024.
Additionally, the value market share of the Other brand in the selected region is expected to stand at 25.1% in 2024.
From an international perspective, it is evident that United States will generate the most revenue in the Passenger Cars market, with a projected revenue of US$558bn in 2024.
Despite its small population, Finland has a high demand for electric vehicles, with many residents embracing the country's commitment to sustainability.

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in Finland 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 electric and hybrid cars. Additionally, the introduction of new technologies and features in passenger cars has also contributed to the growth of the market.

Customer preferences: In Finland, customers have shown a growing interest in fuel-efficient and environmentally friendly vehicles. This can be attributed to the increasing awareness of the environmental impact of traditional gasoline and diesel cars. As a result, there has been a significant rise in the demand for electric and hybrid cars in the country. Customers are also placing importance on safety features and advanced technologies in their cars, such as autonomous driving capabilities and connectivity features.

Trends in the market: One of the key trends in the Finnish Passenger Cars market is the growing popularity of electric and hybrid cars. This trend can be attributed to various factors, including government incentives and subsidies for electric vehicles, as well as the expanding charging infrastructure across the country. As a result, many car manufacturers have introduced electric and hybrid models to cater to this growing demand. Another trend in the market is the increasing adoption of advanced technologies in passenger cars. Finnish customers are seeking vehicles with features such as advanced driver assistance systems, infotainment systems, and connectivity options. This trend is driven by the desire for a more convenient and connected driving experience.

Local special circumstances: Finland has a unique geographical location and climate, which influences the preferences and needs of customers in the passenger cars market. The long and cold winters in Finland make it important for customers to have cars that are equipped to handle harsh weather conditions. Four-wheel drive and winter tires are highly sought after features in the Finnish market. Additionally, the vast and sparsely populated areas of the country make long-range capabilities and reliability important factors for customers when choosing a car.

Underlying macroeconomic factors: The growth in the Finnish Passenger Cars market can also be attributed to favorable macroeconomic factors. The country has a stable economy with a high standard of living, which allows consumers to afford cars and invest in more expensive models. Low interest rates and easy access to financing options have also contributed to the growth of the market, as they make it easier for customers to purchase new vehicles. In conclusion, the Passenger Cars market in Finland is experiencing growth due to customer preferences shifting towards fuel-efficient and environmentally friendly vehicles, as well as the increasing adoption of advanced technologies. The unique geographical location and climate of Finland, along with favorable macroeconomic factors, also play a role in shaping the market trends.

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).