Passenger Cars - Ireland

Ireland

Revenue in the Passenger Cars market is projected to reach US$3,602.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -0.82%, resulting in a projected market volume of US$3,486.0m by 2028.
The market's largest segment is SUVs with a projected market volume of US$1,877.0m in 2024.
Passenger Cars market unit sales are expected to reach 111.70k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$30.94k in 2024.
With a vehicle unit sales share of 27.3% 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 26.5% 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 Ireland is experiencing steady growth and development, driven by customer preferences for fuel-efficient vehicles, increasing disposable income, and favorable government policies. Customer preferences in the Passenger Cars market in Ireland are shifting towards fuel-efficient vehicles.

With rising concerns about climate change and environmental sustainability, customers are increasingly opting for cars that have lower carbon emissions and better fuel efficiency. This trend is in line with the global shift towards electric and hybrid vehicles. As a result, there has been an increase in the demand for electric and hybrid cars in Ireland.

Another factor driving the growth of the Passenger Cars market in Ireland is the increase in disposable income. As the economy continues to recover from the global financial crisis, Irish consumers have more money to spend on discretionary items such as cars. This has led to an increase in car ownership and a higher demand for passenger cars in the country.

Government policies and incentives have also played a key role in the development of the Passenger Cars market in Ireland. The Irish government has implemented measures to promote the use of electric and hybrid vehicles, including tax incentives, grants, and subsidies. These policies have encouraged consumers to choose more environmentally friendly cars and have contributed to the growth of the electric and hybrid car segment in the country.

In addition to customer preferences and government policies, there are also some local special circumstances that have influenced the development of the Passenger Cars market in Ireland. One such circumstance is the high cost of car ownership in the country. The cost of purchasing a car in Ireland is relatively high compared to other European countries, mainly due to the high taxes and registration fees imposed by the government.

This has led to a preference for smaller, more fuel-efficient cars that are cheaper to purchase and maintain. Underlying macroeconomic factors have also played a role in the growth of the Passenger Cars market in Ireland. The country's strong economic performance, low unemployment rate, and increasing consumer confidence have contributed to the growth of the market.

As the economy continues to grow, more people are able to afford cars, leading to an increase in car ownership and a higher demand for passenger cars. In conclusion, the Passenger Cars market in Ireland is experiencing growth and development due to customer preferences for fuel-efficient vehicles, increasing disposable income, favorable government policies, high cost of car ownership, and underlying macroeconomic factors. This trend is expected to continue in the coming years as the demand for environmentally friendly cars and the overall economy continue to grow.

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).