Large Cars - Cyprus

Cyprus

Revenue in the Large Cars market is projected to reach US$32m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 14.25%, resulting in a projected market volume of US$54m by 2028.
Large Cars market unit sales are expected to reach 1,411.0vehicles in 2028.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$39k.
From an international perspective it is shown that the most revenue will be generated in China (US$106,900m in 2024).

Key regions: China, Europe, Worldwide, United States, United Kingdom

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Analyst Opinion

The Large Cars market in Cyprus has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Cyprus, customers have shown a growing preference for large cars due to their spaciousness, comfort, and safety features. Large cars offer ample seating and cargo space, making them ideal for families or individuals who value comfort and practicality. Additionally, large cars often come equipped with advanced safety technologies, providing peace of mind to consumers.

Trends in the market: One of the key trends in the Large Cars market in Cyprus is the increasing demand for SUVs. SUVs offer a combination of style, versatility, and off-road capability, which appeals to a wide range of consumers. The popularity of SUVs has been further fueled by the introduction of electric and hybrid models, as customers in Cyprus are becoming more environmentally conscious and seeking greener alternatives. Another trend in the market is the rise of luxury large cars. Cyprus has a growing affluent population, and luxury large cars cater to their desire for premium features, superior performance, and prestige. Luxury brands have recognized this demand and have been introducing a variety of large car models with advanced technology, luxurious interiors, and powerful engines.

Local special circumstances: Cyprus has a unique geographical landscape, with many mountainous areas and rough terrains. This has contributed to the popularity of large cars, especially SUVs, as they provide better traction and stability on uneven roads. Additionally, the warm climate in Cyprus makes large cars with air-conditioning systems highly desirable, as they offer a comfortable driving experience even in hot weather.

Underlying macroeconomic factors: The growing economy in Cyprus has played a significant role in the development of the Large Cars market. As disposable incomes increase, consumers have more purchasing power and are able to afford larger, more expensive vehicles. Additionally, low interest rates and favorable financing options have made it easier for consumers to finance their large car purchases. In conclusion, the Large Cars market in Cyprus is experiencing growth due to changing customer preferences, such as the demand for SUVs and luxury vehicles. The local special circumstances, including the geographical landscape and warm climate, further contribute to the popularity of large cars in the country. The underlying macroeconomic factors, such as the growing economy and favorable financing options, have also played a 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).