Large Cars - Czechia

Czechia

Revenue in the Large Cars market is projected to reach US$525m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -1.78%, resulting in a projected market volume of US$489m by 2028.
Large Cars market unit sales are expected to reach 13,740.0vehicles in 2028.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$36k.
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 Czechia is experiencing significant growth and development.

Customer preferences: In recent years, there has been a growing demand for large cars in Czechia. Customers are increasingly looking for spacious and comfortable vehicles that can accommodate their families and provide a smooth driving experience. Large cars are also preferred by those who frequently travel long distances or need ample cargo space. Additionally, customers in Czechia value safety features and advanced technology in their vehicles, making large cars an attractive choice.

Trends in the market: One of the key trends in the Large Cars market in Czechia is the increasing popularity of SUVs. SUVs offer a combination of spacious interiors, versatility, and off-road capabilities, making them highly sought after by customers. This trend is in line with the global market, where SUVs have been dominating the automotive industry for several years. Furthermore, the rise of electric and hybrid vehicles is also influencing the Large Cars market in Czechia. As customers become more environmentally conscious, there is a growing demand for large cars with lower emissions and better fuel efficiency.

Local special circumstances: Czechia has a well-developed automotive industry with several local manufacturers producing large cars. This has led to a wide range of options for customers, including both domestic and international brands. The presence of local manufacturers also contributes to the affordability of large cars in the market. Additionally, the country's excellent road infrastructure and scenic landscapes make large cars an ideal choice for exploring the countryside.

Underlying macroeconomic factors: The growth of the Large Cars market in Czechia can be attributed to several macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, leading to an increase in disposable income levels. This has allowed more customers to afford large cars and invest in vehicles that meet their preferences and needs. Secondly, low interest rates and favorable financing options have made it easier for customers to purchase large cars. Finally, the government's focus on promoting the automotive industry and supporting the adoption of electric vehicles through incentives and subsidies has also contributed to the growth of the market. Overall, the Large Cars market in Czechia is witnessing a positive trend driven by customer preferences for spacious and comfortable vehicles, the popularity of SUVs, the rise of electric and hybrid vehicles, the presence of local manufacturers, and favorable macroeconomic factors. As these trends continue to evolve, it is expected that the market will continue to expand in the coming years.

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).