Large Cars - Ireland

Ireland

Revenue in the Large Cars market is projected to reach US$451m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -1.91%, resulting in a projected market volume of US$418m by 2028.
Large Cars market unit sales are expected to reach 10,990.0vehicles in 2028.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$38k.
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 Ireland has been experiencing steady growth in recent years.

Customer preferences: Irish consumers have shown a growing preference for large cars due to their spaciousness, comfort, and safety features. With the increase in disposable income and changing lifestyles, more people are opting for larger vehicles to accommodate their families and belongings. Additionally, the popularity of SUVs and crossovers has been on the rise, as they offer a blend of functionality and style.

Trends in the market: One of the key trends in the Large Cars market in Ireland is the shift towards electric and hybrid vehicles. As the government and consumers become more conscious about the environmental impact of traditional fuel-powered cars, there has been a growing demand for greener alternatives. This trend is further supported by the availability of government incentives and subsidies for electric and hybrid vehicles. Another trend in the market is the increasing integration of advanced technology and connectivity features in large cars. Features such as advanced infotainment systems, smartphone integration, and driver-assistance systems have become more common in new models. These technological advancements enhance the overall driving experience and appeal to tech-savvy consumers.

Local special circumstances: Ireland's unique geography and road infrastructure play a role in shaping the Large Cars market. The country's rural areas and challenging terrain require vehicles that can handle rough roads and adverse weather conditions. Large cars, particularly SUVs, are well-suited for these conditions, making them a popular choice among Irish consumers.

Underlying macroeconomic factors: The steady growth in the Large Cars market can be attributed to several underlying macroeconomic factors. Ireland has experienced a period of economic recovery and increased consumer confidence in recent years. This has led to higher levels of disposable income, allowing more consumers to afford large cars. Additionally, low interest rates and favorable financing options have made it easier for consumers to purchase new vehicles. In conclusion, the Large Cars market in Ireland is witnessing growth due to changing customer preferences, including a preference for larger vehicles and a shift towards electric and hybrid options. Technological advancements and the unique geography of Ireland also contribute to the market's development. The underlying macroeconomic factors of economic recovery, increased consumer confidence, and favorable financing options further support the growth 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).