Medium Cars - Greece

Greece

Revenue in the Medium Cars market is projected to reach US$366m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -2.84%, resulting in a projected market volume of US$327m by 2028.
Medium Cars market unit sales are expected to reach 13,250.0vehicles in 2028.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to US$25k.
From an international perspective it is shown that the most revenue will be generated in China (US$90,060m in 2024).

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

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Analyst Opinion

The Medium Cars market in Greece has been experiencing significant growth in recent years. Customer preferences have shifted towards medium-sized cars due to their practicality and fuel efficiency. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of this market.

Customer preferences: In Greece, customer preferences have shifted towards medium-sized cars primarily due to their practicality. Medium-sized cars offer a good balance between space and fuel efficiency, making them ideal for both urban and long-distance driving. With the increasing congestion in urban areas, customers are opting for smaller and more maneuverable vehicles. However, they still require enough space to accommodate their families and belongings, which medium-sized cars can provide.

Trends in the market: One of the key trends in the Medium Cars market in Greece is the growing demand for electric and hybrid vehicles. As environmental concerns gain prominence, more customers are looking for greener alternatives to traditional petrol and diesel cars. Electric and hybrid medium-sized cars offer lower emissions and reduced fuel consumption, making them an attractive choice for environmentally conscious consumers. This trend is expected to continue as the government introduces policies and incentives to promote the adoption of electric and hybrid vehicles. Another trend in the market is the increasing popularity of crossover vehicles. Crossovers combine the features of a traditional sedan with those of an SUV, offering customers a versatile and practical vehicle option. The higher seating position and increased ground clearance make crossovers appealing to customers who want a more commanding driving experience. This trend is in line with the global market, where crossovers have gained significant popularity in recent years.

Local special circumstances: Greece has a unique geography with many hilly and mountainous regions, which can make driving challenging. Medium-sized cars are well-suited for navigating these terrains due to their compact size and good handling. Additionally, Greece has a relatively high population density, particularly in urban areas, which creates a need for smaller and more maneuverable vehicles. These local special circumstances have contributed to the preference for medium-sized cars in the Greek market.

Underlying macroeconomic factors: The Medium Cars market in Greece has also been influenced by underlying macroeconomic factors. In recent years, the Greek economy has shown signs of recovery after a prolonged recession. As disposable incomes increase, customers have more purchasing power and are able to afford medium-sized cars. Additionally, low interest rates and favorable financing options have made it easier for customers to buy cars, further driving the growth of the market. In conclusion, the Medium Cars market in Greece has been developing due to customer preferences for practical and fuel-efficient vehicles, the popularity of electric and hybrid cars, the demand for crossover vehicles, local special circumstances such as the country's geography and population density, and underlying macroeconomic factors such as the improving economy and favorable financing options.

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).