Small Cars - Ireland

Ireland

Revenue in the Small Cars market is projected to reach US$276m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -0.23%, resulting in a projected market volume of US$273m by 2028.
Small Cars market unit sales are expected to reach 16,780.0vehicles in 2028.
The volume weighted average price of Small Cars market in 2024 is expected to amount to US$16k.
From an international perspective it is shown that the most revenue will be generated in China (US$13,380m in 2024).

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

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Analyst Opinion

The Small Cars market in Ireland has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development.

Customer preferences in the Small Cars market in Ireland have shifted towards more fuel-efficient and environmentally friendly vehicles. With rising concerns about climate change and increasing fuel prices, consumers are opting for smaller cars that offer better fuel efficiency. Additionally, small cars are more practical for navigating narrow Irish roads and parking in congested urban areas.

The preference for small cars is also driven by their affordability, as they tend to have lower purchase prices and running costs compared to larger vehicles. Trends in the market indicate a growing demand for electric and hybrid small cars in Ireland. The government has implemented incentives and subsidies to promote the adoption of electric vehicles, which has led to an increase in their sales.

The availability of charging infrastructure across the country has also improved, making electric and hybrid cars a more viable option for consumers. As a result, many car manufacturers have introduced electric and hybrid models in the small car segment to cater to this growing demand. Local special circumstances in Ireland have further contributed to the development of the Small Cars market.

The country's high population density and limited parking spaces in urban areas make small cars a practical choice for many residents. Furthermore, the Irish government has implemented measures to reduce carbon emissions and promote sustainable transportation. These initiatives include tax incentives for low-emission vehicles and the introduction of low-emission zones in major cities.

Such policies have encouraged consumers to choose small cars with lower carbon footprints. Underlying macroeconomic factors have also played a role in the growth of the Small Cars market in Ireland. The country has experienced steady economic growth in recent years, resulting in increased disposable income for consumers.

This has made purchasing a car more affordable for many individuals and has contributed to the rising demand for small cars. Additionally, low interest rates and favorable financing options have made it easier for consumers to finance their car purchases, further driving the growth of the market. In conclusion, the Small Cars market in Ireland is developing due to customer preferences for fuel-efficient and practical vehicles, the growing demand for electric and hybrid cars, local special circumstances such as limited parking spaces, and underlying macroeconomic factors such as economic growth and favorable financing options.

These factors have created a favorable environment for the growth of the Small Cars market in Ireland.

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).