Sports Cars - Croatia

Croatia

Revenue in the Sports Cars market is projected to reach US$15m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 0.52%, resulting in a projected market volume of US$16m by 2028.
Sports Cars market unit sales are expected to reach 373.0vehicles in 2028.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$42k.
From an international perspective it is shown that the most revenue will be generated in the United States (US$32,260m in 2024).

Key regions: India, Europe, United Kingdom, Germany, Worldwide

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Analyst Opinion

The Sports Cars market in Croatia has witnessed significant growth in recent years, driven by changing customer preferences and favorable market conditions.

Customer preferences: Croatian consumers have shown a growing interest in sports cars, attracted by their sleek design, high-performance engines, and superior driving experience. Sports cars are seen as a symbol of luxury and success, appealing to individuals who value style, speed, and prestige. Additionally, the younger generation is increasingly drawn to sports cars as a means of self-expression and personal identity.

Trends in the market: One of the key trends in the Sports Cars market in Croatia is the increasing demand for electric and hybrid sports cars. As environmental concerns gain prominence, more consumers are looking for sustainable alternatives to traditional gasoline-powered vehicles. Electric and hybrid sports cars offer the perfect combination of high performance and eco-friendliness, making them an attractive choice for environmentally-conscious buyers. Another trend in the market is the rise of luxury sports car rentals. Croatia's popularity as a tourist destination, especially along its stunning coastline, has led to a growing demand for luxury experiences. Tourists visiting the country often seek the thrill of driving a sports car along scenic routes, creating a lucrative market for sports car rental services.

Local special circumstances: Croatia's unique geographical features and tourism industry contribute to the growth of the Sports Cars market. The country's picturesque landscapes, including winding coastal roads and mountainous regions, provide the perfect backdrop for sports car enthusiasts. Furthermore, Croatia's reputation as a luxury travel destination attracts high-net-worth individuals who are more likely to purchase sports cars.

Underlying macroeconomic factors: The overall economic growth and increasing disposable income levels in Croatia have played a significant role in the development of the Sports Cars market. As the economy continues to strengthen, more individuals have the financial means to afford luxury vehicles. Additionally, favorable financing options and low interest rates have made sports cars more accessible to a wider range of consumers. In conclusion, the Sports Cars market in Croatia is experiencing growth due to changing customer preferences, including the demand for electric and hybrid models, as well as the rise of luxury sports car rentals. The country's unique geography and tourism industry further contribute to the market's expansion. The overall economic growth and increasing disposable income levels in Croatia have also played a significant role in driving the market forward.

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).