Executive Cars - Hungary

Hungary

Revenue in the Executive Cars market is projected to reach US$78m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.30%, resulting in a projected market volume of US$83m by 2029.
Executive Cars market unit sales are expected to reach 1,333.0vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$61k.
From an international perspective it is shown that the most revenue will be generated in China (US$63,010m in 2024).

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

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Analyst Opinion

The Executive Cars market in Hungary is experiencing steady growth due to changing customer preferences, emerging trends, and favorable local special circumstances. Customer preferences in the Executive Cars market in Hungary are shifting towards luxury and comfort.

Customers are increasingly looking for high-end features such as advanced safety systems, premium interiors, and cutting-edge technology. This trend is driven by the desire for a luxurious and comfortable driving experience. Trends in the market indicate a rise in the demand for electric and hybrid Executive Cars in Hungary.

As environmental concerns and fuel efficiency become more important to customers, there has been a shift towards greener and more sustainable options. The government's push for electric vehicles and the availability of charging infrastructure have also contributed to the growing popularity of electric and hybrid Executive Cars in the country. Another trend in the market is the increasing popularity of SUVs in Hungary.

SUVs offer a combination of luxury, comfort, and practicality, making them a preferred choice for many customers. The higher seating position, spacious interiors, and versatile cargo space make SUVs suitable for both urban and rural driving conditions. This trend is in line with the global market, where SUVs have been gaining popularity in recent years.

Local special circumstances in Hungary, such as favorable tax policies and government incentives, have also contributed to the growth of the Executive Cars market. The government provides tax breaks for electric and hybrid vehicles, making them more affordable for customers. Additionally, there are subsidies and grants available for purchasing and installing charging infrastructure, further promoting the adoption of electric vehicles.

These local special circumstances have created a conducive environment for the growth of the Executive Cars market in Hungary. Underlying macroeconomic factors, such as a growing economy and increasing disposable income, have also played a role in the development of the Executive Cars market in Hungary. As the economy continues to expand, more individuals and businesses have the financial means to invest in luxury vehicles.

The rising disposable income allows customers to afford higher-priced Executive Cars and opt for additional features and upgrades. These macroeconomic factors create a favorable market environment for the growth of the Executive Cars market in Hungary.

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).