Large Cars - Portugal

Portugal

Revenue in the Large Cars market is projected to reach US$1,365m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.55%, resulting in a projected market volume of US$1,474m by 2029.
Large Cars market unit sales are expected to reach 34,240.0vehicles in 2029.
The volume weighted average price of Large Cars market in 2024 is expected to amount to US$43k.
From an international perspective it is shown that the most revenue will be generated in China (US$106,200m in 2024).

Key regions: Worldwide, China, India, Germany, Europe

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Analyst Opinion

The Large Cars market in Portugal is experiencing significant growth and development in recent years.

Customer preferences: Portuguese customers have shown a growing preference for large cars due to their spaciousness, comfort, and advanced features. Large cars offer ample seating and cargo space, making them ideal for families and individuals who value practicality and convenience. In addition, these vehicles often come equipped with the latest technology and safety features, which further enhance their appeal to consumers.

Trends in the market: One of the key trends in the Large Cars market in Portugal is the increasing demand for electric and hybrid models. As environmental concerns become more prominent, consumers are seeking greener alternatives to traditional gasoline-powered vehicles. Electric and hybrid large cars offer lower emissions and greater fuel efficiency, making them an attractive option for eco-conscious buyers. Additionally, the expanding charging infrastructure in Portugal has further boosted the popularity of these vehicles. Another trend in the market is the rise of SUVs in the large car segment. SUVs combine the spaciousness and comfort of large cars with the ruggedness and versatility of off-road vehicles. Portuguese consumers are drawn to the elevated driving position and robust design of SUVs, which provide a sense of security and confidence on the road. As a result, SUVs have become a popular choice among buyers in the Large Cars market.

Local special circumstances: Portugal's tourism industry plays a significant role in driving the demand for large cars. The country attracts millions of tourists each year, many of whom prefer to explore the scenic landscapes and historic sites in large, comfortable vehicles. Rental car companies and tour operators often offer large cars as a preferred choice for tourists, further contributing to the growth of the market.

Underlying macroeconomic factors: The improving economic conditions in Portugal have also contributed to the growth of the Large Cars market. As disposable incomes rise and consumer confidence improves, more individuals are able to afford and invest in large cars. Additionally, favorable financing options and low interest rates have made it easier for consumers to purchase these vehicles. In conclusion, the Large Cars market in Portugal is experiencing growth and development driven by customer preferences for spacious and advanced vehicles. The increasing demand for electric and hybrid models, as well as the popularity of SUVs, are key trends in the market. The country's tourism industry and improving economic conditions are also contributing to 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).