Luxury Cars - Netherlands

Netherlands

Revenue in the Luxury Cars market is projected to reach €72m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.90%, resulting in a projected market volume of €83m by 2029.
Luxury Cars market unit sales are expected to reach 662.0vehicles in 2029.
The volume weighted average price of Luxury Cars market in 2024 is expected to amount to €122k.
From an international perspective it is shown that the most revenue will be generated in the United States (€6,513m in 2024).

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

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Analyst Opinion

The Luxury Cars market in Netherlands has been experiencing significant growth in recent years.

Customer preferences: Dutch consumers have shown a strong preference for luxury cars, with a growing number of individuals opting for high-end vehicles. This can be attributed to several factors, including increasing disposable income levels and a desire for status and prestige. Luxury cars are seen as a symbol of success and are often associated with a luxurious lifestyle. In addition, Dutch consumers value the advanced technology, comfort, and safety features that luxury cars offer.

Trends in the market: One of the key trends in the Luxury Cars market in Netherlands is the rising demand for electric and hybrid vehicles. Dutch consumers are increasingly conscious of environmental issues and are actively seeking more sustainable transportation options. As a result, luxury car manufacturers have been expanding their offerings of electric and hybrid models to cater to this growing demand. This trend is expected to continue as the government implements policies to promote the adoption of electric vehicles and improve charging infrastructure. Another trend in the market is the growing popularity of luxury SUVs. SUVs provide a combination of luxury, comfort, and practicality, making them a preferred choice for many Dutch consumers. The spacious interiors and versatility of SUVs appeal to families and individuals who value both style and functionality. Luxury car manufacturers have recognized this trend and have been introducing new SUV models to meet the demand.

Local special circumstances: The Netherlands has a well-developed infrastructure and a high standard of living, making it an attractive market for luxury car manufacturers. The country's road network is well-maintained, and there are numerous charging stations for electric vehicles. Additionally, the Dutch government offers incentives and tax benefits for purchasing electric and hybrid vehicles, further driving the demand for luxury cars in the country.

Underlying macroeconomic factors: The growth of the Luxury Cars market in Netherlands can be attributed to several underlying macroeconomic factors. The country has a stable economy with a high GDP per capita, which allows consumers to afford luxury goods and services. In addition, low interest rates and favorable financing options have made luxury cars more accessible to a wider range of consumers. The strong performance of the Dutch economy and the positive outlook for the future have also contributed to the growth of the luxury car market. In conclusion, the Luxury Cars market in Netherlands is experiencing significant growth due to the preferences of Dutch consumers for high-end vehicles, the rising demand for electric and hybrid cars, the popularity of luxury SUVs, the country's well-developed infrastructure, and the underlying macroeconomic factors. This trend is expected to continue in the coming years as consumers continue to prioritize luxury and sustainability in their purchasing decisions.

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).