Medium Cars - Portugal

Portugal

Revenue in the Medium Cars market is projected to reach €800m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.28%, resulting in a projected market volume of €789m by 2029.
Medium Cars market unit sales are expected to reach 33,350.0vehicles in 2029.
The volume weighted average price of Medium Cars market in 2024 is expected to amount to €23k.
From an international perspective it is shown that the most revenue will be generated in China (€82,830m in 2024).

Key regions: India, United States, Germany, China, Europe

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Analyst Opinion

The Medium Cars market in Portugal has been experiencing steady growth in recent years, driven by customer preferences for fuel-efficient and technologically advanced vehicles. With an increasing focus on sustainability and the rising popularity of electric and hybrid cars, consumers in Portugal are opting for medium-sized cars that offer a balance between space, comfort, and fuel efficiency.

Customer preferences: In Portugal, customers are increasingly prioritizing fuel efficiency and environmental sustainability when choosing their vehicles. This has led to a growing demand for medium-sized cars that offer good fuel economy without compromising on performance. Additionally, customers are also looking for cars that are equipped with advanced safety features and modern technology, such as touchscreen infotainment systems and smartphone integration.

Trends in the market: One noticeable trend in the Medium Cars market in Portugal is the growing popularity of electric and hybrid vehicles. As the government and environmental organizations promote the use of clean energy, more customers are opting for electric or hybrid medium-sized cars. This trend is also supported by the increasing availability of charging infrastructure across the country. Another trend in the market is the rise of leasing and car subscription services. Instead of purchasing a car outright, many customers are choosing to lease or subscribe to a medium-sized car for a fixed period. This trend is driven by the desire for flexibility and the ability to upgrade to newer models without the hassle of selling or trading in a vehicle.

Local special circumstances: Portugal has a relatively small market compared to other European countries, which means that car manufacturers have to tailor their offerings to the specific preferences and needs of Portuguese customers. This has led to the introduction of models that are well-suited to the local market, such as compact SUVs and crossover vehicles that offer a blend of versatility and fuel efficiency.

Underlying macroeconomic factors: The growth of the Medium Cars market in Portugal is also influenced by macroeconomic factors such as GDP growth, employment rates, and consumer confidence. When the economy is performing well and consumers feel confident about their financial situation, they are more likely to make big-ticket purchases like cars. Additionally, low interest rates and favorable financing options also contribute to the growth of the market. In conclusion, the Medium Cars market in Portugal is experiencing growth due to customer preferences for fuel efficiency, advanced technology, and sustainability. The rise of electric and hybrid vehicles, as well as the popularity of leasing and car subscription services, are notable trends in the market. Additionally, the specific needs and preferences of Portuguese customers, along with favorable macroeconomic factors, contribute 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).