Small Cars - Americas

Americas

Revenue in the Small Cars market is projected to reach €28,760m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 28.71%, resulting in a projected market volume of €101,600m by 2029.
Small Cars market unit sales are expected to reach 1,726.0k vehicles in 2029.
The volume weighted average price of Small Cars market in 2024 is expected to amount to €21k.
From an international perspective it is shown that the most revenue will be generated in China (€12,190m in 2024).

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

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Analyst Opinion

The Small Cars market in Americas is witnessing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory.

Customer preferences in the Small Cars market in Americas have been shifting towards more fuel-efficient and environmentally friendly vehicles. With rising concerns about climate change and increasing fuel prices, consumers are opting for smaller cars that offer better fuel economy. Additionally, the compact size of small cars makes them more suitable for urban environments with limited parking spaces and congested traffic.

Trends in the market indicate a growing demand for small cars in the Americas. This can be attributed to several factors. Firstly, the increasing urbanization in the region has led to a higher demand for compact and maneuverable vehicles that are easier to navigate through crowded city streets.

Secondly, the affordability of small cars compared to larger vehicles makes them an attractive choice for budget-conscious consumers. Lastly, the advancements in technology have made small cars more appealing by offering features and amenities that were once exclusive to larger, luxury vehicles. Local special circumstances also play a significant role in the development of the Small Cars market in Americas.

For example, in North America, the popularity of small cars can be attributed to the high fuel prices and the growing awareness of environmental issues. In Latin America, small cars are often preferred due to their affordability and the ease of maneuvering through narrow streets in urban areas. These local factors contribute to the overall growth of the small car market in the region.

Underlying macroeconomic factors are also driving the development of the Small Cars market in Americas. The improving economic conditions in many countries in the region have resulted in increased disposable income and consumer spending power. This, in turn, has led to a higher demand for vehicles, including small cars.

Additionally, government incentives and regulations promoting fuel efficiency and reducing emissions have further fueled the growth of the small car market. In conclusion, the Small Cars market in Americas is experiencing significant growth and development due to shifting customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers prioritize fuel efficiency, affordability, and maneuverability, small cars are becoming increasingly popular in the region.

The positive trajectory of the market is expected to continue as these factors continue to shape the automotive industry in the Americas.

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).