Mini Cars - Sweden

Sweden

Revenue in the Mini Cars market is projected to reach US$159m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 1.43%, resulting in a projected market volume of US$168m by 2028.
Mini Cars market unit sales are expected to reach 11,190.0vehicles in 2028.
The volume weighted average price of Mini Cars market in 2024 is expected to amount to US$15k.
From an international perspective it is shown that the most revenue will be generated in China (US$6,963m in 2024).

Key regions: China, Germany, United Kingdom, India, Worldwide

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Analyst Opinion

The Mini Cars market in Sweden has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Sweden, there is a growing demand for Mini Cars due to their compact size and fuel efficiency. With limited parking spaces and a focus on sustainability, Swedish consumers are increasingly opting for smaller vehicles that are easier to maneuver and have lower carbon emissions. Additionally, Mini Cars are often more affordable than larger vehicles, making them an attractive option for budget-conscious consumers.

Trends in the market: One of the key trends in the Mini Cars market in Sweden is the increasing popularity of electric and hybrid Mini Cars. As the government and consumers become more environmentally conscious, there has been a shift towards greener transportation options. Electric and hybrid Mini Cars offer lower emissions and reduced fuel consumption, making them a preferred choice for many Swedish consumers. Another trend in the market is the rise of car-sharing and ride-hailing services. In urban areas, where parking is limited and traffic congestion is a common issue, many consumers are opting to use car-sharing services instead of owning a car. This trend has further boosted the demand for Mini Cars, as they are well-suited for short trips and city driving.

Local special circumstances: Sweden has a well-developed charging infrastructure for electric vehicles, which has contributed to the growth of the Mini Cars market. The government has implemented various incentives and subsidies to promote the adoption of electric vehicles, including tax breaks and free parking for electric cars. These initiatives have made electric Mini Cars more accessible and affordable for Swedish consumers, further driving their popularity.

Underlying macroeconomic factors: Sweden has a strong economy and a high standard of living, which has contributed to the growth of the Mini Cars market. With a stable job market and high disposable income, many consumers in Sweden are able to afford a car. However, the high cost of living and the desire for more sustainable transportation options have led to an increased demand for Mini Cars. In conclusion, the Mini Cars market in Sweden is experiencing growth due to changing customer preferences, such as a preference for smaller and more fuel-efficient vehicles, as well as local special circumstances, including a well-developed charging infrastructure for electric vehicles. The underlying macroeconomic factors, such as a strong economy and high disposable income, have also contributed 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).